Growing Deposit
If you are a natural spender and you don’t know how to save, Growing Deposit is what you need.
It helps you save for your long-term goals by automatically deducting a fixed monthly amount of your choice and put it in the Growing Deposit to help you achieve your long term goals, all via the QIB Mobile App.
Benefits
Set your long-term goals, select the monthly amount, and start saving automatically.
With a Growing deposit, you benefit from:
- Available in QAR and USD
- Preferential returns on your savings for up to 10 years
- High expected profit rate
- Free Takaful coverage
Below is the Expected Profit Rates table.
| (Expected Profit Rates) | ||
|---|---|---|
| Tenor | QAR | USD |
| 2 Years | 3.75% | 3.65% |
| 3 Years | 4.00% | 3.90% |
| 4 Years | 4.10% | 4.00% |
| 5 Years | 4.25% | 4.10% |
| 10 Years | 4.40% | 4.30% |
Save with ease step by step with a Growing Deposit.
Terms & Conditions
Growing Deposit (GD) Terms & Conditions:
- GDs are none tradable and none transferrable; they are cashable at QIB counters and only payable to GD owner.
- GD will be available in QAR and USD currencies.
- GD minimum monthly amount is QAR 2,000 or USD 1,000 no maximum amount.
- GD duration is for 2,3,4,5 and 10 years.
- GD’s are invested in abidance with Islamic Shari’a regulations and the bank will act as the Mudareb to invest on behalf of the owner (Rab al Mal) as per Mudaraba contract, and the fund will be placed in the general deposit pool of the Bank. Share of the Mudareb (QIB) will be 95% and share of Rab Al Mal (GD owner) will be 5% as per Mudaraba terms. And if the return of the Mudaraba achieved the expected profit rate (EPR) the remainder will be as an incentive to QIB.
- Each party is entitled to the share of the profits. The Mudareb may donate part of his share to GD owner (Rab Al Mal) in case the share of the GD owner (Rab Al Mal) is lower than the expected profits.
- Expected Profit is credited to client’s account after quarter ends.
- Standing Order will be created for the customer to transfer the selected amount on the selected date each month.
- Standing order will be fixed for the tenor of the investment and cannot be modified or deleted.
- Customers will also have an option to open another GD account, similar to any other product and another STO will be created for this Deposit account
- Financing facilities against this GD up to (95%) of its nominal value possible at a rate not less than (1.5%) over applicable RD profit rate.
- Financing tenor against the GD’s shall not exceed the tenor of the GD’s.
- GD’s profit or redeemed value will be paid during bank’s working days. If maturity date falls on a vacation date, payment will be executed the next working day.
- Early Exit from Growing Deposit:
- In case any client wishes to early exit his/her GDs prior its maturity, and conditioned 6 months has elapsed, the original EPR on the GDs will not be applied but rather the profits will be based on the period that the client kept his/her money with QIB, and the profit rate will be the profit rate applied for the subject period at the time of breakage of GD, accordingly QIB will break the GD and the outcome of the early exit will be the GD notional amount plus the actual profit rate that was achieved till the period of breakage minus a 0.10% of notional redemption fee.
- In case of early exit from GD before 6 months period, the outcome of the early exit from GD will be the GD notional amount minus 0.10% of notional amount as redemption fee.
- In case of redemption before GD’s maturity date, the month on which the redemption takes place will not be calculated. Also, partial redemption is not allowed.
- In the absence of client’s instructions for renewal, the proceeds shall be credited to his/her account at the final maturity date of the GD.
- The bank has the right to close the subscription in the GD’s once the objective is reached and as per the bank’s discretion.
- The bank may in future issue GD’s under different denominations and conditions as per the bank’s discretion.
- Growing Deposit issuance and Profits calculation shall be after five working days from date of investing in the Growing Deposit.
- QIB (Mudareb) shall not bear any loss which may arise unintentionally or violation or default. The same shall be solely borne by the customer (capital owner) in case it took place (God forbid that).
- QIB may put aside the deposits transferred to the customer’s accounts in case of suspicions inclusive of money laundry, financing terrorism or terrorist organizations.
- In case of any dispute arising between the two parties (God forbid that) relating to execution or interpretation hereof, the same shall be settled amicably. But in case of impossibility of that, the matter shall be referred to the competent courts in the State of Qatar to decide on it.
I, the undersigned, confirm having read the terms & conditions in this agreement, and confirm authenticity of my personal details given.
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