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• On Demand Deposit Terms and Conditions

On Demand Deposit Terms and Conditions

1. On Demand Deposits are non-transferable/non-negotiable/non-pledgeable to any other parties.
2.  Withdrawal: The Customer will be permitted to withdraw up to 50% of their deposit amount.
3.  Interest rate: Applicable rates of interest are the NBF market rates and can be changed without prior notice.
4. Deposit of funds by cheque/draft: If the mode of depositing funds is by cheque or draft, the deposit shall come into force only upon realisation and receipt of the amount of the cheque/draft in the account.
5. Cost and charges: The Bank has the right at its sole discretion to impose a service charge on the account from time to time.
6. Liability: All transactions undertaken by the Bank on the account holder(s) interactions shall be at the cost and risk of the account holder(s). The Bank shall not be liable to the account holder(s) if the value of the funds credits to the holder's account diminish due to levies, taxes, fees or deprecation in currency values.
7. Early termination: In the event of any early termination of the deposit, terms and conditions applicable for a normal term deposit will apply.
8. Closing of the account: The Bank has the absolute right to close the On Demand Deposit Account(s) at any time, at its sole discretion and determination, without assigning any notice or reason.
9. The deposits are subject to the prevailing regulations of the UAE Central Bank and Federal Laws of the UAE.
10. The Bank may, at its sole discretion, allow premature withdrawal of fixed deposits. The Customer accepts that all such premature withdrawals will be subject to levying of such penalties and charges as the Bank may determine, and that these penalties/charges may be subject to change without notice to the Customer.
11. Change of terms and conditions: The Bank may at any time at its sole discretion and determination replace, change, amend or supplement any of the terms and conditions herein in addition to the Product Parameter laid out.
12. Terms and Conditions are supplementary to the Bank's General Terms and Conditions which remain valid, unchanged and in force.