Minimum age
18 years
Mbank Fixed Deposit
Mbank Fixed Deposit locks AED 5,000 or more for 30 days to 5 years at a fixed rate, with interest paid at maturity. Booked in the app by Mbank customers.
An existing account with Mbank is required, such as Mbank Current Account.
At a glance
Key facts
Minimum DepositAED 5,000
Tenures30 days–5 years
Interest PayoutAt maturity
An Mbank Fixed Deposit holds your money for a term you choose, from 30 days to 5 years, at an interest rate that is fixed when you book it. The minimum is AED 5,000 and deposits are in AED only. You book it in the Mbank UAE app by picking the amount, the term and what should happen at the end.
You must already hold an Mbank Current Account or Mbank Savings Account, be a UAE resident and be at least 18.
Who can open it
Residency
UAE resident
An Mbank Current or Savings Account
You must hold one before you can apply for a Fixed Deposit.
Fees and balance
Minimum deposit
AED 5,000
Interest
Interest is paid at maturity.
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 is paid when the deposit matures. Mbank's call centre gives the latest rate for your amount and term.
At maturity there are two outcomes, and you choose between them when you book. The deposit renews automatically for the same period at the rate on offer that day, or the money is paid into your linked Mbank account. Unless you tell the bank otherwise, it renews. You can change this instruction in the Mbank UAE app.
How to open
Before you apply
1.Open in the app.
2.An existing account with the bank is required.
3.Minimum deposit: AED 5,000.
Application steps
1.Log in to the Mbank UAE app.
2.Select Fixed Deposit Account.
3.Choose the deposit amount and the term.
4.Set your payout plan to finish the booking.
Good to know
Good option for
Existing Mbank customers with AED 5,000 or more they can leave untouched for a known period.
Consider another account if
You might need the money within 30 days, when an early withdrawal earns no interest, or you do not bank with Mbank yet. Compare savings accounts.
Withdrawing before maturity
You can withdraw early, in part or in full, but it costs you. The bank charges an early redemption fee of AED 105. Interest is then paid at one percentage point a year below the rate for the time the money was actually held, for the number of days it was held. If you withdraw in less than 30 days, no interest is paid at all.
If the deposit secures a loan
If the deposit is used as security for a loan or credit product from Mbank, you cannot take the money out until that product is closed.
Frequently asked questions
Get answers to common questions about the Mbank Fixed Deposit