The best bank-based savings options in Qatar
Want to start the New Year with a plan to be financially wiser? Here’s a little nudge in the right direction.
Recent reports show that we in Qatar are saving less than we did earlier, and nearly half of us feel we don’t have enough for the future.
Apart from what local banks have to offer, you can also seek out wealth managers and investment experts to help you figure your way through the investment maze. We had carried an investment primer by a Qatar-based investment expert some weeks ago, that has some important advice.
Starting your savings with your local bank is an essential first step. Standing orders automatically deduct the savings from your salary is the best way forward. JustHere has put together the saving options offered by different banks in Qatar.
- MyHassad Savings account holders can enter a draw to win cash prizes. Every QAR 500 invested earns one chance in the weekly, quarterly and special Eid draws based on the period for which the balances are held. For weekly prizes, a minimum balance maintained for a 7 day period prior to weekly draw date allows customers one chance in the weekly draw. For quarterly prizes, a minimum balance held for 2 weeks period prior to draw will earn one draw chance. Minimum balances held for a 4-month period prior to the draw will earn two draw chances and minimum balance held for a 6-month period prior to the draw will earn three draw chances. For Special Eid prizes, a minimum balance held for two weeks prior to the draw will earn one draw chance. Minimum balances held for a 4-month period prior to the draw will earn two draw chances and minimum balance held for a 6-month period prior to the draw will earn three draw chances.
- Time Deposit is an investment product with fixed maturity and a fixed interest rate. Time deposits can be made by one or more individuals, singly or jointly or by companies, trusts, firms and societies. The deposits can be made in QAR, USD, GBP and Euros. Deposit rates for other currencies are available on request. Deposits are accepted for a minimum of QAR 50,000 and in multiples of QAR 100 thereof. There is no limit for maximum amount. Minimum period of a Term Deposit is one week. Interest is calculated on a fixed length of time (week, 3, 6, 9 months, 1, 2, 3 years) at a fixed annual rate of interest announced by the bank noting that the same will be related to 360 days per annum.
- Open a Barwa Bank Fixed Deposit with minimum QAR 15,000. Access to funds through the network of ATMs or by direct account transfer to another bank account. Deposits may be made by cash, cheque or direct account transfer. Funds deposited will be administered in accordance with Shari’ah principles. Dedicated Relationship Managers for Premium Customers.
Commercial Bank of Qatar
- In Time Deposits, investments can be made from seven options – one month to three years. After the deposit period has ended, the money can be left in the account or an automatic renewal option which will continue to earn interest can be asked for.
- Young Saver Account can be opened for children below the age of 18 years. There is no charge to open a Young Saver Account. Deposits can be made by post, via electronic transfer, over the counter or through selected ATMs. Regular monthly payments into the child’s Young Saver Account can be opted for. The currency options stays at QAR only.
- Under the Laddering Deposit Account, interest rates go up every month. The Laddering Deposit has a preferential rate and is available on deposits of QR 20,000 of more. The Laddering Deposit is available for 12, 18 and 24 month terms. No penalty will apply if withdrawn after 1 year. Interest will not be paid if withdrawn before 6 months. 50% of the accrued interest will be penalized if withdrawn after 6 months and before 1 year.
- Al-Dana saving scheme comes with many options of saving cash in an account – buying Al-Dana certificates and saving for your child. It is a year round promotional draw that can be participated in with a minimum balance of QAR 1000 in the savings account. Every QAR 1000 gives you one chance in the draw. The more you deposit in multiples of QR 1000 the more chances of winning.
- Upfront Interest Fixed Deposit needs a minimum deposit amount of QAR 50,000. Interest will be paid upfront for the whole term. Available in multiple tenors. Loan up to 90% of the deposit amount. Overdraft up to 90% of deposit.
