| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
NBF - Islamic Savings Account
|
Minimum Balance Required: AED 0 | Annual Return: 0% | Features: Islamic Finance, Sharia Compliant, Islamic Banking |
Opening a savings account is one of the first steps towards becoming financially secure. With an NBF Islamic savings account, you can easily start saving on a regular basis while watching your wealth grow.
Based on the Islamic principle of Mudaraba, this shari'a compliant account offers flexible and attractive profit rates, helping you save for the future you want.
Features:
- 24/7 access to your funds
- Free ATM withdrawals from over 6,000 ATM's across the UAE
- No limit on cash withdrawals
- Anticipated profit paid quarterly
- Available in AED
** 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.
