New FlexiDeposits from Emirates NBD enables partial withdrawals from fixed deposits

Published July 20th, 2010 - 11:02 GMT

Emirates NBD, a leading bank in the region, announced today the launch of FlexiDeposits, an innovative product that allows customers to make partial withdrawals from their fixed deposit, while still keeping the rest of the deposit intact. The new initiative has been launched with the objective to offer customers the comfort of flexibility, security and high returns, all together in one fixed deposit offering.

"Liquidity and cash flow become significant issues for clients, when their money is tied up for extended periods of time in fixed deposits," said Shekhar Krishnamurthy, Head of Retail Assets and Liabilities, Emirates NBD. "This is most evident during times of financial emergencies, when people are forced to break their fixed deposits and derail their savings plans. The new initiative from Emirates NBD encourages customers to continue with their long-term savings plans, while at the same time offering them innovative solutions to provide for their short-term requirements."

"Emirates NBD's primary focus is on customer convenience and we work closely with our clients to ensure that our products and services are tailored to suit their specific requirements," said Vikram Krishna, Head, Group Marketing, Emirates NBD. "FlexiDeposits is another landmark concept that offers customers the liberty to save for the future while at the same time giving them the confidence that they can access their money in time of need."

FlexiDeposits, which require a minimum deposit amount of AED100,000 or its equivalent, is available in the four major currencies – the UAE dirham, the US dollar, the British pound or the euro. Deposits must be for a minimum tenor of six months, while the maximum term can extend to a period of three years.

Partial withdrawals from a FlexiDeposit can be made in multiples of AED 10,000. The frequency of the withdrawals is unlimited, thus facilitating clients to fulfil their savings plans, while giving them the confidence that their money is both easily accessible and offers profitable returns. 

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