| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
Commercial Bank of Dubai - Mustaqbali Savings Schemes
|
Minimum Balance Required: AED 0 | Annual Return: 0% | Features: Phone Banking |
Features
- Small monthly deposit amount
- Earn upto 3% over 5 years
- Capital guaranteed throughout term
- Flexibility - choice of currencies, contributions, terms, and saving targets
- National ID or valid passport, residence visa and Emirates ID for both contributor and beneficiary.
- Signature cards and photographs.
A/C holder to assign beneficiary (Beneficiary age not exceeding 18 years at the time of maturity)
** 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.
