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ABK launches ‘5-Year Term Deposit: Interest in Advance’

18 April 2022

ABK launches 5-Year Term Deposit: Interest in Advance

ABK is pleased to launch the ‘5-Year Term Deposit: Interest in Advance deposit product’. This product enables customers to plan for their future and maximize their savings, while simultaneously rewarding them with the interest in advance, on the day of booking the term deposit.

The tenor of the deposit, as the name suggests is 5 years. It functions as a long-term investment that brings customers convenience, security, and unique features. ABK customers can open their term deposits with a minimum investment of KD20,000. The customer’s funds will be committed for 5 years, however the interest will be paid in full at inception. The ’5-Year Term Deposit: Interest in Advance’ has competitive interest rates and allows the amount to be credited to the linked savings or current account.

In addition to accepting deposits made by cash, cheque or direct account transfer, the ’5-Year Term Deposit: Interest in Advance’ allows clients to easily manage their account 24/7 via ABK online platform, mobile banking application, SMS, or automated telephone banking services from the comfort of their homes. As always, dedicated Relationship Managers are also available for Premium and Private Banking customers. Clients can book their deposit at any of ABK’s branches upon filling out and submitting an application form for opening the account.

Commenting on the launch of the ’5-Year Term Deposit: Interest in Advance’ deposit product Johair Marafi, Acting General Manager of Retail Banking at ABK, said, “We are continuously developing new and exciting features to meet the changing needs of our customers. We have listened to their feedback and decided to expand our suite of products and services by creating and launching the ’5-Year Term Deposit: Interest in Advance’. For customers who have a sum of money that they are willing to deposit and would like to receive expected returns immediately, the new 5-year Term Deposit account makes all the difference. The product allows our customers to make the most of the account’s value-added benefits as they create immediate wealth at low risk. Customers can receive the interest up front on the date of booking the deposit, the product’s unique feature eliminates the long wait until the maturity period.”

This unique proposition of the 5-Year Term Deposit comes close on the heels of the recently introduced exclusive savings account - A+ Student Account for the youth. The user-friendly A+ Student Account is a valuable tool for parents who want to educate their children about managing personal finances through smart-money management and help instil the habit of saving money.