Best Fixed Deposit Accounts in the UAE for 2024

Fixed deposits are among the safest saving options. In the UAE, banks provide both conventional and Islamic fixed deposit schemes that are free from market risks and have flexible tenures, attractive profit/interest rates, and more. 

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

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. 
see more

Note: The profit/best rates in UAE 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 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 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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