|Minimum Balance||Annual Fee||Internet Banking||Features|
|Barwa Bank - Faseel Savings Account||Minimum Balance: QAR 10,000||Annual Fee: QAR 0||Internet Banking: No||Features: Islamic Banking, Savings Account, No Salary Transfer, Islamic Finance|
The Faseel High Profit Savings Account is a totally unique, Shari’ah-compliant account. It allows you to set aside money for a future purchase or unexpected financial setback. Historically, our high profit savings accounts have offered one of the highest profit rates in Qatar!
Features & Benefits:
Features & Benefits:
- Only one Faseel Saving Account is permitted per customer.
- The minimum balance required for the account is 10,000 QAR. If this is not maintained, profit rate will be reduced to our regular savings account profit rate.
- More than one (1) withdrawal (any mode of transaction including retail transaction at any retail store through POS) in a month will also result in a reduction of profit rate to our regular savings account profit rate.
- Profit is payable on deposits of 2 million QAR or less in a month only. Deposits in excess of 2 million QAR will earn profit only for 2 million QAR.
- Profit on Faseel Savings Account for a month is calculated on minimum balance of the month and is paid every month.
- The Account is provided with a Debit Card; withdrawals and deposits can be made from/to the Account.
- Withdrawal may only be made by using special stationery or ATM cards (with PIN number) provided by the branch. Unless arranged otherwise, over-the-counter withdrawal will be permitted only to the accountholder(s) on personal application and identification.
- Faseel Savings Account is an account in which the deposited funds are invested on the unrestricted Mudaraba basis. These investments are approved by Barwa Bank Shari’ah Supervisory Board. The Branch shall have the right to perform any acts, which it deems fit to achieve the interest of both parties.
** 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.