Profit in advance deposit FAQs
This is a term deposit product where the bank will pay the profit amount of the complete term of the deposit at the time of the term deposit booking/opening
The profit amount to be calculated based on the last announced historical mudarabha rate multiply with the deposit amount. Historical rates are available on the bank’s website and could also be known from your Relationship Manager
The profit amount to be credited in the linked savings or current account.
Yes, this profit amount is paid to the customer and he can draw the funds as per his convenience
You can have as much term deposit as you want provided that each one has a minimum balance of QAR 50,000
Yes, you can break this deposit by placing a request at your branch. If the deposit gets broken then the advance profit amount to be debited from the principal amount and revised profit amount to be paid to customer. This revised profit amount to be calculated using the savings account profit rate and the number of days the deposit stayed with the bank
As the advance profit is paid based on the expected profit rate. The actual profit amount is therefore gets calculated every month and incase the advance profit paid differs than the actual profit earned then the difference gets settled at the time of maturity else the original amount to be paid in full.
Yes, this will function as per the request submitted to the bank
All products and services of Barwa bank are approved from the Sharia Supervisory board of the bank. The profit in advance functions on the Mudarabha structure as detailed in the general terms and conditions of the bank
You can visit any Barwa bank branch to book your deposit. You need to submit an application form for the same.