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Step-Up Deposit

Top Features

Overview

Step-up deposit is a 720 days Wakala deposit from CBD Al Islami with accelerated anticipated profit rate, the anticipated profit rate will increase with progressively for each Investment Period within the Deposit Tenor.

Features and Benefits

  • Starting from as low as AED 10,000
  • Available in AED (dirhams) only
  • Actual Profit earned paid at the end of Deposit Tenor
  • Deposit Tenor of up to 720 days
  • Pre-mature withdrawal permitted
  • Instant opening through CBD Online Banking for CBD customers
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 days1.40%


Fixed Tenor

Step-Up deposit is available for up to 720 days

Instant Account Opening

Instantly open the account through online banking.

Low Minimum Deposit

Deposit starting from AED 10,000

Eligibility

  • 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.

Terms & Conditions

Master Wakala Terms & Conditions




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FAQs

What if I am no longer a UAE resident, however I am 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 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 existing Step-Up deposit, but you can always open a new Step-Up deposit account.

Is Step-Up deposit available in other currencies?

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 Anticipated Profit of the previous Investment Period will be applied for calculation of Performance Incentive in case the Customer decides to liquidate the Investment prior to completion of the Deposit Tenor which may result in less 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 Step-up Deposit?

You will need a minimum of AED 10,000 for Step-Up deposit and there is no maximum deposit amount.

What is Step-up Deposit?

Step-Up Deposit is a time deposit which is offered on 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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Within UAE: 600 527223

Outside UAE: + 971 600 527223