Emirates NBD has launched Monthly Interest Payout Fixed Deposit, a new fixed deposit scheme that enables customers to sign up for a fixed deposit and obtain interest payouts on a monthly basis, rather than having to wait for the maturity of the deposit.

The Monthly Interest Payout Fixed Deposit, which requires a specific minimum deposit amount, is available in various currencies, including the UAE dirham, US dollar, the British pound and the Euro. Deposits must be for a minimum 10 or of three months, while the maximum term can extend to a period of three years.

Emirates NBD has also devised special promotional rates, which will be available for specific amounts.

Jamal Bin Ghalaita, group deputy CEO at Emirates NBD, said: “The new initiative addresses the cash-flow problem normally associated with term deposits, providing increased flexibility and convenience to clients.

“Fixed deposits encourage and facilitate the habit of saving, but clients often hesitate to participate in such schemes because of the inconvenience of their funds being inaccessible for the period. With this new and innovative Monthly Interest Payout Fixed Deposit, customers do not have to wait until the maturity of the deposit to receive the interest accrued.”