QIB launches ‘Growing Deposit’ on its mobile app – The Peninsula

QIB launches ‘Growing Deposit’ on its mobile app – The Peninsula

Doha: Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has launched an innovative new ‘Growing Deposit’, a first-of-its-kind in Qatar, through its award-winning QIB Mobile App.

'Growing Deposit' is a recurring, unique deposit account that allows QIB customers to place an amount of their choice each month and save money with ease. Growing Deposit gives more flexibility to the Deposit holders as they can choose to place a fixed amount each month for a period ranging from 2 years to 10 years in Qatari Riyals and/or US Dollars. The minimum monthly amount to open a Growing Deposit is QR2,000 or USD 1,000 and the profit is credited into customers’ accounts at the end of every quarter.

The Growing Deposit yields great benefits, encouraging new and existing customers to adopt a good saving practice by accumulating savings for a longer period while rewarding them with a higher and more competitive expected profit rate on their deposits. Additionally, based on the monthly deposit amount, QIB will provide a Free Takaful cover of up to QR250,000 in an unfortunate situation of loss of life or permanent disability.

With a few simple steps, the eligible customers can log in to their QIB Mobile App and open a