Faseel High Profit Savings Account - Terms and Conditions
Faseel HNWI savings account is an account in which the deposited funds are invested on the unrestricted Mudaraba basis. These investments are approved by the Bank’s Shari’ah Supervisory Board. The Bank shall have the right to perform any acts which it deems fit to achieve the interest of both parties.
- Maximum five Faseel saving account is permitted per Customer.
- The minimum balance required for the account is QAR 2 million. If this is not maintained during the calendar month, the profit rate will be reduced to our regular savings account profit rate.
- More than one (1) withdrawal (any mode of transaction including retail transaction at any retail store through POS) in a calendar month will also result in a reduction of the profit rate and it would be reduced to our regular savings account profit rate.
- The Account is provided with a debit Card; withdrawals and deposits can be made from/to the Account.
- Withdrawal may only be made by using special stationery or debit Cards (with PIN number) provided by the Bank. Unless arranged otherwise, over-the-counter withdrawal will be permitted only to the accountholder(s) on personal application and identification.
- Profit is payable on deposits of QAR 4 million or less in a calendar month only. Deposits in excess of QAR 4 million will earn profit only for QAR 4 million.
- Profit on Faseel savings accounts for a calendar month is calculated on the minimum balance of the month and is paid every calendar month.