Fixed Deposit in UAE Banks
Fixed deposit is a bank deposit with a certain period of money deposit which lasts from several months to several years. Fixed deposits in the UAE are kept in banks and are equal to the amount paid. A fixed deposit is paid back to the depositor in full with the interest rate on top of it. The majority of the UAE fixed deposits don't provide for an opportunity to replenish or partially withdraw funds. This enables UAE banks to use this money in their operations. If a depositor is willing to partially withdraw his / her funds from the fixed deposit in the UAE, they will have to pay a fine in most UAE banks according to the terms of the deposit contract. The interest rate, in that case, will be minimal or zero.
Public Sector and Government Banks in the UAE
The UAE banking sector is closely linked to business. The UAE banks act as financial conglomerates that support companies of various sizes and types of activity. Opening an account in one of the UAE’s banks is an easy and straightforward procedure and is very convenient for foreign citizens who do business in the UAE.
According to the figures, there are 23 local and 28 foreign banks in the UAE. The UAE banking sector is quite competitive. The majority of international branches are situated in Dubai, the financial centre of the state. The Central Bank of the UAE is the biggest government bank in the country. It was founded in 1973 when UAE Dirham went into circulation. Its main tasks are to monitor the work of other banks, both government and private, take care of monetary policies and national currency and guarantee sustainable growth of the state’s economy.
Complaints against Banks in the UAE
Getting compensation from a bank in case you are unhappy with its services is a tough deal. However, reputable and reliable banks always take the customer’s complaints very seriously as there is always room for improvement and the feedback from a client can be an important indicator of what has gone wrong within the institution.
How to make a complaint against a bank in the UAE?
The Central Bank of the UAE is the main regulatory body in financial matters of the state. One of its main tasks is to supervise the work of other bank institutions.
Bank Guarantee in Dubai, the UAE
A bank guarantee is an official promise provided by a bank or another financial institution that guarantees that it will cover a debt in case a debtor fails to do so. This allows your business to grow and expand and invest on a larger scale. Bank guarantees are provided by all local banks of the UAE and Dubai, in particular. The main types of bank guarantees in the UAE include:
International Banks in Dubai, the UAE
The influence of the UAE in financial matters of the region and worldwide is permanently growing. The government of the UAE strives to turn Dubai into a truly global financial hub providing best business opportunities, world-class services, and infrastructure. Partners, investors, and entrepreneurs from all over the globe are attracted by the transparency and efficiency of the UAE banking sector.
