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A savings account is a financial account held at a bank or a financial institution that allows you to keep track of your transactions. The savings account secures your finances while generating profits on your savings simultaneously maintaining liquidity so that you can borrow your money whenever you need or want.
Generally, ‘Shaatir’ means smart. In some cases, it is a compliment given to a child for doing a good job. True to its meaning, DIB Shaatir Savings Account is a smart option to secure your child’s future. Dubai Islamic Bank Shaatir Savings Account is a savings account that introduces your children to the concept of savings ‘smartly’.
When you save for your child today, you secure their tomorrow. Opening a Shaatir Savings account allows you to maintain a separate bank account with more benefits that multiply your savings and help you in earn good interest.
When you decide to save money for your child’s bright future, a Fixed Deposit appears as one of the viable options which pay you a better profit rate. However, your FD blocks your money for a particular number of years. Besides, an FD also restricts your deposit transactions, which means that you cannot add more money.
On the other hand, Shaatir Savings Account allows you to deposit money as frequently to your child’s account as you want. Besides, you can also hand over this account to your child under your supervision to teach them the importance and method of saving money. This will make them responsible and prepare them to prepare their finances in the future.
Dubai Islamic Shaatir Savings Account offers higher interest rates on your savings which enables you to gain more profits.
Unlike other savings accounts, Shaatir Savings Account does not require you to maintain a minimum balance. Even if you maintain zero balance, the bank will not charge you a dirham on your Shaatir Savings Account.
Taking care of their youngest customers, Dubai Islamic Bank Shaatir Savings account can be opened with a stress-free and easy documentation process.
DIB Shaatir Savings Account is opened in the name of your child. Once the account is opened, the bank welcomes your child with a welcome pack that includes a debit card and other bank-related documents. Don’t worry! The only facility on the debit card is ‘balance inquiry’ so that your child can learn about the financial world while having fun playing adult.
Along with other benefits, Dubai Islamic Bank also provides you a wide range of special discounts and offers at select kids’ outfits all over the UAE on your DIB Shaatir Savings Account.
In the second quarter of 2020, the profit rate on Shaatir Savings Account was 0.33%. However, in light of the pandemic, the rates of interest are reduced. In the first quarter of 2021, the profit rate offered on your Shaatir Savings Account is 0.16% which is expected to increase in the next quarter. The best aspect of the interest rate on this account is that you do not need to maintain any minimum balance to receive interest. Besides, the deposit weightage and Mudareeb share of profit is 36%.
No fee and charges.
There is no minimum eligibility criterion for opening a Shaatit Savings Account for your child. All you need is relevant documents such as ID and address proof.
There are two possible methods to open Dubai Islamic Bank Shaatir Savings Account:
You can visit DIB’s website and apply for Shaatir Savings Account. Call DIB for any assistance
You can also seek assistance and open Shaatir savings account for your child at policybazaar.ae. All you need is:
Q1: Can I borrow money from Shaatir Savings Account?
Q2: Do I earn compound interest on Shaatir Savings Account?
Answer: Yes, since you receive annual interest on your savings, every year you will receive interest on both the interest and principal amount both.
Q3: Can a child withdraw money from Shaatir Savings Account?
Answer: No, your child cannot withdraw money from Shaatir Savings Account till they turn 18.