Key Fact Statement (KFS) – Current and Savings Account

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Key Fact Statement (KFS) – Current and Savings Accounts

This product is a bank account for your transaction and savings needs. This KFS provides you with key product features, indicative information about the product and applicable profit, fee, and charges

Product Information
Current Account Based on Shariah concept of Qard Hasan, an interest free loan given by you to the Bank and is available for withdrawal at all times. This account will not earn any profit to you.	Savings Account (Mudaraba) A profit-sharing partnership contract between, you as a capital provider (Rab-ul-Mal), and the Bank as a fund manager (Mudareb), in a joint investment.	Savings Account (Wakala) An agreement where you authorise the Bank as your Wakil "agent", to invest your funds in Shariah approved activities for profit.
Shariah basis Qard Hasan (Interest-free loan)	Mudaraba	Wakala
Applicable for UAE residents	UAE residents and non-residents and minors	UAE residents and non-residents
Cheque book Offered only on AED accounts	Not offered	Not offered
Account currency AED, USD, GBP and other major currencies	AED and USD (as available on each Product)	AED and USD (as available on each Product)
Debit Card* Offered only on AED accounts	Offered only on AED accounts	Offered only on AED accounts (Not offered on e-Savings account)
Minimum average monthly balance As per package specified - AED 3,000 for individuals	As per package specified - AED 3,000 for individuals	No minimum balance required
Profits eligibility Not applicable	A minimum average monthly balance of AED 5,000 must be maintained to qualify for profit earnings.	A minimum average monthly balance of AED 5,000 must be maintained to qualify for profit earnings.

Expected Profit Rates
Current Account
Product	Expected Profit rate per annum	Basis of Profit Calculation	Profit Payout frequency
Current Account	Not applicable	Not applicable	Not applicable
Savings Accounts(Mudarba)
Investment Savings Account	0.35%	Minimum Monthly Balance	Actual realized profit on Investment Term Deposits and Savings Accounts will be paid latest by 28th of the month following each quarter or after the Emirates Islamic Asset Liabilities Committee (ALCO) meeting
Kunooz Millionaire Account	0.10% (stand a chance to win grand prizes and cash prizes)	Minimum Monthly Balance
Child Savings Account	0.25%	Minimum Monthly Balance
Super Savings Skywards	0.10% (earn 2000 Bonus miles on opening the account and up to 60,000 Skyward miles per year)- subject to meeting the required criteria	Minimum Monthly Balance
Super Savings Etihad Guest	0.10% (earn 2000 Bonus miles on opening the account and up to 60,000 Etihad guest miles per year)- subject to meeting the required criteria	Minimum Monthly Balance
High Value Salary (for Priority Banking Customers)**	Up tp 0.40%	Quarterly Average Balance
Value (for Advantage Banking Customers)**	Up tp 0.30%	Quarterly Average Balance
Special Investment Savings	0.50% (if quarterly average balance is more than AED 2,000,000) else no profit eligible.	Quarterly Average Balance

**Expected Profit Rates are indicative and reflective of the previous rates declared.
Expected profit rates published for previous quarters are not guaranteed.

Savings Accounts(Wakala)
Product	Expected Profit rate per annum	Basis of Profit Calculation	Profit Payout frequency
e-Savings (Online only account)*	Enjoy 1.50% p.a. across all slabs for three months on AED and USD for new customers Up to 1.50% on AED accounts Up to 1.50% on AED accounts	Average Monthly Balance.	Actual realized profit will be paid on the 1st of the month following each quarter
Emarati Family Savings Account	Up to 0.75%	Average Monthly Balance. Actual realized profit will be paid monthly based on the average balances held in the Emirati Family Savings Accounts of all family members	Actual realized profit will be paid on the 1st of the month following each quarter

*There are no limits to transactions made on the account. In case of a withdrawal from your e-Savings Account during any month, profit will be paid on the basis of the prevalent Savings Account rate of that particular month.
Profit rates (where applicable) are subject to change. Please refer to the website for the declared profit rates.

Fees & Charges Product Packages for Individuals customers
	Personal Banking Select	Personal Banking Advantage	Priority Banking	Private Banking
Package eligibility
Minimum monthly average relationship balance	AED 5,000	AED 100,000	AED 500,000	By Invitation
Minimum monthly salary transfer	AED 5,000	AED 20,000	AED 50,000	By Invitation

Fee & Charges (inclusive of VAT)

Fee for non-maintenance of balance	AED 26.25 p.m. (Minor accounts, customers transferring their salary, holding an active finance or on meeting the Salary transfer package criteria are not charged the fee for non-maintenance of required balance)	NIL
Account opening fee	FREE
Account closure (within 6 months)	AED105
Cheque book charge **	First cheque book free; thereafter AED 26.25 per cheque book	Free

Benefits on transferring your salary (Salary Transfer Package)***
Package name	One-time Welcome Bonus***	Accounts	International Remittances	Safe Deposits Lockers
Salary AED 5,000 - AED 24,999	AED100	NA	NA	NA
Advantage (salary AED 25,000 - 49,999)	AED 500	Free Current/ STI Value Account & Free Kunooz Millionaire Account	1 Free International Remittance per month	20% discount on rental
Priority- Expats (salary AED 50,000 - 79,999)	AED 1,000	Free Current/ High Value Salary Account & Free Kunooz Millionaire Account	2 Free International Remittance per month	25% discount on rental
Priority Plus - UAE Nationals (salary AED 50,000+)	AED 1,300		3 Free International Remittance per month	30% discount on rental
Priority Plus- Expats (salary AED 80,000+)	AED 1,300		3 Free International Remittance per month	30% discount on rental

** As per the mandate from Central Bank of the UAE, cheque books issued during the first 6 months of opening the account could be limited to 10 leaves depending on the Individual's rating with the credit bureau (AECB). Any non-executed payment instructions, including return cheques, will be reflected in the AECB report which will negatively affect the customer credit rating.Additionally, account may not be opened if there is a negative rating with the credit bureau (AECB).
*** To qualify for any Package, you must have a mandatory Salary Transfer, activated Debit Card, High Value Salary Account/Current & Kunooz Millionaire Account, Online Banking and SMS alerts service. The enlisted products should be availed within 2 months of opening the account. The welcome bonus is applicable for customers who initiate their Salary Transfer to us and no finance products are availed by the customer within 2 calendar months of opening the account. If there are no salary credits for more than 3 consecutive months, the welcome bonus will be clawed back.
Note: Above outlines some of the important charges pertaining to accounts and the Special Features accounts. View the accounts Terms and Conditions for further details. Please refer to the Schedule of Charges for the complete list.

Key Fact Statement (KFS) – Current and Savings Account

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