Qatar’s QIB unveils ‘Growing Deposit’ feature on its mobile app

By Shilpa Annie Joseph, Official Reporter
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Qatar’s leading digital bank, Qatar Islamic Bank (QIB) has launched an innovative new “Growing Deposit”, through its award-winning QIB Mobile App.

Growing Deposit, a first-of-its-kind in Qatar, is a recurring, unique deposit account that allows QIB customers to place an amount of their choice each month and save money with ease.

The new initiative gives more flexibility to the deposit holders as they can choose to place a fixed amount each month for a period ranging from two years to 10 years in Qatari Riyals or US dollars.

According to the statement, “The minimum monthly amount to open a Growing Deposit is QR2,000 or $1,000 and the profit is credited into customers’ accounts at the end of every quarter.”

D Anand
D Anand
GM – Personal Banking Group

“We are pleased to introduce the new Growing Deposit on our Mobile App, which will offer our customers a new way to enhance their saving habits and grant them attractive profits on their deposits. The Growing Deposit will provide customers an opportunity to build up their savings through regular monthly deposits of a fixed amount over a period of time, and eventually have sufficient funds to achieve their future financial goals. QIB is committed to introducing advanced products, services, and solutions, which drive innovation in the banking sector. We are keen to continuously elevate the banking experience we offer to our customers and support them achieve their long-term objectives.”

This new product, in addition to a host of market-leading products offered by QIB, makes it the first bank in the country to provide customers the opportunity to save a certain amount per month for a predefined goal they can set.

The long-term deposit is a continuation of the bank’s extensive digitization efforts, which aim to offer customers a bespoke, seamless banking experience through the award-winning Mobile App.

The all-new QIB Mobile App offers easy-to-use English and Arabic interfaces, secure and smart biometric login, self-registration, smart shortcuts, and a combo navigation panel that allows customers to find all the offered products and services in simple steps and get the help they need quickly within the App for a seamless and intuitive customized experience.

Related: Qatar’s QIB brings out Samsung Wallet for customers