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First Abu Dhabi Bank is one of the largest and most preferred banks in UAE. It also has an overseas network covering all the continents. Through its strategic offerings, the bank offers a variety of customised deposit accounts, providing higher returns over a longer duration. FAB Smart Deposit Account is a type of fixed deposit that offers long-term saving plans ranging from 2, 3, 4, 5, 7 and 10 years. It promises higher returns on investment for a long term.
FAB Smart Deposit is ideal for a secure long-term investment, with healthy returns and flexibility to choose interest payment frequency, i.e. monthly, biannually or at maturity. The article covers the details on features and benefits and ways to open a Smart Deposit account.
FAB Smart Deposit Account provides a variety of benefits like multiple interest payout frequencies apart from the higher returns. Given below are some key features and benefits of the FAB Smart Deposit account.
First Abu Dhabi Bank accepts applications from both UAE residents and non-residents. However, an individual needs to satisfy minimum eligibility criteria as mentioned below.
An individual requires to submit the following documents during the application of FAB Smart Deposit Account.
*Apart from the above-mentioned documents, the bank may also ask for additional documents at its sole discretion or on a case by case basis.
An individual can apply online or offline to open the FAB Smart Deposit Account, depending upon the individual’s ease of access.
An individual can close the Smart Deposit account at the time of maturity or prematurely. However, an early closure will charge a penalty. Given below are the ways to close a FAB Smart Deposit Account.
Given below are the charges that the bank might levy on the FAB Smart Deposit account.
Some of the important terms and conditions that an individual should know before applying for a FAB Smart Deposit Account:
Q1: What is the minimum amount required to open a FAB Smart Deposit account?
Ans: An individual needs to deposit a minimum of AED 30,000 or USD 10,000 or its equivalent in other major currencies like GBP and EUR.
Q2: What is the tenure of investment in FAB Smart Deposit Account?
Ans: First Abu Dhabi Bank offers a flexible tenure ranging from a minimum of 2 years to a maximum of 10 years.
Q3: Can I withdraw partial funds from my FAB Smart Deposit Account?
Ans: FAB does not allow partial withdrawals from the Smart Deposit account.
Q4: Is premature withdrawal allowed in FAB Smart Deposit Account?
Ans: Yes, the bank allows premature withdrawals; however, early withdrawal will incur a penalty of AED 100 and reduction in interest earned.
Q5: Do I need to have a savings or current account to open a Smart Deposit account?
Ans: Yes, an individual needs a savings or current account that will be used to deposit funds in the smart deposit account.
Q6: Can I apply for FAB Smart Deposit Account if I am not a resident of UAE?
Ans: Yes, a non-resident of UAE can also apply for FAB Smart Deposit Account. All you need to do is to submit a copy of passport and residential proof.