Emirates Islamic Bank is one such bank offering exclusive Islamic banking products in the UAE, with the Emirates Islamic Bank zero balance accounts being among the most preferred savings accounts in the UAE.
The ADIB Short Term Investment Account offers a healthy profit and easy access to the funds on a daily basis. Additionally, it promises better returns over a regular savings account. The profit is calculated on the daily closing balance and credited into the account at the month’s end. However, in order to earn profit, an account holder needs to maintain a minimum daily balance of AED 10,000.
Abu Dhabi Islamic Bank also provides foreign currency remittance services in USD and GBP without any monthly maintenance charges. Moreover, the facility of standing instructions makes it easier to maintain regular transactions and periodic billings.
Abu Dhabi Islamic Bank offers various benefits on the Short Term Investment Account like monthly profit payment, standing instructions, etc. Given below are some key features of the ADIB Short Term Investment Account:
Abu Dhabi Islamic Bank calculates the profit on a daily basis, and it is credited into the bank account at the end of every month. Following are the latest profits rates on the Short Term Investment Account.
|Particulars||10 K - 500 K||501 K - 2000 K||2001 K - 5000 K||Greater than 5001 K|
|AED & USD||0.40%||0.41%||0.42%||0.42%|
An individual needs to fulfil some eligibility criteria to open a Short Term Investment Account as mentioned below.
Following are the documents required to open a Short Term Investment Account.
To open a Short Term Investment Account, an individual can visit ADIB’s official website or the nearest branch or make a phone call to get in touch with the banking personnel to open the account. Following are the ways to apply for this account.
|Apply by Phone within UAE||Phone no. 600503033|
|Apply by Phone outside UAE||Phone no. +97126100600|
Q1: What is the minimum initial deposit required to open an ADIB Short Term Investment Account?
Ans: An individual needs to deposit a minimum of AED 10,000 to open a Short Term Investment Account in Abu Dhabi Islamic Bank.
Q2: What is the average daily balance required to earn profit in an ADIB Short Term Investment Account?
Ans: The average daily balance required to earn profit on the invested funds is AED 10,000 or more.
Q3: What are the profit rates applicable on ADIB Short Term Investment Account?
Ans: The profit rates in a Short Term Investment Account depends vastly on the principal amount. For a deposit of AED 10 k to 500 k, the profit rate is 0.4%, while for amounts above AED 2000 k, the profit rate is 0.42%.
Q4: Can I open a joint account for ADIB Short Term Investment?
Ans: Yes, you can apply for a joint account in ADIB Short Term Investment. However, ID proof (preferably passport) of each account holder is required at the time of account opening.
Q5: Is there any annual or monthly account maintenance charge in ADIB Short Term Investment Account?
Ans: No, Abu Dhabi Islamic Bank does not levy any account maintenance charges on the Short Term Investment Account.