YAP, an independent and innovative digital banking platform provided by RAKBANK, seeks to redefine the structure of digital banking by offering a horde of benefits to its customers.
United Arab Bank offers excellent opportunities for investing funds, providing different types of fixed deposit accounts with high and competitive rates. These deposits can be availed for flexible tenures for suiting the preferences and needs of the account holder.
There are various kinds of United Arab Bank Fixed Deposit Accounts available in the UAE. Following are these types.
The UAB offers different types of fixed deposit accounts and exclusive benefits and features on these deposit accounts. Here is a rundown on the different deposits and their features & benefits.
The United Arab Bank offers exclusive opportunities for investing funds through its time deposit accounts. The account holder can enjoy competitive rates as well as flexible tenures that are designed for suiting their preferences and needs. Here are the benefits of this bank account.
This fixed deposit account offers flexible deposit tenures for the convenience of the account holder. They get attractive payments across various tenures offering attractive interest rates on longer tenures. Here are the benefits of this bank account.
This fixed deposit account is designed based on the Islamic concept of Wakala Investment. The bank account is completely Sharia-compliant. The account holder can also avail protection from the situations when the rate of interest falls or any unwanted fluctuation arises in the rate of interest market. Here are the benefits of this bank account.
This deposit is an unrestricted investment fixed deposit, which is dependent upon the Mudaraba Structure (profit and loss sharing) and approved by the Sharia principles. This time deposit is available in flexible deposit tenures options starting from one month to 12 months. Here are the benefits of this bank account.
The applicant has to fulfill certain eligibility criteria for opening a bank account in the UAE. Here are a few of these eligibility requirements that the applicant has to fulfill for United Arab Bank Fixed Deposit Opening.
|Fixed Deposit Account Name||Eligibility|
|UAB Flexi-Fixed Deposit Account||
|UAB Fixed Deposit Account||
|UAB Islamic Flexi Term Deposit||
The procedure for opening any bank account with the UAB is as easy as it can get. The applicant looking forward to opening the account may use the below-mentioned channels to for open a UAB Fixed Deposit.
The applicant can call on the customer care number of the bank for putting forward their bank account opening request.
The bank has a user-friendly & secure net banking portal using which the applicant can avail the option of opening a suitable bank account.
The UAB has a mobile banking app that can easily be downloaded from the App Store on iOS devices and Google Play store on Android devices. The applicant may get their accounts open through the UAB mobile application.
If none of these digital banking platform suits the applicant, they can visit the nearest branch of the bank with suitable documents for getting a United Arab Bank Fixed Deposit open.
You can close the fixed deposit account by putting forward the account closure request to the bank. However, before putting forward this request, the account holder must transfer their existing account balance to some other account that is opened on their name.
They can also withdraw the deposit amount for their use.
The account holder does not have to bear any penalty if they withdraw the amount prior to the maturity of the UAB Fixed Deposit. The interest/ profit payment is done on the basis of predetermined rates.
The bank may charge an account closure fee equal to 100 dirhams from the account holder.
Q1: Can I cancel my deposit whenever I want to?
Ans: Yes, you can redeem the full amount deposited under these accounts anytime you want. Redeeming the deposit prior to the maturity is subjected to the notice period (in writing) of minimum two UAE business days.
No interest will be paid out if the deposit has been canceled in the initial three months. Following three months, the interest rate is applicable as per the rates determined by the UAB. You can redeem only the full amount.
Q2: When do I receive the interest on my Flexi-Fixed deposit?
Ans: On this United Arab Bank Fixed Deposit, the bank will pay the full amount of interest when the deposit ends, that is during the maturity. You will receive the interest amount in one payment.
In case you cancel the deposit prior to the maturity, you will receive the complete amount of interest during the cancellation time.
Q3: I have taken early termination on my Flexi-Fixed deposit? How will my interest be calculated?
Ans: The maximum tenure for the deposit on this fixed deposit account is three years, providing you with flexibility and transparency. All the rates throughout the time duration are pre-determined. The selection of this rate is done as per the exit time.
For Example: One customer has decided to deposit 1,000,000 dirhams in the fixed deposit for three years at an interest rate of 3.75 percent per annum. After the three-years end, the customer will get 1,112,500 dirhams.
In case the customer is in need of the full amount after one year, the one-year rate is applicable (no penalty being charged). As a result, the customer will get 3.05 percent per annum for one year, that is, 1,030,500 dirhams.
Q4: Can I get the United Arab Bank Fixed Deposit Accounts opened in multiple currencies?
Ans: The bank offers the fixed deposit accounts only in the UAE dirhams except for the normal UAB Fixed Deposit Account, which is available in various major currencies of the world.
Q5: Is there any maximum amount of deposit on the fixed deposits by UAB?
Ans: There is no maximum amount of deposit for personal accounts; however, the maximum deposit amount on commercial accounts is 20,000,000 dirhams.
Q6: Can I avail the overdraft facility against my fixed deposit?
Ans: Yes, you can avail the facility of overdraft against the UAB Fixed Deposit Account under lien.
Q7: What are the minimum and maximum deposit tenure available on this bank account?
Ans: The minimum deposit tenure available on this account is one year and the maximum deposit tenure is three years. In case of Mudaraba Deposit, the deposit tenure starts from one month to 12-months maximum.
Q8: What is the minimum amount to be maintained on the Mudaraba Deposit Accounts?
Ans: You can enjoy the benefits of this investment account if you maintain a minimum account balance of 25,000 dirhams.
Q9: What Islamic concept is the Mudaraba Deposit based on?
Ans: The Mudaraba Deposit Account is dependent upon the Mudaraba (Profit and loss sharing) structure, which is approved by the SSB (Sharia Supervisory Board).
Q10: Under what concept of Islamic banking does the Islamic Flexi Term Deposit fall?
Ans: This United Arab Bank Fixed Deposit is based on the Islamic Concept of Wakala Investment. Under this, the bank or Wakil plays the role of the agent on the customer or Muwakil’s behalf for investing in the deposit (investment) amount and returns along with profits expected as per the investment tenure.