FAB Fixed Deposit Rates: FAB (First Abu Dhabi Bank) understands the importance of finding the right investment option that offers both flexibility and high earnings. That is why FAB have designed their Fixed Deposit Account to cater to the financial needs of their customers. First Abu Dhabi Bank Fixed Deposit Account provides flexible tenures and competitive interest rates, making it an attractive choice for individuals looking to grow their savings. In this article, we will explore the details of FAB Fixed Deposit Rates, including the benefits, eligibility criteria, FAB Fixed Deposit Rates 2023 and more.
Benefits of FAB Fixed Deposits
- Higher Interest Rates: FAB Fixed Deposits offer competitive interest rates, ensuring that your funds grow steadily over the chosen tenure.
- Flexible Tenures: With tenures ranging from 7 days to 12 months, you have the freedom to select a duration that aligns with your financial goals and requirements.
- Minimum Deposit Requirement: Start your journey towards financial growth with a minimum deposit of AED 5000 or USD 1500 (or equivalent in other currencies).
- Multiple Currency Options: FAB Fixed Deposits are available in all major currencies, providing you with the convenience of diversifying your investments.
- Joint Ownership: Enjoy the benefits of joint ownership, allowing you to pool your funds with a partner or family member for increased savings potential.
FAB Fixed Deposit Eligibility Criteria
To open a FAB Fixed Deposit account, you must meet the following eligibility criteria:
- Hold a current, savings, or call account with FAB.
- Applicable for both UAE residents and non-residents.
- Salaried and non-salaried individuals are eligible to apply for FAB Fixed Deposit.
- Minors can open a deposit account, provided it is operated under the instruction of the minor’s father or court-appointed guardian.
FAB Fixed Deposit Required Documents
To initiate the application process, gather the following documents:
- Completed Fixed Deposit application form.
- Copy of a valid passport, resident visa, or Emirates ID (originals must also be presented).
Fees and Charges
FAB Fixed Deposits are subject to the following fees and charges:
- AED 100 fee for premature withdrawal or early breakage of the fixed deposit.
FAB Fixed Deposit Conditions
Here are some important conditions to consider before opening a FAB Fixed Deposit:
- The customer should have an existing account to fund the fixed deposit. The deposit will be opened and credited in the same currency as the account.
- Partial withdrawal is not permitted. However, the bank may allow a premature withdrawal of the entire fixed deposit, subject to a lower interest rate and withdrawal fee.
- In the case of a full withdrawal within 7 days of making the deposit, a fee of AED 100/- will be charged, and no interest will be payable.
- For full withdrawals made after 7 days, a fee of AED 100/- will apply, and the customer will receive 50% of the interest rate for the period maintained.
Fixed Deposit Interest Rate Table (UAE Dirham – AED)
| Tenure | UPTO 1M | Above 1M – 5M | Above 5M |
|---|---|---|---|
| 1 WEEK | 4.000% | 4.050% | 4.100% |
| 2 WEEKS | 4.030% | 4.080% | 4.130% |
| 1 MONTH | 4.100% | 4.150% | 4.200% |
| 2 MONTHS | 4.130% | 4.180% | 4.230% |
| 3 MONTHS | 4.200% | 4.250% | 4.300% |
| 6 MONTHS | 4.250% | 4.300% | 4.350% |
| 9 MONTHS | 4.280% | 4.330% | 4.380% |
| 12 MONTHS | 4.300% | 4.350% | 4.400% |
How to Apply for FAB Fixed Deposit?
Applying for a FAB Fixed Deposit is a straightforward process. Follow these steps:
- Visit the official website of First Abu Dhabi Bank (FAB).
- Navigate to the Fixed Deposit section and click on the “Apply Now” button.
- Fill in the required details, including your first name, last name, company name (if applicable), phone number, email address, emirate, salary per month, and nationality.
- Confirm that you have read and accepted the Terms and Conditions.
- Submit the application form.
FAB Customer Care
FAB provides dedicated customer care services to address any queries or concerns you may have regarding Fixed Deposits. Here are the contact details:
- Customer Service: 600525500 (within UAE) or +971(2)6811511 (international)
- Ratibi Service: 600522298 (within UAE) or +971(2)4996279 (international)
First Abu Dhabi Bank (FAB) Fixed Deposits offer an excellent opportunity to earn higher interest rates with flexible tenures. Whether you are a UAE resident or non-resident, FAB provides a range of benefits, multiple currency options, and joint ownership facilities. By following the simple application process and fulfilling the eligibility criteria, you can embark on a secure and rewarding investment journey with FAB Fixed Deposit Rates.
FAQ
The minimum deposit requirement is AED 5000 or USD 1500 (or an equivalent amount in any other currency).
Yes, FAB Fixed Deposits are available for both UAE residents and non-residents.
Yes, joint ownership is allowed, enabling individuals to open accounts with a partner or family member.
Yes, minors are eligible to open a Fixed Deposit account, provided it is operated under the instruction of the minor’s father or court-appointed guardian.
No, partial withdrawal is not permitted. However, premature withdrawal of the entire deposit may be allowed, subject to applicable fees and a lower interest rate.
A fee of AED 100/- is applicable for premature withdrawal or early breakage of the fixed deposit.
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