First Abu Dhabi Bank PJSC
Term Deposit: Key Facts Statement
A Term Deposit is a cash deposit product made for a fixed duration of time that is agreed between the Bank and the Customer.
Fixed Deposit Smart Deposit
Currency AED, USD, GBP, EUR, AUD, CAD, JPY, CHF AED, USD, GBP, and EUR
• Applicant must hold a current, saving or call account with the Bank
• UAE residents or non-residents
Eligibility • UAE residents or non-resident
• Salaried or non-salaried
• Salaried or non-salaried
Minimum Amount per
AED 5000 or USD 1500 (or an equivalent amount in any other foreign currency) AED 30,000 or USD 10,000 (or an equivalent amount in any other foreign currency)
Deposit
Tenures available for 7 days, 14 days, 1 month, 2 months, 3 months, 6 months,
Tenure 9 months and 12 months
Tenures available for 2, 3, 4, 5, 7 and 10 years
Please visit the website for daily interest rates, as rates are subject to change Please visit the website for daily interest rates, as rates are subject to change
Interest Rate (Fixed Deposit Interest Rates). (Smart Deposit Interest Rates).
Interest shall be paid on maturity of the deposit as agreed at the time of booking Interest may be paid monthly, half-yearly or on maturity as agreed at the time of
Interest Pay-out Frequency the deposit booking the deposit
AED 100 for every premature withdrawal request (i.e., withdrawal prior to the AED 100 for every premature withdrawal request (i.e., withdrawal prior to the agreed
Fees and Charges agreed maturity date) maturity date)
Minimum Deposit Period Interest will be paid only if the deposit is retained for a minimum period of 7 days Interest will be paid only if the deposit is retained for a minimum period of 6 months
Partial withdrawal is not allowed, but the Bank may at its sole discretion allow a
premature withdrawal of the whole of the Smart Deposit. The Customer accepts that
Partial withdrawal is not allowed, but the Bank may, in its sole discretion, allow a
by doing so, the Smart Deposit will be subject to the application of a lower interest
Partial/Premature premature withdrawal of the whole of the Fixed Deposit. The Customer accepts
rate and a premature withdrawal fee. If the interest earned has already been paid to
Withdrawal that by doing so, the Fixed Deposit will be subject to application of a lower
the designated account under the "Monthly Interest Payment" or the "Half Yearly
interest rate and a premature withdrawal fee.
Interest Payment" option, any excess amount paid as interest will be deducted from
the principal amount.
• In the case of a Fixed Deposit withdrawn in full within 7 days of booking the • In the case of a Smart Deposit withdrawn in full within 6 months of booking the
Premature Withdrawal deposit, a fee of AED 100/- shall be payable by the Customer and the deposit, a fee of AED 100/- shall be payable by the Customer and the Customer
Penalty Customer shall not be entitled to any interest. shall not be entitled to any interest.
First Abu Dhabi Bank PJSC is licensed and regulated by the Central Bank of the United Arab Emirates.
Its registered office address is P.O. Box 6316, Abu Dhabi, UAE
Classified: Internal\ FAB Internal
Fixed Deposit Smart Deposit
• In the case of a Fixed Deposit withdrawn in full after 7 days of booking the • In the case of a Smart Deposit withdrawn in full after 6 months of booking the
deposit, a fee of AED 100/- shall be payable by the Customer and the effective Deposit, a fee of AED 100/- shall be payable by the Customer and the effective
premature withdrawal rate will be 50% of the published interest slab rate as on premature withdrawal rate will be 50% of the published interest slab rate as on the
the date of booking the deposit, and not on the contract interest rate of the date of booking the deposit, and not on the contract interest rate of the deposit.
deposit. The tenure will be calculated basis the number of days the deposit The tenure will be calculated basis the number of days the deposit was
was maintained, i.e., from the booking date to the premature withdrawal date. maintained, i.e., from the booking date to the premature withdrawal date.
The following is an illustrative example of the interest calculation on maturity of the
The following is an illustrative example of the interest calculation on maturity of
deposit:
the deposit:
Principal Amount: AED 10,000,000
Principal Amount: AED 1,000,000
Deposit Tenure: 2 years (731 days)
Deposit Tenure: 12 months (366 days)
Interest payment frequency: On maturity
Contract Interest rate: 5% per annum
Illustrative Example Contract Interest rate: 4.80% per annum
Interest amount: 1,000,000 * 366/360 * 5/100 = AED 50,833.33
Interest amount: 10,000,000 * 731/360 * 4.8/100 = AED 974,666.67
Maturity amount: 1,000,000 + 50,833.33 = AED 1,050,833.33
Maturity amount: 10,000,000 + 974,666.67 = AED 10,974,666.67
* Warning: The above example is for illustrative purposes only and is not
* Warning: The above example is for illustrative purposes only and is not
indicative of actual or expected returns.
indicative of actual or expected returns.
