With a minimum tenor of 12 months and a maximum of five years, the Recurring Deposits account is particularly ideal for customers that are planning to practice financial discipline, receive guaranteed returns, and gain high interest rate on their savings. Additionally, the Recurring Deposits requires a low monthly deposit of only AED 350 to be setup and there are no penalties or charges for missed payments. Customers can open a Recurring Deposits account instantly through the Bank’s digital banking platform and start saving immediately.
“The Bank’s Recurring Deposit is a simple way for all our individual customers to implement savings as a financial obligation and turn it into a positive habit. People are burdened with expenses on a daily basis, where the option of savings is constantly set aside due to other obligations. Our Recurring deposit helps our customers take small steps towards achieving their financial goals and save money for their future and for when they would like to purchase any big-ticket item. With extremely flexible terms, high interest rate on savings, and a very low monthly deposit limit, the Recurring Deposits will offer our valued customers more convenience and choice regarding their savings plan for their future,” said Peter England, RAKBANK CEO.