Emirates Islamic Bank is one such bank offering exclusive Islamic banking products in the UAE, with the Emirates Islamic Bank zero balance accounts being among the most preferred savings accounts in the UAE.
Emirates NBD Goal Recurring Deposit is a savings investment plan offering an attractive interest rate. The deposit account provides up to five goal-based savings options such as retirement, vacation, education, travel, marriage, etc. Moreover, the Emirates NBD Goal Recurring Deposits periodically notifies the progress statement, status and the detailed outline of all the goals, giving greater control over the savings.
Additionally, Emirates NBD offers flexible tenure and monthly contributions for each goal separately. The minimum monthly contribution of AED 500 or USD 200 is accepted against the goal recurring deposits, and the account holders can track their saving progress monthly.
Emirates NBD offers numerous benefits like tracking the performance of savings and sharing monthly statements with the account holders to help them reach the goals conveniently. Given below are some of the important features and benefits of Emirates NBD Goal Recurring Deposits.
● Choice of up to Five Goals - The Goal Recurring Deposits from Emirates NBD offer to choose up to five goals, including general savings, retirement, vacation, education, marriage, etc. according to the customers’ needs. In addition, the account holders can track their progress monthly.
● Choose Tenure and Monthly Contributions - Emirates NBD offers the flexibility to decide the tenure and monthly contributions separately for each goal that they have selected.
● Minimum Contributions - An individual will have to contribute a minimum of AED 500 or USD 200 in their Goal Recurring Deposit.
● Flexible Tenure - The Goal Recurring Deposit offers flexible tenure that ranges from 6 months to 5 years. The individuals can choose the tenure according to their convenience.
● Multiple Currencies - Emirates NBD accepts the deposits in UAE Dirham (AED) and USD.
● Attractive Interest - Emirates NBD offers attractive interest rates on the goal recurring deposit account. However, the rates depend on the monthly contributions. Higher the monthly deposits, the greater is the interest.
● Available to Individuals Only - The Emirates NBD Goal Recurring Deposits are available to individuals only, which means no business entity can apply for this account.
● No Premature Withdrawals - Emirates NBD does not allow premature withdrawals on the Goal Recurring Deposits. In addition, partial withdrawals and early closure are also not allowed.
● Other Banking Facilities - Emirates NBD offers easy monitoring of savings through online and mobile banking facilities. Apart from that, the bank also provides monthly statements and progress status of the Goal Recurring Deposits.
An applicant needs to fulfil the eligibility criteria before opening a Goal Recurring Deposit account. Following are some eligibility criteria to open an Emirates NBD Goal Recurring Deposit.
● Minimum Monthly Contributions - An individual is required to deposit a minimum of AED 500 or USD 200 every month in the Goal Recurring Deposit.
● Nationality - UAE residents, non-residents, including GCC nationals, are eligible to open a Goal Recurring Deposit subject to furnishing of required documents.
Note: Non-individuals (Business Entities) cannot apply for the Goal Recurring Deposits.
Below is the list of documents required by the applicant for opening a Goal Recurring Deposit 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|
|Non-Resident of UAE||● Original and copy of valid passport ● Latest utility bill ● Latest bank statement ● Residence address as per the home country record|
|GCC National||● Original and copy of valid passport ● Original and copy of work permit or labour ID or ● A valid UAE National ID|
|Illiterates||● 2 passport size photographs|
The process to open a goal recurring deposit account is convenient and time-saving. An applicant can visit the bank’s website or the nearest branch to open an account. Given below are the ways to open an Emirates NBD Goal Recurring Deposit.
● Opening Goal Recurring Deposit Online - An individual can visit the Emirates NBD website and apply online. The individual has to fill in personal details, and later, the bank representative will contact him/her for further account opening process.
● Opening Goal Recurring Deposit Offline - You can also visit the local branch of Emirates NBD along with all the prerequisite documents. The banking personnel will guide you through the account opening process.
Q1: What is Goal Recurring Deposit by Emirates NBD?
Ans: Emirates NBD Goal Recurring Deposit is a type of savings investment plan based on the chosen goals of the investor. The tenure of investment is decided based on the monthly contribution and saving target.
Q2: What is the minimum monthly contribution that I need to deposit in Emirates NBD Goal Recurring Deposits?
Ans: You need to deposit a minimum contribution of AED 500 every month in the Goal Recurring Deposit account.
Q3: What are the currencies accepted in Emirates NBD Goal Recurring Deposits?
Ans: The Goal Recurring Deposits are available in UAE Dirham (AED) and USD.
Q4: What is the tenure of Goal Recurring Deposits in Emirates NBD?
Ans: Emirates NBD provides a flexible tenure ranging from 6 months to 5 years, wherein the customers can choose the tenure as per their saving goals and requirement.
Q5: Can I withdraw my deposits prematurely from Emirates NBD Goal Recurring Deposits?
Ans: No, the bank does not allow premature or partial withdrawals from the Goal Recurring Deposits. Moreover, the account cannot be closed before the maturity of the deposit plan.