- SMART saver is recurring deposit where you invest a fixed amount of your choice on a monthly basis for a fixed tenure, range from 1year to 5 years. The SMART Saver Deposit automatically entitles you to free life insurance cover, equal to your deposit maturity value excluding interest amount. (Up to a maximum amount of QAR 300,000/-). Deposit earns interest on a daily basis, and is capitalised on monthly basis. This gives a much higher interest rate annually. The Deposit can be opened in QAR, AED, KWD, USD, EUR, GBP. When deposit accumulated balance is above QR 10,000 (or equivalent in other currencies), the customer becomes eligible to participate in the monthly Al Dana draw. Decide a fixed amount you want to save every month, and it will be automatically debited from your saving/current account and put into your SMART Saver Deposit. Avail a loan up to 95% per cent of the cumulative value of deposits to meet your urgent financial requirements.
- Fixed deposits can be made in QAR, USD, GBP, EUR, Yen at QR 25,000, USD 10,000
and GBP 10,000. Standing instructions for deposit renewal and payment of interest earned can be given, or deposits can be renewed automatically upon maturing. Benefit of up to 95% overdraft on the deposit amount of QAR can be made while an overdraft of 90% can be made on USD and 80% on other currencies. Earning interest on premium deposit will continue and customers will still have access to their funds at any point of time. Fixed Deposits can be opened for periods of one month and above.
- Make multi-currency deposits in QAR, USD, GBP, EUR. Minimum deposit amount: QAR 50,000, USD 20,000, GBP 10,000, EUR 25,000. Tenors of 1, 3, 6 & 12 months. Reinvest both principal and interest on maturity. Contains a rollover facility to automatically renew your deposit on maturity. Once booked, your interest rate is fixed for the tenure and interest is paid upon maturity.
Qatar Islamic Bank
- This scheme combines saving plans that generate good returns with Takaful coverage to protect it. On the maturity date, customers will be entitled to get back their total savings plus the share of the total investment returns. In the event of unfortunate death or permanent disability, the beneficiary will be entitled to a payment equivalent to this sum covered at the time of the claim event and the total saving including his share of the returns at the time of the claim event. Takaful is underwritten by Damaan Islamic Insurance-BEEMA. The plan allows in saving for children’s graduation, marriage expenses, for building homes and protecting retirement pensions.
- Time deposits are managed on Islamic Murabaha basis aiming at realizing the best profit for the mutual interest of the parties. The terms of deposit are one month, three months, six months, one year, 3 years and 5 years. Options for deposits are available in different currencies. Deposits are automatically renewed unless instructed otherwise. There are no fees on locking deposit and it remains at disposal. Customers may be eligible for bank financing and entitlement to a credit card guaranteed by the deposit.
Qatar National Bank
- Savings plan for higher education where parents can buy the plan in their child’s name. Minimum premium at $155 per month or QAR 570 per month ‘Based on the policy period’. Minimum Contribution in single premium option is $ 15,000. Only QNB customers are eligible to apply. The child should be a minimum age of 1 month and a maximum age of 12 years. Minimum accumulation phase is 5 years and maximum is 21 years. There are no restrictions on the owner’s age. The client can continue payment from any country where he/she moves to. It is a flexible mode of payment – monthly, quarterly, semi-annual, annual or single contribution. Guaranteed college fees provided all premiums are paid. Cash Values are available from the beginning of the third policy year and grow steadily though out the accumulation phase. In addition, policy can be surrendered during the Payout Phase in return for the Face Amount less the amount of payouts already made to the policyholder. Insurance protection rider on Payer against death and disability. No future payment on premiums, the insurance company will contribute on clients behalf.
- Starting with a minimum of QR. 20,000 (or its equivalent in all major currencies) funds can be invested for a fixed period ranging from one month upwards. The rate of interest depends on the amount of money invested. Unless instructed otherwise by the account holder, the Fixed Deposit Account is automatically reinvested upon maturity, for the same period, at the prevailing interest rate at the time of renewal. The Fixed Deposit Account can also serve as collateral for a Credit Card or overdraft facility to meet an unexpected expense.
Standard Chartered Bank
- This is a typical short term investor’s account. Customers can earn fixed and very competitive interest rate on money you put away for 1, 3, 6 or 12 months. This account can be opened with a minimum of QAR 25,000.