| Minimum Deposit Required | Annual Return | Annual Fee | Choice of Terms | Features | |
|---|---|---|---|---|---|
Commercial Bank of Dubai - Step-Up Time Deposit
|
Minimum Deposit Required: AED 10,000 | Annual Return: 4% | Annual Fee: AED 0 | Choice of Terms: Maximum of 720 days | Features: Phone Banking |
Features
- Earn up to 1.4% interest rate
- Starting from as low as AED 10,000
- Available in AED (dirhams) only
- Interest accrued on daily basis and credited on liquidation or maturity
- Fixed tenor for 720 days
- Instant opening through CBD Online Banking for CBD customers
Eligibility Criteria
If you are UAE National or UAE resident and minimum 18 years of age.
Documents Required
- Completed deposit application form.
- 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.
