Al-Rasheed Bank Introduces Quarterly Interest Payments on Fixed Deposits
Al-Rasheed Bank has announced the adoption of a new mechanism for paying interest on fixed deposits held by private-sector customers, including individuals, on a quarterly basis.
Under the new mechanism, the annual interest will be divided into four payments, allowing depositors to receive returns every three months according to the deposit term and the conditions approved by the bank.
The measure aims to provide greater flexibility for depositors and enable them to benefit periodically from returns on their savings rather than waiting until the end of the deposit term.
Fixed deposits are among the banking instruments used to attract savings and strengthen banks’ ability to provide the liquidity needed to finance economic activities.
Al-Rasheed Bank noted that interest will be calculated and paid in accordance with applicable banking regulations and instructions, taking into account the type and maturity of each deposit.