Emirates NBD Steady Saver Deposit Account

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Emirates NBD Steady Saver Deposit is a type of savings deposit that primarily focuses on higher returns over a growing period. The principal amount in this account gets compounded after every three months, increasing the profit return. The steady saver deposit offers a higher interest rate if the funds are deposited for a longer period. The rate of interest in a steady saver deposit account can fetch up to 1.86% return on the third renewal.

Emirates NBD Steady Saver Deposit account requires a minimum deposit of AED 1,000 and it is available in major foreign currencies like USD & GBP. An equivalent amount is required in foreign currency to open a Steady Saver Deposit account with Emirates NBD.

Features and Benefits of Emirates NBD Steady Saver Deposit

The Emirates NBD steady saver deposit account offers numerous benefits to its customers, like compounding interest every three months. An individual can avail a higher interest when deposits are made for a longer duration. Given below are some of the key features and benefits of Emirates NBD Steady Saver Deposit. 

● Low Minimum Deposit - Emirates NBD Steady Saver Deposit account can be opened with a minimum deposit as low as AED 1,000 or its equivalent in USD and GBP. 

● Higher Interest Rate - Steady Saver Deposit offers a higher interest rate on the funds deposited for a longer duration. The interest rate can reach up to 1.86% at the end of the third year/renewal. The bank promises an interest rate of up to 3.5% on the investment made for a longer period. 

● Compounding Interest Rate - The amount invested in Steady Saver Deposit is compounded every three months and further interest is paid on the closing amount of the previous term. This compounding rate of interest maximises the profit on Steady Saver Deposit account

● Flexible Tenure - The Steady Saver Deposit account offers flexible tenures of 6 months, 9 months and 12 months. A customer can choose the term of investment according to his/her convenience. 

● Foreign Currencies accepted - Emirates NBD accepts major international currencies like USD and GBP apart from AED, making it easier to operate for both UAE residents and non-residents.

 ● Amount Paid after Maturity - In Steady Saver Deposit account, the total amount, including the interest, is paid after the maturity period only.

 ● Renewal or Redeem Option - Emirates NBD offers its customer an option to redeem the amount after maturity or to reinvest it for the next term. The reinvesting (renewal) gives extra profits on the invested funds. 

●  Other Banking Facilities - The account holders of Steady Saver Deposit can enjoy access to their funds on the go with online or mobile banking, thereby making it easy to manage their account. The Emirates NBD also promises the safety and security of financial data along with flexibility and convenience.

Interest Rates offered by Emirates NBD on Steady Saver Deposit

Given below is the rate of interest offered by Emirates NBD on its Steady Saver Deposits for an initial deposit of AED 10,000 for two renewals on a yearly tenure basis.

No. of Months Interest Rates Payable Amount Interest Amount
Initial Tenure
1 0.010 10000.00 0.08
2 0.160 10000.00 1.33
3 0.310 10000.00 2.58
4 0.460 10004.00 3.83
5 0.610 10004.00 5.09
6 0.760 10004.00 6.34
7 0.910 10019.26 7.60
8 1.060 10019.26 8.85
9 1.210 10019.26 10.10
10 1.360 10045.81 11.39
11 1.510 10045.81 12.64
12 1.660 10045.81 13.90
Total Interest Payable at the end of 1st tenure: 83.73
Year - 2
1 0.110 10083.73 0.92
2 0.260 10083.73 2.18
3 0.410 10083.73 3.45
4 0.560 10090.28 4.71
5 0.710 10090.28 5.97
6 0.860 10090.28 7.23
7 1.010 10108.19 8.51
8 1.160 10108.19 9.77
9 1.310 10108.19 11.03
10 1.460 10137.51 12.33
11 1.610 10137.51 13.60
12 1.760 10137.51 14.87
Total Interest Payable at the end of 2nd tenure: 94.57
Year - 3
1 0.160 10178.30 1.36
2 0.310 10178.30 2.63
3 0.460 10178.30 3.90
4 0.610 10186.18 5.18
5 0.760 10186.18 6.45
6 0.910 10186.18 7.72
7 1.060 10205.54 9.01
8 1.210 10205.54 10.29
9 1.360 10205.54 11.57
10 1.510 10236.41 12.88
11 1.660 10236.41 14.16
12 1.810 10236.41 15.44
Total Interest Payable at the end of 3rd tenure: 100.59
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Eligibility Criteria to apply for Emirates NBD Steady Saver Deposit

