Deposit Accounts in Bahrain
Deposit Accounts Interest Rates in Bahrain
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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.