| Minimum Balance | Annual Fee | Internet Banking | Features | |
|---|---|---|---|---|
BMI Bank Current Account
|
Minimum Balance: BHD 300 | Annual Fee: BHD 0 | Internet Banking: No | Features: Free Cheque Book, No Salary Transfer |
BMI Bank Current Account Features:
- Interest rate is 1.5% for BHD accounts and 2% for USD accounts monthly
- Minimum salary required is BHD300
- Minimum balance should be BHD300
- Initial Deposit should be BHD 500 for BHD accounts and BHD 2,000-2,500 for USD accounts
- Free cheque book
- Currency types - BHD & USD
** 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.