To open a Steady Saver Deposit account in Emirates NBD, an applicant will have to fulfil certain eligibility criteria. Following are some eligibility requirements to open an Emirates NBD Steady Saver Deposit account.

● Initial Minimum Deposit - An individual is required to deposit a minimum of AED 1000 or its equivalent in USD or GBP to open a steady saver deposit account in Emirates NBD. 

● Nationality - UAE residents & non-residents, including GCC nationals, are eligible to open a Steady Saver Deposit account in Emirates NBD, subject to furnishing of required documents.

Documents required to open Emirates NBD Steady Saver Deposit

Following is the list of documents required to open a Steady Saver Deposit account in Emirates NBD.

Individual Type Documents Required
UAE National/Resident ● Original and Copy of Emirates ID for the records ● A copy of the passport ● A copy of the salary transfer letter or appointment letter ● Duly filled fixed/recurring deposits form
Non-Resident of UAE ● Original and copy of valid passport ● Latest utility bill ● Latest bank statement ● Residence address as per the home country record ● Duly filled fixed/recurring deposits form
GCC National ● Original and copy of valid passport ● Original and copy of work permit or labour ID or ● A valid UAE National ID ● Duly filled fixed/recurring deposits form
Illiterates ● Two passport size photographs

 Note: The fixed/recurring deposit forms can be availed from the online portal of Emirates NBD or at the nearest local branch.

How to apply for Emirates NBD Steady Saver Deposit?

Opening a Steady Saver Deposit account in Emirates NBD is a quick and easy process. An individual willing to apply for the account can visit the bank’s website or the nearest local branch to open a Steady Saver Deposit account. Given below are the ways to open an Emirates NBD Steady Saver Deposit account.

● Opening Emirates NBD Steady Saver Deposit Online - An individual can visit the website of Emirates NBD and apply online for the Steady Saver Deposit account. After visiting the bank’s website, the individual has to fill in a few personal details. Later, the bank representative will contact him/her for further account opening process. 

● Opening Emirates NBD Steady Saver Deposit Offline - An individual can visit the nearest branch of Emirates NBD along with all the requisite documents for opening a Steady Saver Deposit account. The banking personnel will guide you through the process of application. 

Frequently Asked Questions

Q1: What is the minimum amount required to open Emirates NBD Steady Saver Deposit account?

Ans: An individual needs to deposit a minimum of AED 1,000 or its equivalent in USD or GBP in the Emirates NBD Steady Saver Deposit account.

Q2: What is the tenure of the Steady Saver Deposit account in Emirates NBD?

Ans: Emirates NBD offers a flexible tenure of 6 months, 9 months and 12 months on its Steady Saver Deposit account.

Q3: Can I reinvest my funds in Steady Saver Deposit account after the end of maturity?

Ans: Yes, the amount in Steady Saver Deposit account can be reinvested for further tenure. The renewal of funds provides additional benefits to the account holder.

Q4: Can I redeem my funds after maturity from steady saver deposits if I don’t wish to reinvest them?

Ans: Yes, the investor can opt to redeem the funds from the Emirates NBD Steady Saver Deposit account after maturity if he/she doesn’t want to reinvest them for a further term. However, reinvesting fetches a better profit in Steady Saver Deposit.

Q5: Is Emirates NBD Steady Saver Deposit account available in foreign currencies?

Ans: Yes, the Emirates NBD Steady Saver Deposit account is available in USD and GBP apart from AED.