| Minimum Deposit Required | Annual Return | Annual Fee | Choice of Terms | Features | |
|---|---|---|---|---|---|
Commercial Bank of Dubai - Unit Time Deposit
|
Minimum Deposit Required: AED 100,000 | Annual Return: 2% | Annual Fee: AED 0 | Choice of Terms: 6 or 12 months | Features: Phone Banking |
Features
- Unit Time Deposit starts from a minimum amount of AED 100,000.
- Available in two tenors: six months or one year.
- High interest income with flexibility of withdrawal in unit/s.
- Partial withdrawal permitted. Withdrawal amounts must be AED 10,000 and its multiple thereof.
- Continual interest at the agreed rate on the remaining deposit amount.
- Apply for the Unit Time Deposit and never worry about your money being “locked up”.
Eligibility Criteria
If you are UAE National, UAE resident or non-UAE resident and minimum 18 years of age; in case you are younger, your gaurdian must be associated as co-applicant.
Required Documents
National ID or valid passport, residence visa and Emirates ID.
** 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.
