Warba Bank - Flexible Deposit

WarbaBank

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A one-year innovative term deposit that allows for partial withdrawals and deposits throughout the investment period along with chances to win in the mega Sunbula draws, specially designed for individuals who wish to fully manage their deposit using their mobile device. Create, deposit, withdraw and earn your profits on a quarterly basis.

Sunbula Flexible Deposit opening steps

Go to my term deposit in my portfolio

Choose open term deposit

Select Sunbula Flexible deposit

Choose from which account to fund the deposit

Choose your profit account

Enter deposit amount and retrieve the expected profit rate

Approve and Confirm

Conditions:

A Sharia complaint deposit based on the Wakala Investment principle.
Available for individuals in Kuwaiti Dinars
Allows for partial withdrawals and deposits provided that the deposit balance remains at or above KD 20,000.
Each customer gets one chance for every KD 1,000 deposited into the account, minimum deposit KD 30,000 to be eligible for the mega draws.
The eligibility criteria applies on a per-deposit basis that meets or exceeds KD 30,000 to qualify for entry into the Quarterly Mega draws and not on the aggregate value of multiple deposits.
Profits are calculated based on the average monthly balance and the number of days invested.
Winning chances are based on the number of days invested in the month.
In case of early closure, the returns will be recalculated based on the Sunbula Savings profit rate.

Benefits:

The ability to create and fully manage the term deposit online.
The ability to withdraw in multiples of KD 100 and its multiples during the investment period.
The ability to deposit any amount greater than KD 100 during the investment period.
The ability to enable and disable the auto-renewal status in the application anytime during the investment.
2024 Al Sunbula Mega draw chances for every KD 1,000.