Mashreq, a UAE-based financial institution, has launched a new saving scheme, Step-Up Saver, which allows customers to get best returns on 18-month fixed deposit by increasing the rate of interest to 4% in the final month.
The scheme, which encourages customers to save money, is suitable for both salaried and business people, allowing them to save around AED10,000 ($2,722) in fixed deposit in 18 months.
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The interest can be accrued daily and can be paid on maturity.
Mashreq personal banking head, Tooran Asif, said they recognise the needs of all their customers and the Step-Up Saver is well positioned to cater to the needs of their customers who are looking for a capital guaranteed savings scheme that offers higher returns on small ticket deposits for a medium term saving.
"The Step-Up Saver also offers up to 10,000 complimentary Salaam points. The complimentary Salaam points are awarded every month based on the value of deposit with minimum deposit amount to be AED 100,000," Asif added.
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