Best Fixed Deposit Accounts in the UAE for 2023

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Fixed deposits are one of the safest ways of savings, which are free from any market risks. The banks in UAE provide a variety of conventional and Islamic fixed deposits schemes with flexible tenure and decent profit/interest. A fixed deposit is a term investment plan where the investor deposits the amount for a fixed period and the bank pays interest on the funds. The interest accrued on the funds is paid at the time of maturity.

Several banks in UAE offer tailor-made fixed deposits that allow partial or premature withdrawals. From time to time, these banks keep on enhancing the fixed deposits for customers’ benefits. This article lists the latest fixed deposit accounts in the UAE with their unique features and benefits. 

List of the Latest Fixed Deposits in UAE

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 
  • Higher interest rates
  • 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
Mashreq Bank Step Up Saver Account 10,000 1.75% AED
  • Flexible tenure
  • Longer investment yields better profit
  • Minimum deposit required
Mashreq Bank Mudaraba Term Investment 10,000 1.01% (Expected Profit Rate) AED, USD, EUR, GBP
  • Flexible tenure
  • Profit rate depends on the initial deposit amount
  • Major foreign currencies accepted 
UNB Accelerating Rate Deposits 50,000 2.0% AED
  • Higher interest rates offered
  • Flexible tenure
  • Interest credited every month
  • Easy liquidity
UNB Fixed Deposits  50,000 0.3% AED, USD, EUR, GBP
  • Flexible tenure available
  • Higher interest rates 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
  • Higher 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. 
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Note: The profit/interest rates may change as per the bank’s discretion.

Best Fixed Deposit Accounts in UAE

Here is the list of top performing fixed deposit accounts in UAE in terms of features, profit/interest rates and ease of application.

  • Emirates NBD Fixed Deposit Schemes - Emirates NBD offers one of the best interest rates on fixed deposits. 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.
  • Mashreq Bank Fixed Deposits - Mashreq Bank is one of the most famous banks for term deposit investments. The bank offers an interest rate of up to 2 percent per annum with the option of flexible tenure. Additionally, the bank also offers overdraft facility and accepts major currencies like USD, EUR, GBP apart from UAE Dirham. An individual needs to deposit a minimum of AED 10,000 to open the account.
  • 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 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.

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