|Minimum Deposit Required||Annual Return||Annual Fee||Choice of Terms||Features|
|HSBC - Term Deposit Account||Minimum Deposit Required: AED 10,000||Annual Return: 2.5%||Annual Fee: AED 0||Choice of Terms: 1,2,3,4,6,9,12||Features: Multiple Currencies|
An HSBC Term Deposit account is suitable for customers who do not need immediate access to their money and who would like to earn a higher rate of interest than a savings account may offer.
- Interest/profit rate (FLAT) are depending on the balance tier and tenor
- Minimum balance of AED 10,000 or equivalent in foreign currency
- Initial deposit of AED 10,000 or equivalent in foreign currency
- Available in AED, USD, GBP, CNY, EUR
- Internet banking
- Interest rate up to 2.50% p.a.* over the term of the deposit, payable upon maturity
- Original labour card/work ID (including female applicants on father's or husband's sponsorship)
- Original trade license (for all self-employed customers)
- Salary certificate (for customers working in government or public sector companies)
- Salary transfer letter (for customers working in private sector companies)
** 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.