Applying under 18
A guardian must be associated as co-applicant.
CBD Time Deposit
CBD Time Deposit locks AED 10,000 or more for a term you choose, from seven days to three years. Interest is paid on the principal when the term ends.
An existing account with CBD is required, such as CBD Current Account.
At a glance
A CBD Time Deposit is a fixed deposit. You place a lump sum of AED 10,000 or more, or the equivalent in another major currency, pick how long to leave it, and the bank pays interest on that sum when the term ends. Terms start at seven days and run up to three years. The bank gives you a deposit receipt when the money is placed. You need a CBD current or savings account first, because the deposit is opened by an existing customer. If you think you may need part of the money before the end, CBD's Unit Time Deposit is designed for partial withdrawals, at a higher starting amount.
Who can open it
Fees and balance
Minimum deposit
AED 10,000
Interest
Interest is paid at maturity. Premature withdrawal is subject to 1% penal interest and a premature withdrawal penalty.
In plain words
- 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
Interest on a Time Deposit is paid once, at maturity, on the principal you placed. Nothing is credited along the way. Breaking the deposit early, in part or in full, changes the outcome: the bank either pays no interest or applies a penalty, at its discretion, and its fee schedule adds penal interest on a premature withdrawal. Renewal is the other point to plan for. If you have not told the bank what to do before the maturity date, the deposit can renew automatically for the same length of time, at the rate the bank is offering on the renewal date.
Benefits
Terms From Seven Days
Deposit tenures starting from seven days and running up to three years
Auto Renewal
Deposit renews for the same period at maturity unless you instruct the bank otherwise
Major Currencies
Available in AED and selected foreign currencies
How to open
Before you apply
1.An existing account with the bank is required.
2.Minimum deposit: AED 10,000.
Application steps
1.Open a CBD current or savings account if you do not already have one.
2.Complete the deposit request form.
3.Provide your national ID or valid passport, residence visa and Emirates ID.
4.Keep the deposit receipt the bank issues when the deposit is placed.
Good to know
Good option for
A lump sum of AED 10,000 or more that you are sure you will not need until a set date, held by someone who already has a CBD current or savings account.
Consider another account if
You might need the money early. Breaking the deposit before maturity means no interest or a penalty. For access with a return, look at savings accounts.
Cooling-off period
You have five business days from signing to withdraw from the deposit. If you do, the bank refunds any closure charges or fees that arose in those days.
Frequently asked questions
Get answers to common questions about the CBD Time Deposit