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Graduation account




Graduation Account fixed deposit

Boubyan bank is introducing NEW product named as “Graduation Account fixed deposit”, a product designed especially to encourage customers to save money for their children education in an innovative and unique way. The total target amount the plan are covered by Boubyan Takaful insurance. This long-term deposit is designed on a Mudaraba contract basis with a maturity date period ranging from 4 to 18 years with profits to be distributed upon the plan’s maturity. A monthly installment amount will be deducted from the customer’s account and transferred to the deposit’s account to reach the Graduation Account deposit amount within the specified period chosen by the customer.

Benefits

  • High profit rate
  • Flexibility to withdraw from the deposit without closing it
  • Receive an insurance coverage from Boubyan Takaful insurance company for the total saving target amount
  • Possibility to break the deposit any time before maturity and refund the full accrued saved amount of the deposit along with the profits in accordance with the applicable terms and conditions

Terms and conditions

  • Eligible customers are 20 to 60 years old customers with a salary starting from 1,000 KD.
  • The beneficiary child should not be older than 14.
  • The deposit will be issued under the child’s name
  • The maturity period ranges from 4 to 18 years
  • The minimum saving target amount is KD 10,000, and the maximum is KD 250,000
  • The monthly installment amount will be deducted automatically from the customer’s account and transferred to the deposit account.
  • Two installments will be set for the Graduation Account deposit. The first installment will be for the Graduation Account deposit and the second will be for Boubyan takaful premium coverage fees.
  • On the maturity date the customer will receive the principle amount of the deposit in addition to the accumulated profit as per the applicable terms and conditions.
  • When breaking the deposit account before the maturity date, the customer receives the full accrued saved amount of the deposit along with the profits as per the deposit conditions and based on the investment period.
  • The fixed deposit reaches maturity once the child turns 18 years old.
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