| Minimum Deposit Required | Annual Return | Annual Fee | Choice of Terms | Features | |
|---|---|---|---|---|---|
NoorBank Term Deposit Account
|
Minimum Deposit Required: AED 10,000 | Annual Return: 1.5% | Annual Fee: AED 0 | Choice of Terms: 1, 3, 6, 9 or 12 months | Features: Islamic Finance, Multiple Currencies, Islamic Banking |
Term Deposits are ideal for both short- and long-term savings, with competitive profits on a minimum deposit of AED 10,000, and financing against your deposit. Noor Bank’s Term Deposits are available to you in AED, EURO, GBP and USD.
Noor Bank Term Deposit Features:
For Residents:
Noor Bank Term Deposit Features:
- short- and long-term savings
- Term: 1 month, 3 months, 6 months, 9 months or 12 months
- Profit earnings: As per Mudaraba pool rates
- Profit payout options: Monthly, quarterly, or at maturity
- Renewal options: Automatically at maturity, or on request
- Other Benefits include finance against you deposit
- Term Deposit 1 month - 0.55%
- Term Deposit 3 months - 1%
- Term Deposit 6 months - 1.3%
- Term Deposit 9 months - 1.3%
- Term Deposit 12 months - All AED 1.50%
For Residents:
- Copy of valid UAE Residence Visa
- Emirates ID
- Copy of National ID card or Copy of Family Book
- Bank reference letter (not older than 30days)
- Account statement of last six months with existing bank
** 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.
