QIB launches “Growing Deposit” through its mobile app

QIB launches “Growing Deposit” through its mobile app

Doha

Qatar Islamic Bank (QIB), the country's leading digital bank, has launched an innovative new “Growing Deposit”, a first-of-its-kind in Qatar, through its 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. It gives more flexibility to the deposit holders as they can choose to place a fixed amount each month for a period ranging from two years to 10 years in Qatari riyals and/or US dollars.

The minimum monthly amount to open a "Growing Deposit" is QR2,000 or $1,000 and the profit is credited into customers’ accounts at the end of every quarter.

The 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.

"The Growing Deposit will provide customers an opportunity to build up their savings through regular monthly deposit of a fixed amount over a