Highlights
Earn up to 1.4% expected profit rate
Fixed tenure
Instant account opening
Low minimum deposit
Features of the Step-Up Time Deposit
Features and benefits
-
Actual profit earned paid at the end of deposit tenor
-
Deposit tenor of up to 720 days
-
Pre-mature withdrawal permitted
Profit rates
| Tenor | Anticipated profit (per annum) |
|---|---|
| 0 – 180 days | 0.70% |
| 181 – 270 days | 0.80% |
| 271 – 360 days | 1.00% |
| 361 – 450 days | 1.1% |
| 451 - 540 days | 1.20% |
| 541 - 630 days | 1.30% |
| 631 - 720 days | 1.40% |
Eligibility criteria
| Step-up Time Deposit | Criteria |
|---|---|
| Age limit | If you are UAE National or UAE resident and minimum 18 years of age. |
Required documents
- Completed account opening form.
- National ID or valid passport, residence visa and Emirates ID.
Relevant links
Key Facts Statement
We kindly request you to carefully read and understand this document, if you are applying for a CBD Al Islami Step-Up Deposit Account with Commercial Bank of Dubai.
Learn moreTerms & conditions (Wakala)
Wakala Terms & ConditionsFrequently Asked Questions – Impact of Investment Risk Reserve
Click hereFAQs
What if I am no longer a UAE resident, but I'm still holding a Step-Up deposit with CBD Al Islami?
Please contact CBD customer service at 600 527223 to assist you with your query.
Can I keep this deposit as lien for availing secured financing?
Yes, you can keep Step-Up deposit as lien for availing secured lending. Please contact our call center 800 847 for exact profit rate applied on secured financing.
Who is eligible to open Step-Up Deposit?
To apply for the Step-Up Deposit:
- You should be UAE national or UAE resident.
- You should be at least 18 years old.
- You will also need valid passport, residence visa and Emirates ID.
Can I top-up my existing Step-Up Deposit?
No, you can't top-up an existing Step-Up Deposit, but you can always open a new Step-Up Deposit account.
Is the Step-Up available in other currencies?
The Step-Up Deposit is available in AED only.
Will I get the profit from Step-Up Deposit in case of pre-matured withdrawal?
Yes, however the anticipated profit of the previous investment period will be applied for the calculation of performance incentive in case the customer decides to liquidate the investment prior to completion of the deposit tenor which may result in a reduced profit payment to you.
What are the tenures offered for Step-Up Deposit?
Step-Up deposit is for a maximum Deposit Tenor of 720 days. The Deposit Tenor includes Investment Periods and Anticipated Profit for each Investment Period is provided above.
What is minimum and maximum amount to open a Step-up Deposit?
You will need a minimum of AED 10,000 for the Step-Up Deposit and there is no maximum deposit amount.
What is the Step-up Deposit?
Step-Up Deposit is a time deposit which is offered under the Islamic concept of Wakala that provides an opportunity to accelerate returns with the increase in deposit tenor, so the longer you save, the higher profit you earn.
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