|Minimum Balance Required||Annual Return||Features|
|Commercial Bank International - Mabrook Savings Account||Minimum Balance Required: AED 10,000||Annual Return: 0.1%||Features: Free Credit/Debit Card|
- Five major prizes to be won every year
- Top prize of AED 1 million, drawn annually
- One cash prize of AED 100,000 drawn every quarter
- Minimum qualifying average balance: AED 10,000 held in your account during the month before each draw
- An extra prize draw entry for every additional AED 500*
- Free international debit card
- Free life insurance
- Interest of 0.1% p.a. paid semi-annually
- Can be opened for children and joint account holders
- Personal banking customers only
- The original passport (should be valid for at least 1 month)
- Valid visa for expatriates
- Valid Emirates ID
- Proof of address (Bank Statement, Utility Bills, Employer Letter, Tenancy Contract)
- Birth Certificate / Passport in case of a minor account
** 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.