| Minimum Deposit Required | Annual Return | Annual Fee | Choice of Terms | Features | |
|---|---|---|---|---|---|
Dubai Islamic Bank - Recurring Wakala Deposit
|
Minimum Deposit Required: AED 1,000 | Annual Return: 4.2% | Annual Fee: AED 0 | Choice of Terms: 5 | Features: Islamic Banking |
Recurring Wakala Deposit is a variant of Savings Account from Dubai Islamic Bank, which gives you the opportunity to save a fixed amount every month, for a pre-defined tenure. You can choose the tenure you want and enjoy higher expected profit rate than your regular Savings Account.
Features & Benefits:
Features & Benefits:
- Higher expected profit than a regular Savings Account
- Account can be opened with AED 1,000
- Option to choose fixed savings amount with minimum of AED 1000 per month
- Flexible tenures of 12, 24, 36 and 60 months
- Account will be available in AED only
- Earned profit will be paid upon maturity
- Free standing instruction set up for monthly payments
- Easy to manage, pick from flexible tenures
- AED 1,000 Minimum Initial Deposit
- AED 1,000 Minimum Monthly Deposit
- 12 to 60 Months Flexible Tenures
** 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.
