Emirates Islamic Bank Fixed Deposit Account

The Emirates Islamic Bank Fixed Deposit accounts offer safe and convenient ways of saving and managing funds to the account holder. There are a host of benefits offered on these accounts which include high-profit rates, early withdrawals, availability of accounts in multiple currencies and many more.

Following are the types of fixed deposit accounts offered by the Emirates Islamic Bank.

• Booster Wakala Deposit
• Investment Term Deposit
• Flexi Term Deposit

Features & Benefits of Emirates Islamic Bank Fixed Deposit Account

Here are the basic features & benefits of the different types of Emirates Islamic Bank Fixed Deposit accounts.

Booster Wakala Deposit

The account helps in giving a boost to the deposits of the account holder. They can earn a higher profit rate equal to 2.57 percent per annum (maximum) with this bank account. Following are some benefits of this fixed deposit account.

• Currency: This bank account from Emirates Islamic Bank is available only in the UAE Dirhams.
• Early Withdrawal: The account holder can opt for early withdrawals. If this withdrawal is done before the completion of six months, then they are not eligible to earn profits. If the deposited amount is withdrawn before the agreed date of maturity, the prevailing savings rate will be applicable.
• Profit Payout: The bank offers competitive profit rates on this Emirates Islamic Bank Fixed Deposit account. The profits on this account are paid out on an annual basis.

Investment Term Deposit

This fixed deposit is a distinctive profit-bearing account, which lets the account holder invest in their future as well as the future of their family. The profits on this account are created and distributed through the common Murdaraba pool.

• Currency: This type of fixed deposit account is available in both AED as well as USD.
• Flexible Tenure: The bank offers flexible deposit durations to the account holder on this Emirates Islamic Bank Fixed Deposit account.
• Online and Phone Banking: The account holder can conveniently conduct, manage, and view their transactions online. The phone banking feature gives them access to their accounts no matter where they are.
• SMS Alerts: The Emirates Islamic Bank sends the account-related updates to the account holder via SMS. 

Flexi Term Deposit

This nine-month flexible investment deposit is a combination of flexibility as well as profits. The account holder can enjoy high profits along with the flexibility to access their funds on this Emirates Islamic Bank Fixed Deposit as and when they require.

• Early Withdrawal: If the withdrawal is made between 0-3 months, the savings profit rate for that quarter(s) for every completed calendar month is offered.If the withdrawal is made between 3-6 months, the profit rate of 3 months on investment fixed deposit for that calendar quarter(s) along with the savings profit rate for every completed calendar month subsequently is offered. 
• Profit Adjustment: The profit adjustments are done to the profit that has already been paid depending upon the nine months of the previous quarters. The Flexi profit rate is credited to the account already for arriving at the final payment.

Eligibility Criteria to Open an Emirates Islamic Bank Fixed Deposit Account in UAE

To open this Emirates Islamic Bank Fixed Deposit, the applicant has to fulfill some eligibility requirements. Listed in the table are the eligibility requirements for opening different types of fixed deposits.

Documents Required to Open an Emirates Islamic Bank Fixed Deposit Account

To open this Emirates Islamic Bank Fixed Deposit, the applicant has to a few documents to the bank. Listed in the table are the documents required for opening different types of fixed deposits.

How to Open an Emirates Islamic Bank Fixed Deposit Account?

Following are the ways in which the applicant can open the Emirates Islamic Fixed Deposit in the UAE.

• They can open their account through the online banking portal of the bank.
• The applicant can avail the phone banking option for opening their bank account.
• They can also visit the nearest branch of the Emirates Islamic bank for opening their savings bank account.

How to Close an Emirates Islamic Bank Fixed Deposit Account in UAE?

The account holder can simply put a request for the closure of the Emirates Islamic Fixed Deposit account either online, through phone banking, or offline by visiting the branch of the bank.

Fill the form with required details like name, the fixed deposit number, bank account details, and more. Submit these documents with the bank and the request will get processed.

As soon as the FD account is closed, the money in that account is credited to another account of the account holder. The money is given to the account holder in cash if asked for.

The provisions of early withdrawal may apply if the account holder is closing the account before its maturity.

Emirates Islamic Bank Fixed Deposit Account FAQs