QIB Launches Qatar’s First “Growing Deposit” on its Mobile App to encourage long term saving habits

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 QAR 2,000 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 QAR 250,000 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 new Growing deposit by choosing their monthly amount to be transferred from their account to the new Growing Deposit, set the standing orders over a predefined tenure from 2 years to 10 years and get the deposit opened instantly. Monthly standing orders will ensure that the money is kept aside automatically and support QIB customers to achieve their long-term financial goals such as education, marriage, travel, shifting to new house and many others.

This new product, in addition to a host of market-leading products offered by QIB, makes it the first bank in the country to provide customers the opportunity to save a certain amount per month for a predefined goal they can set. The long-term deposit is a continuation of the bank’s extensive digitization efforts, which aim to offer customers a bespoke, seamless banking experience through the award-winning Mobile App.

Commenting on the launch of the new product, Mr. D. Anand, QIB’s General Manager – Personal Banking Group, said: “We are pleased to introduce the new Growing Deposit on our Mobile App, which will offer our customers a new way to enhance their saving habits and grant them attractive profits on their deposits. The Growing Deposit will provide customers an opportunity to build up their savings through regular monthly deposit of a fixed amount over a period of time, and eventually have sufficient funds to achieve their future financial goals.”

“QIB is committed to introducing advanced products, services, and solutions, which drive innovation in the banking sector. We are keen to continuously elevate the banking experience we offer to our customers and support them achieve their long term objectives,” he added.

The all new QIB Mobile App offers easy-to-use English and Arabic interfaces, secure and smart biometric login, self-registration, smart shortcuts, and a combo navigation panel that allows customers to find all the offered products and services in simple steps and get the help they need quickly within the App for a seamless and intuitive customized experience. Any transaction can now be completed within a few steps and customers will get the benefits of the advanced and secured data systems to avoid filling or re-entering pre-registered information.

Source: Qatar Islamic Bank

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