The following is an illustrative example of interest calculation upon premature The following is an illustrative example of interest calculation upon premature
withdrawal of the deposit, assuming the above deposit is withdrawn on 32nd day withdrawal of the deposit, assuming the deposit is withdrawn on 194th day
For 32 days, published Interest Rate of 1 month on Booking Date: 4.00% Published Interest Rate for 6 months on Booking Date: 4.42%
Effective Premature Interest Rate (50% of Published Interest Rate): Effective Premature Interest Rate (50% of Published Interest Rate):
Illustrative example for 50% of 4.00% = 2.00% 50% of 4.42% = 2.21%
premature withdrawal
Interest amount: 1,000,000 X 2.00% X (32 / 360) = AED 1,777.78 Interest amount: 10,000,000 X 2.21% X (194 / 360) = AED 119,094.44
Early withdrawal charge: AED 100+VAT Early withdrawal charge: AED 100+VAT
* Warning: The above example is for illustrative purposes only and is not * Warning: The above example is for illustrative purposes only and is not
indicative of actual or expected rates/ returns. indicative of actual or expected rates/ returns.
Warning:
1. Partial withdrawal or early redemption of Term Deposit will result in lower interest, or no interest being paid to you on the amount withdrawn.
2. In case a loan or other credit product is secured with a Fixed Deposit, you will be unable to access deposit funds till the loan /credit product is closed.
3. In the event of your failure to meet our terms and conditions before and during your relationship with us, there will be consequences which may include but not
limited to restriction, blockage or closure of your Term Deposit and/ or linked account(s).
4. Interest is calculated based on simple annual interest and not compounded during the term of the deposit.
5. For interest calculation, the number of months is converted into days. Total number of days in a year is considered as 360 days.
First Abu Dhabi Bank PJSC is licensed and regulated by the Central Bank of the United Arab Emirates.
Its registered office address is P.O. Box 6316, Abu Dhabi, UAE
Classified: Internal\ FAB Internal
Notes:
▪ Any capitalized term used in this Key Facts Statement has the meaning given to it in the Bank’s terms and conditions applicable to this product.
▪ All the information / options provided by the Bank are for Customers’ informed decision making and will not be deemed as a specific advice or recommendation.
▪ The Customer shall inform the Bank promptly of any change in his/her address and shall provide any other information and/or documents requested by the Bank from time
to time.
▪ The Bank may need the Customer to provide further information, documents or certifications about the Customer’s identity, tax residence and nationality.
▪ The Bank reserves the right, at its absolute discretion, to add / amend / delete / cancel any of the terms and conditions and will provide the Customer with 60 days written
notice prior to making such changes.
▪ The Bank will provide notification 30 days prior to the roll-over of the account on an annual basis.
▪ This Key Fact Statement shall be governed by and construed in accordance with the laws of the United Arab Emirates (the “UAE”).
▪ The detailed terms and conditions are provided in FAB’s website Smart Deposit Saving Account | First Abu Dhabi Bank - UAE (bankfab.com) and
https://www.bankfab.com/en-ae/personal/save/fixed-deposit.
▪ The schedule of charges is provided on the Bank’s website fees-and-charges-first-abu-dhabi-bank.pdf (bankfab.com)
▪ The Customer can contact the "atyourservice@bankfab.com'" mailbox for any queries related to any applicable terms and conditions.
▪ If the Customer does not comply with any of its obligations to the Bank, the Bank may exercise any of its legal rights, including closing the account.
Acknowledgement
In signing this Key Facts Statement below, I hereby acknowledge that I have read and understood this Key Fact Statement, the Schedule of Charges, the General Terms
and Conditions and any applicable Specific Conditions in connection with the below mentioned Term Deposit.
Term Deposit
Customer Name
Customer Signature
Date
First Abu Dhabi Bank PJSC is licensed and regulated by the Central Bank of the United Arab Emirates.
Its registered office address is P.O. Box 6316, Abu Dhabi, UAE
Classified: Internal\ FAB Internal
