Best Fixed Deposit Accounts in UAE for 2024

A fixed deposit is basically a type of term deposit investment. You, as an investor, deposit the amount for a fixed period — the bank pays interest or profit on these funds. To explore the latest fixed deposit accounts in the UAE and find out more about their unique features and benefits, keep on reading the article below.

How Do Fixed Deposits Function? - Quick Overview

As mentioned earlier, fixed deposits (FDs) present a safe way to save and grow your funds.

When you open an FD with a bank, you deposit your funds for a specified period. The interest or profit on the funds is paid at the time of maturity. This additional amount is subject to the fixed deposit interest rate or profit rate.

Several UAE banks, however, go a step further and offer tailor-made fixed deposits that allow partial or premature withdrawals during emergencies without any charges.

List of the Best Banks for Fixed Deposits - 2024

Being a fast emerging economy, UAE focuses on the versatility of banks to offer custom-made fixed deposit solutions for better returns. Numerous banks offer early withdrawal or partial withdrawal in times of emergencies without levying any charge. Following is the list of the latest fixed deposit schemes in the UAE.

Fixed Deposit Account	Minimum Balance (AED)	Interest Rates Offered up to	Accepted Currencies	Additional Features
NBAD Smart Deposits	30,000	3.98%	AED, USD, EUR	Available in flexible tenure ranging from 2 to 10 years Multiple currencies accepted Overdraft facility available
FGB Advantage Plus Deposits	350,000	2.75%	AED, USD, EUR	Flexible tenure Multiple currencies accepted The interest on the whole amount can be claimed upfront and credited into the savings account.
ENBD Flexi Deposits	10,000	2.5%	AED, USD, GBP, EUR	Flexible tenure offered Premature withdrawals allowed with multiple withdrawal frequencies Partial withdrawals allowed
ENBD RegulaReturn Deposits	10,000	1.75%	AED, USD, GBP, EUR	Best fixed deposit rates in UAE Freedom to choose interest payouts on a monthly, quarterly and half-yearly basis Multiple currencies accepted
ENBD Mudaraba General Investments	10,000	1.38% (Expected profit rate)	AED and USD	Sharia Compliant Expected profit rates are calculated Premature account closure is allowed by paying a penalty
RAK Bank Fixed Deposit Plus	25,000 AED	0.86%	AED and USD	Competitive interest rates offered Flexible tenure ranging from 1 month to 2 years Life insurance cover offered against fixed deposits
Standard Chartered Fixed Deposits	25,000	0.25%	AED, USD	Flexible tenure from 1 month to 1 year Overdraft facility available Auto-renewal of deposits after maturity
UNB Accelerating Rate Deposits	50,000	2.0%	AED	Higher interest rates in UAE offered Flexible tenure Interest credited every month Easy liquidity
UNB Fixed Deposits	50,000	0.3%	AED, USD, EUR, GBP	Flexible tenure available Highest fixed deposit interest rates in UAE than savings account Overdraft facility available
ADCB Fixed Deposit Advantage	50,000	1.4%	AED, USD, GBP, EUR	Flexible tenure from 1 month to 1 year Highest interest rates Available to UAE citizens, non-residents and expats Overdraft facility available
UAB Fixed Deposits	10,000	1.5%	AED, USD, EUR, GBP	Flexible tenure ranging from 1 month to 2 years Competitive rate of interest Multiple currencies accepted
NOOR Term Deposits	10,000	1.4%	AED, USD, EUR, GBP	Indicated rates on maturity Monthly and quarterly payout of profit amount Multiple currencies accepted Flexible tenure from 1 month to 1 year
NOOR Wakala Deposits	250,000	0.7%	AED, USD, GBP, EUR	Flexible tenure ranging from 1 month to 1 year Expected profit is calculated on the initial deposit Options for profit payouts on a monthly, quarterly basis or at maturity.

Note: The profit/best rates in UAE may change as per the bank’s discretion.

Best FD Rates in the UAE

The best fixed deposit rates in the UAE range from 0.25% to 3.98%. These rates vary from bank to bank and depend on several factors including -

Invested amount
FD tenure
Age of the applicant
Economic conditions
Demand and supply conditions

Best Fixed Deposit Accounts in UAE

Here is the list of which banks are best for fixed deposits in the UAE in terms of features, profit/interest rates and ease of application.

Emirates NBD Fixed Deposit Schemes - Emirates NBD offers one of the best fixed deposit interest rates in UAE. An individual is required to deposit a minimum of AED 10,000 to open a fixed deposit. Moreover, it accepts multiple currencies such as AED, USD, GBP, EUR. The account also offers flexible tenure of investment and the option to withdraw the amount prematurely.
Standard Chartered Bank Fixed Deposits - Standard Chartered Bank promises competitive interest rates on the fixed deposit accounts and provides flexible tenure of investment. An individual can open the bank account in major international currencies with a minimum deposit of AED 25,000.
Abu Dhabi Commercial Bank Fixed Deposits - Abu Dhabi Commercial Bank is one of the leading banks in UAE and offers an interest rate of up to 3.15 percent per annum on its fixed deposits. The bank accepts major international currencies like USD, EUR apart from UAE Dirham. A minimum deposit of AED 5,000 is required to open a fixed deposit account. Abu Dhabi Commercial Bank Fixed Deposit comes with an overdraft facility and flexible tenure of investment.

Advantages of Fixed Deposit Accounts in UAE

The fixed deposit accounts in UAE come with numerous advantages. The FDs are safe and fetch you set interest rates despite market instability. Following are some of the advantages of opening a fixed deposit scheme in the UAE.

Safety and Security of Funds - The fixed deposits offer complete security of the funds and pay interest without getting influenced by the market performance. Hence, these accounts are completely risk-free.
Finances and Loan against the Fixed Deposits - Numerous Banks offer financing and loan facility against funds in the fixed deposit account. Sanctioning and approval of loans also becomes very easy.
Overdraft Facility against the Fixed Deposit - Banks in UAE also offer an overdraft facility of up to 95% against the fixed deposits. The account holders can withdraw funds using the overdraft facility.
Life Insurance Facilities - Numerous banks offer life insurance to individuals holding a fixed deposit account. E.g., RAK Bank offers life insurance to its customers who hold a RAK Bank Fixed Deposit or Fixed Deposit Plus Account.
Other Banking Facilities - Opening a fixed deposit account gives access to numerous banking facilities like online access to funds anywhere and anytime. In addition, few banks offer credit cards against fixed deposits that include rewards and benefits on each purchase, thereby providing extra benefits.

Fixed Deposits are one of the most popular financial tools to grow your savings with safety and security. However, before choosing a fixed deposit account, the individual must go through all the latest fixed deposit schemes in UAE and select an account according to his/her financial needs.