| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
Emirates Islamic Child Savings Account
|
Minimum Balance Required: AED 5,000 | Annual Return: 0.4% | Features: Islamic Finance |
Features
- Free Savings Account with no minimum balance requirement.
- Special Gift on account opening (limited period offer).
- Free SMS Alerts.
- Option for Free Debit or Prepaid Card.
- Option of Life Takaful cover of up to AED 120,000 for the Parent or Guardian with the child as beneficiary (maximum of five children).
Just open an account for your child today with AED 100.
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual profit 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 profit 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 profit rates and fee structures.
