Qatar Islamic Bank Launches First Growing Deposit in Qatar

  • Publish date: Wednesday، 16 November 2022
Qatar Islamic Bank Launches First Growing Deposit in Qatar

Qatar Islamic Bank QIB, the pioneer of digital banking in Qatar, launched the growing deposit account, a new and innovative deposit account, the first of its kind in Qatar, through the bank's award-winning mobile application.

The Growing Deposit is a recurring term deposit that allows the bank's customers to set an amount they want to save every month on a regular basis and convert it to the Growing Deposit easily and automatically through the application.

The growing deposit gives holders more flexibility as they can choose to set a fixed amount each month for a period of two to ten years in Qatari Riyals and/or US dollars.

The minimum monthly investment to open a Growing Deposit is 2,000 Qatari Riyals or 1,000 USD, and profits are credited to clients' accounts at the end of each quarter of the year.

The growing deposit encourages new and existing customers to save for longer while rewarding their deposits with a higher and more competitive profit rate. Furthermore, based on the monthly deposit amount, the bank will provide free symbiotic coverage of up to QR250,000 in the event of death or permanent disability.

In a few simple steps, eligible customers can log into the QIB's mobile app, choose to open a new growing deposit, choose the monthly amount to be saved which will be transferred from the account to the new growing deposit, and create standing instructions over a pre-defined period of two to ten years, to instantly have a growing deposit.

The monthly standing instructions will ensure that the amount is deducted automatically, and support the bank’s customers to achieve their long-term goals that need money such as education, marriage, travel, buying a new home, etc.

With this new service and other market-leading services, QIB has become the first bank in the country to offer customers the opportunity to save a certain amount per month for a pre-determined goal that they can specify.

The long-term growing deposit is a continuation of the bank’s great efforts in digital transformation, which aims to provide customers with a comprehensive and seamless banking experience that allows them to have complete control over their accounts through the award-winning mobile application.

Commenting on the launch of the new service, Mr. Anand, General Manager of the Retail Banking Group at the Bank: “We are pleased to introduce the new growing deposit via the QIB mobile application, which will provide our customers with a new way to promote fruitful saving habits, give them outstanding profits on their deposits, and will also provide them with an opportunity to increase their savings through regular monthly deposits for a fixed amount over a period of time, and eventually, they will have enough to achieve their future financial goals.”

He added, "QIB is committed to providing advanced products, services, and solutions that drive innovation in the banking sector. We are also keen to improve the banking experience we provide to our customers and support them to achieve their long-term goals."

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