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Deposit account

A deposit account is usually known as Fixed Deposit is an account where you can deposit your funds and gain a decent rate of interest when compared to that of a savings account. If you have funds in a savings account that might not be utilized by you immediately and if you are not convinced with the rate of interest provided by a savings account, then deposit account is an amicable option to get switched to.

Benefits of a deposit account

  • Deposit accounts are a safe mode of investment when compared to others, which are risky though they provide high returns.
  • With deposit accounts, you can have flexibility in receiving the interest during the time of maturity, monthly, yearly etc.,
  • Easy withdrawal is also one of the of the benefits of a deposit account. You can withdraw the money you have deposited at any point of time depending upon your need but some banks charge a small fee on the withdrawal.
  • Competitive interest rates are also one of the added benefits of a deposit account.

Features of a deposit account

  • The tenure of the banks can vary from a period of 1 week to 5 years.
  • Most banks provide the opportunity to auto-renew the deposit.
  • Deposit account can be handled in multiple currencies in most of the banks in Bahrain
  • Loans are offered against the deposit account.

Eligibility criteria

  • Minimum balance required usually ranges from BHD 10 or multiples of BHD 10 to BHD 3000.
  • The account can be opened for a minor as well by his parent or guardian.
  • Both Bahrain residents and expats are allowed to have a deposit account.
  • Usually, a person with age of 21 and above is eligible to open a deposit account.

Documents required

  • Valid CPR/ Smartcard.
  • Valid Passport.

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