Minimum age
18 years
CBD Step-Up Time Deposit
CBD Step-Up Time Deposit is a 720-day AED deposit from AED 10,000. The interest rate rises in seven stages, and each rate covers only its own period.
An existing account with CBD is required, such as CBD Current Account.
At a glance
CBD Step-Up Time Deposit is a single fixed deposit that runs for 720 days. You place AED 10,000 or more in dirhams, with no upper limit, and the interest rate climbs as time passes. The 720 days are divided into seven periods, and the rate for each later period is higher than the one before. It is one deposit with one end date, not a menu of seven terms to choose from. You cannot add money once it has started, but you can open another Step-Up Time Deposit alongside it. Existing CBD customers can open one instantly through CBD Online Banking. If you want a term you pick yourself, see the CBD Time Deposit.
Who can open it
Residency
UAE resident or national
Fees and balance
Minimum deposit
AED 10,000
Interest
Interest is paid at maturity. Annual rates for each elapsed period: days 0–180: 0.70%; 181–270: 0.80%; 271–360: 1.00%; 361–450: 1.10%; 451–540: 1.20%; 541–630: 1.30%; 631–720: 1.40%. Each rate applies only to its respective period. If broken partly or wholly before maturity, either no interest is paid or a penalty is charged as declared by the bank.
Available deposit tenures
- 720 days
In plain words
- Annual rate
- The rate is quoted for a full year. Money held for part of a year earns the matching part of it. More on this
- Tenure
- The length of time you agree to leave the deposit in place. You choose it when you open the deposit, and the rate you get depends on the tenure you pick. More on this
- Paid at maturity
- Maturity is the day the term you chose ends. The interest is paid then, together with the amount you deposited. More on this
How your interest is worked out
Each rate in the table belongs to one stretch of days and is paid for those days only. The lowest rate covers days 0 to 180. Six further periods follow, each with a higher rate, and the highest rate applies only to days 631 to 720. So the top rate is never the rate for the whole deposit: your overall return is a blend of all seven. Interest builds up daily on the deposit amount and is credited when the deposit matures or is closed. Leaving early is where the cost lies. If you break the deposit in part or in full before day 720, the bank either pays no interest or applies the penalty it has declared at the time. The minimum of AED 10,000 has to stay in the deposit for the whole term.
Benefits
Seven Rising Rate Periods
Interest rate increases across seven periods within the 720-day term
Instant Online Opening
Existing CBD customers open the deposit through CBD Online Banking
Deposit As Loan Security
Can be pledged as security for CBD secured lending up to the maturity date
How to open
Before you apply
1.An existing account with the bank is required.
2.Minimum deposit: AED 10,000.
Application steps
1.Hold a CBD account. If you are new to CBD, open one first.
2.Log in to CBD Online Banking and open a Step-Up Time Deposit, or complete the deposit application form.
3.Have your national ID or valid passport, residence visa and Emirates ID ready.
4.Place AED 10,000 or more in dirhams.
Good to know
Good option for
Money you can commit for the full 720 days, when you prefer one deposit with rising rates over re-booking shorter deposits.
Consider another account if
You may need the funds before day 720. An early break means no interest or a penalty, so a CBD Unit Time Deposit or an instant-access savings account may fit better.
Using the deposit as security
You can pledge a Step-Up Time Deposit as security for secured lending from CBD. The pledge cannot run past the deposit's maturity date.
Frequently asked questions
Get answers to common questions about the CBD Step-Up Time Deposit