On demand accounts are not entitled to receive profits but do not bear any loss either. They are designed specifically to meet the needs of customers who want to deposit or withdraw funds by cheques, through cash tellers at bank branches or through the ATM machines. This account is also available to companies, establishments, social organizations, clubs and other entities.
Features & Benefits:
Features & Benefits:
- Cheque book
- Free ATM card
- The use of ATM cards to pay for purchases at most of the companies, retail outlets, shops and stores in the Kingdom of Bahrain
- The use of ATM cards in all GCC States through the Gulf ATM network, as well as in other countries such as Iran, Jordan, Lebanon and Egypt
- A detailed monthly statement of account (for free) or on request.
- Transfers between accounts through (ATM Al Baraka), payment of the bills of telephone, electricity and water bills through the cash tellers (at the main branch of the bank or at any of its branches)
- Monthly standing order deductions in favour of charities and charity funds without charging any fees
- Fixed monthly transfers for the account
- Local and foreign remittances service
- The account may be opened in a number of currencies (Bahrain Dinar, Saudi Riyal, US Dollar, Sterling Pound)
- The availability of ATM machines in all branches, stores and shopping malls, and in all regions of the Kingdom of Bahrain
- Minimum balance to open an account is BHD 50/- or equivalent
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.