| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
ADIB - Banoon Children's Account
|
Minimum Balance Required: AED 0 | Annual Return: 0.53% | Features: Islamic Banking, ATM Transfers, Islamic Finance, Sharia Compliant, Multiple Currencies |
Features:
- Free Darhoom Prepaid Debit Card (first prepaid card for children)
- Standing Instructions for your convenience to help you save regularly from your ADIB account to your child's Banoon Account.
- No minimum balance
- Attractive profit rate
Darhoom is a special cartoon character created by ADIB to teach children about the importance of saving in a simple and easy way.
How is this Shari'a compliant?
This investment account is based on the Islamic principle of Mudaraba where you share profits and bear losses as stipulated in the Banking Service Agreement
Required Documents:
- Passport/ID of Parent.
- Passport/ID of child.
- Valid Visa for expatriates.
- 1000 AED as an opening balance.
- Valid Emirates ID of Parent & Child (for UAE Nationals & Residents)
** 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.
