Qatar Islamic Bank (QIB), the country's leading digital bank, has launched an innovative new “Growing Deposit”, a first-of-its-kind in Qatar, through its mobile app.
“Growing Deposit” is a recurring, unique deposit account that allows QIB customers to place an amount of their choice each month and save money with ease. It gives more flexibility to the deposit holders as they can choose to place a fixed amount each month for a period ranging from two years to 10 years in Qatari riyals and/or US dollars.
The minimum monthly amount to open a "Growing Deposit" is QR2,000 or $1,000 and the profit is credited into customers’ accounts at the end of every quarter.
The deposit yields great benefits, encouraging new and existing customers to adopt a good saving practice by accumulating savings for a longer period while rewarding them with a higher and more competitive expected profit rate on their deposits.
Additionally, based on the monthly deposit amount, QIB will provide a free takaful cover of up to QR250,000 in an unfortunate situation of loss of life or permanent disability.
"The Growing Deposit will provide customers an opportunity to build up their savings through regular monthly deposit of a fixed amount over a period of time, and eventually have sufficient funds to achieve their future financial goals... QIB is committed to introducing advanced products, services, and solutions, which drive innovation in the banking sector," said D. Anand, QIB’s General Manager – Personal Banking Group.
With a few simple steps, the eligible customers can log in to their QIB mobile app and open a new "Growing Deposit" by choosing their monthly amount to be transferred from their account, by setting the standing orders over a predefined tenure from 2 years to 10 years and get the deposit opened instantly.
Monthly standing orders will ensure that the money is kept aside automatically and support QIB customers to achieve their long-term financial goals such as education, marriage, travel, shifting to new house and many others.
This new product, in addition to a host of market-leading products offered by QIB, makes it the first bank in the country to provide customers the opportunity to save a certain amount per month for a predefined goal they can set.
The long-term deposit is a continuation of the bank’s extensive digitisation efforts, which aim to offer customers a bespoke, seamless banking experience through mobile app.
“Growing Deposit” is a recurring, unique deposit account that allows QIB customers to place an amount of their choice each month and save money with ease. It gives more flexibility to the deposit holders as they can choose to place a fixed amount each month for a period ranging from two years to 10 years in Qatari riyals and/or US dollars.
The minimum monthly amount to open a "Growing Deposit" is QR2,000 or $1,000 and the profit is credited into customers’ accounts at the end of every quarter.
The deposit yields great benefits, encouraging new and existing customers to adopt a good saving practice by accumulating savings for a longer period while rewarding them with a higher and more competitive expected profit rate on their deposits.
Additionally, based on the monthly deposit amount, QIB will provide a free takaful cover of up to QR250,000 in an unfortunate situation of loss of life or permanent disability.
"The Growing Deposit will provide customers an opportunity to build up their savings through regular monthly deposit of a fixed amount over a period of time, and eventually have sufficient funds to achieve their future financial goals... QIB is committed to introducing advanced products, services, and solutions, which drive innovation in the banking sector," said D. Anand, QIB’s General Manager – Personal Banking Group.
With a few simple steps, the eligible customers can log in to their QIB mobile app and open a new "Growing Deposit" by choosing their monthly amount to be transferred from their account, by setting the standing orders over a predefined tenure from 2 years to 10 years and get the deposit opened instantly.
Monthly standing orders will ensure that the money is kept aside automatically and support QIB customers to achieve their long-term financial goals such as education, marriage, travel, shifting to new house and many others.
This new product, in addition to a host of market-leading products offered by QIB, makes it the first bank in the country to provide customers the opportunity to save a certain amount per month for a predefined goal they can set.
The long-term deposit is a continuation of the bank’s extensive digitisation efforts, which aim to offer customers a bespoke, seamless banking experience through mobile app.
