Exceptional Savings Account Terms and Conditions
Terms and Conditions:
- Exceptional 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
- Only one exceptional saving account is permitted per customer.
- The minimum balance required for the account is QAR 200,000. If this is not maintained during the calendar quarter, 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 quarter will also result in a reduction of the profit rate and it would be reduced to our regular savings account profit rate.
- The withdrawal amount should be equal or less than the 25% of the current balance, if the withdrawn amount is more than 25% of the current balance the savings account rate to apply.
- 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 account holder(s) on personal application and identification.
- Profit on exceptional savings accounts for a calendar quarter is calculated on the minimum balance of the quarter and is paid every calendar quarter.
- The Bank shall have the right, without giving a prior notice to seize and to set off account balances against any accrued obligation on the account in favor of the Bank under any other account or for any reason whatsoever and whether the obligations of the account holder towards the Bank are present or future. The account holder hereby waives any right whatsoever to dispute the validity of the Bank’s records, provided that this shall not be construed as any approval or obligation by the Bank to grant any credit facilities of whatever kind.
- These terms and conditions shall be governed by and construed in accordance with the Laws of the State of Qatar provided non-contradiction to the rules and principles of Islamic Sharia and customer hereby submits to non-exclusive jurisdiction of the Qatari courts.
- These terms and conditions are subject to Bank’s general account opening terms and conditions. In case of conflict between the Bank’s general account opening terms and conditions and these terms and conditions, the Bank’s general account opening terms and conditions shall apply.