| Minimum Balance Required | Currencies | Features | |
|---|---|---|---|
meem - One Pack Current Account
|
Minimum Balance: SAR 0 | Currencies: SAR | Features: Sharia Compliant |
Unique to the region, this simple product combines the features of both a Current and Savings account. Additional optional features are designed to meet the expectations of modern day customers:
Features & Benefits:
Rates:
Documents Required:
- This is a Transaction Account
- No Minimum Salary is required
- Smart Budgeting & Saving Tool: Plan your spending and save for your specific goals by taking advantage of our Jam-Jars and Budgeting tools
- Automatic Sweep: Move excess funds between your One-Pack Current and Savings accounts for Shariah Compliant returns on your Savings
- SADAD Bill Payments: This enables you to have control over your bills and payments. You'll also receive notifications when your bills are due
- The account holders get visa debit card
- Profit rate subject to change according to Mudarbah performance for the investment period
- No minimum balance requirements
- No initial deposit requirement
- No annual fee is applicable
- Application Form For Saudi nationals: National Identity Card
- For Expats: Iqama
** 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.
