| Annual Fee | Islamic Banking | Minimum Balance | Multiple Currencies | |
|---|---|---|---|---|
HSBC Business Term Deposit
|
Annual Fee: AED 0 | Islamic Banking: No | Minimum Balance: AED 50,000 | Multiple Currencies: Yes |
With a Business Term Deposit account, you can earn interest on your balance for a fixed term.
HSBC Business Term Deposit Features:
Fixed interest rate - based on InterBank money market rates
HSBC Business Term Deposit Features:
- Fixed deposit period with interest paid upon maturity
- Fixed interest rate - based on InterBank money market rates
- Free Phone Banking
- Minimum AED 50,000 deposit required, there will be a penalty based on market rate if it goes below. Average AED 3 Million turnover required on yearly basis, but this can be reviewed depending on each case
- A processing charge of AED 100 will be levied, plus a penalty based on prevalent market rates at the sole discretion of the Bank
- Current Account available in UAE Dirham, US Dollars, Euro and Pound Sterling
- Automatic rollover facility upon maturity - for the same deposit tenor
- Availability of online term deposit rate enquiry
- Online placement of fixed term deposit
Fixed interest rate - based on InterBank money market rates
- First 7 days - 0.025%
- 7days to 4th month - 0.025%
- 5th month - 0.0869%
- 6th month - 0.1722%
- 7th month - 0.1656%
- 8th month - 0.159%
- 9th month 0.1524%
- 10th month - 0.1458%
- 11th month 0.1392%
- 12th month - 0.1326%
- up to 24th month - 0.2%
** 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.
