KFS Fixed Deposits

Fixed Deposits

This product is a Fixed deposit account, linked to a current or savings account, and provides you with returns on the funds placed with us for a specific period at a fixed rate.

KFS provides you with indicative IMPORTANT information about the commercial terms applicable to Al Khaliji France S.A. Overdraft Facility including interest, fees and charges of this product.

We kindly request you to carefully read and understand the document, if you are considering applying for a Term Deposit from Al Khaliji S.A France.

By signing this KFS document, you consent that you have read and understood the Term Deposit features and benefits.

For More detailed information, please visit AKF website at www.alkhaliji.ae

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Key Product Details
Description	Term Deposit
Criteria	UAE Citizens / Residents / Non-Resident customers Customer has to hold Current or Savings account Salaried and Non-salaried accounts
Product Details	Flexible Terms of 1 Month to 1 Year and Overdraft facility
Account Currency	AED and USD
Minimum Required	AED 500,000 or equivalent in USD
Available Tenors	1 Month to 1 Year
Interest Rate	Rate fixed until the maturity date Rate as per prevailing rate sheet will apply (Please contact your Relationship Manager (RM) for the latest rates)
Interest Rate Payment Frequency	Upon Maturity
Partial Withdrawal	Not Allowed
Premature Withdrawal	Premature withdrawal of the Fixed Deposit will render the deposit to be subject to lower interest and premature withdrawal penalty applicable as determined by the bank from time to time.
Renewal	The Customer can renew the Fixed Deposit (together with any interest accrued) for the same term and at the prevailing interest rate per annum applicable on the date of renewal by: (1) notifying the bank at least one Business Day before the expiry of the agreed term of the Fixed Term Deposit; or (2) applying for automatic renewal of the Fixed Term Deposit.

COOLING PERIOD

The cooling-off period allows you to cancel the product within five (5) business days of signing the application and the Bank will not be able to proceed until this period expires, unless you waive this right. To cancel within this period you must give the Bank notice.

Illustration for Interest Calculation of Fixed Deposit
Original Deposit Amount (A)	AED 10,000/-
Deposit Tenor (B)	1 year
Rate of Interest (C) (Fixed rate of interest for the tenor of the deposit)	1% per annum
Interest Amount (D = ABC/360) (Total interest amount paid during entire tenor of the deposit)	AED 101.39/-
Maturity Amount (A+D) Total deposit amount (Principal and Interest)	AED 10,101.39/-

Important Links

For detailed and latest fees and charges and other product details please visit our website www.alkhaliji.ae

Additional Information

The Bank reserves the right to decline any customer application at its sole discretion.
The above product criteria is subject to Al Khaliji France SA approved product policy.
The bank reserves full-unrestricted rights to modify its Terms and Conditions offered and revise the rates applied on Fees and Interest Charges at any time by giving a written notice to the customer’s registered contact details with 60 days prior notice of effecting such changes wherever applicable.

Important Notes

You are required to provide the Bank with copies of your updated documents at all times. Failure to do so may result in charges, transaction restrictions, or account suspension.
The bank will only accept cleared funds as Deposits.
The Bank will only accept instructions given in writing to b) Renewal of Term Deposits c) Clear instructions on how to deal with the Deposits at its maturity
Interest is calculated based on annual simple interest. Irrespective of the term of the Fixed Term Deposit,
the interest rates are not compounded during the term of the Fixed Term Deposit.
In the event of your failure to meet the bank’s terms and conditions before and during your relationship with us, there will be consequences which may include restriction, blockage or closure of your bank account.
In case of loan or other credit product secured with Fixed Deposit, you will be unable to access the deposit funds till the loan / credit product is closed.
AKF may apply any credit balance which is held in your name in any accounts and/or at any branch of the bank towards any obligations or amounts due.
For floating rate deposits, the interest rate will change as per the prevailing market rates, at the period agreed at the time of booking the deposit.