- Available in Saudi Riyals and US Dollars.
- Choice of investment period from 1 week to 12 months.
- You have the flexibility to choose a term that best suits your needs. The rate of interest does not change during the term of the deposit.
- This is a conventional banking product
- Interest is paid on maturity and can either be added to the principal amount and rolled-over for another period or credited to your account.
- 18 years.
- 15 years for Saudis holding a valid ID card.
- GCC citizens with valid passport, or national identity card (applicable only to citizens of Bahrain, Oman, Qatar and UAE), and proof of address in the Kingdom (evidenced by a utility bill, house rental contract, real estate title deed, or a letter from a Saudi citizen attesting to the GCC citizen’s address) along with their home country address.
- Non-Saudis (and Non-GCC) holding a valid residency permit (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.