Esaver

Terms and conditions governing Personal Accounts and Online Banking/Digital Banking service will apply:

1. The product is offered on the Shariah complaint structure of Mudaraba. 
2. Profit are calculated on quarterly average balance and paid quarterly.
3. Profit will be paid in 2 steps:
   • Profit calculations and distribution/payment as per the saving weightage defined in Mudaraba matrix.
   • Additional profit payment from Shareholder’s equity.
4. Additional profit payment over the normal savings deposit from the bank will be paid from Bank’s own fund/shareholder’s equity.
5. Additional profit to e-saver customer is paid solely on the bank’s discretion.
6. Additional profit pay out on closure of account will be as per Bank’s policy
7. Minimum and Maximum account average balance on which additional profit from the bank can be earned and the profit rates on different amounts are as stipulated by the Bank from time to time. For details please refer product details or call our call centre @ 600 527 223 
8. Withdrawal restrictions apply on this account. For details please refer product details or call our call centre @600 527 223
9. It is mandatory for customers to comply with KYC and AML policies and requirements of the Bank. In case of non-compliance, bank will have rights to block /close the account without prior notice.
10. All customers agree to submit copies and produce original for sighting of updated passport, residence visa, Emirates ID and other necessary documents as stipulated by the Bank and regulating authorities of the UAE. Failure to this may result in account suspension /closure as may be decided solely by the Bank without prior notification. Failure to above or to meet any other terms may also result in actions as may be required by the laws stipulated by the Bank and regulating authorities.
11. Branch transactions are restricted for this account.
12. E-saver Accounts are offered to self-employed and salaried individuals
13. Minimum salary requirement for salaried individuals for opening Esaver account is AED 5,000/- 
14. A salary transfer letter is required as additional documentation for customers opening the account for salary transfer purpose
15. Customers must be 18 years of age or above to open a Esaver account

Please visit our branch to process closure of Esaver account.

Please contact CBD customer service at 800 847 (CBD) to assist you with your query.

Keeping a quarterly minimum balance is not required for Esaver account.

Profits on quarterly average balance will be accrued on the historical/expected Esaver profit rates but will be paid quarterly based on the actual performance of Mudaraba Pool. Given below table on Quarterly average balance broken into slabs. For example, if quarterly average balance is AED 999,999, it will be broken into three slabs:

Esaver account is available in AED only.

One of the features of Esaver account is withdrawal limitation to encourage you to save more and earn attractive profits. However, you can make up to Three (3) debit transactions ( transfers, payments, etc.) per month. You can make more debit transactions but it will result in loss to earn additional profit which the Bank is required to pay you from its own fund for that quarter.

It's easy and convenient! If you are a CBD customer, simply visit CBD Online Banking and apply online. If you are not a CBD customer, have your passport, residence visa and Emirates ID ready and apply here.

To apply for Esaver account you should be UAE National or UAE resident and you should be at least 18 years old. You will also need valid passport, residence visa and Emirates ID, in case it is not up to date in our records.

It is a digital savings account, structured on Islamic concept of Mudaraba that offers attractive profits with the convenience of digital banking channels. You can open this account through our online application only and operate it through CBD online banking, mobile banking or ATM/CDM machines.

Profit would be calculated on the basis of quarterly average balances and will be distributed in following 2 steps:

1. Each quarter the distribution to all savings account (including e-Saver accounts) shall be processed according to existing weightage matrix.
2. Subsequently, for savings accounts which are tagged as e-Saver accounts bank will provide an additional amount of bonus from its own account / funds / share.