Growing Deposit
Build a long-term, fixed monthly savings plan, earn competitive profit, with one smart monthly step.
Growing Deposit
Competitive expected profit rates
Supports long-term savings goals
Available in multiple currencies
Deposit details
- Set-and-save discipline: Choose a fixed monthly amount (from QAR 2,000 / USD 1,000) and automate your saving.
- Term & currency choice: Save for 2-10 years in QAR or USD – pick what suits your timeline and currency needs.
- Quarterly profits: Expected profit is credited every quarter, helping you see progress throughout the year.
- Fully digital: Open and manage in the QIB Mobile App in minutes – simple, safe and fast.
- Attractive expected rates: Enjoy competitive rates that reward consistency and long-term commitment.
- Financing facility: Get financing up to 95% of the Growing Deposit’s nominal value at competitive rates (1.5% above the applicable profit rate).
Expected profit rates:
| Tenor | QAR | USD |
|---|---|---|
| 2 years | 3.50% | 3.40% |
| 3 years | 3.75% | 3.65% |
| 4 years | 3.85% | 3.75% |
| 5 years | 4.00% | 3.85% |
| 10 years | 4.15% | 4.05% |
1. GDs are non-tradable and non-transferable. They are cashable at QIB counters and only payable to the GD owner.
2. GD will be available in QAR and USD currencies.
3. GD minimum monthly amount: QAR 2,000 or USD 1,000, with no maximum amount.
4. GD duration: 2, 3, 4, 5, and 10 years.
5. GDs are invested in abidance with Islamic Shari'a regulations, and the bank will act as the Mudareb to invest on behalf of the owner (Rab al Mal) as per the Mudaraba contract., and the fund will be placed in the general deposit pool of the bank. Share of the Mudareb (QIB) will be 95% and the share of Rab Al Mal (GD owner) will be 5% as per Mudaraba terms. And if the return of the Mudaraba achieves the Expected Profit Rate (EPR) the remainder will be as an incentive to QIB.
6. Each party is entitled to its share of the profit. The Mudareb may donate part of his share to the GD owner (Rab Al Mal) in case the share of the GD owner (Rab Al Mal) is lower than the expected profits.
7. Expected profit is credited to the client's account after the quarter ends.
8. A standing order will be created for the customer to transfer the selected amount on the selected date of each month.
9. Standing order will be fixed for the tenor of the investment and cannot be modified or deleted.
10. Customers will also have an option to open another GD account, similar to any other product, and another standing order will be created for this Deposit Account.
11. Financing facilities against the GD is up to (95%) of its nominal value possible at a rate not less than (1.5%) over the applicable GD profit rate.
12. Financing tenor (against GD) shall not exceed the tenor of GD.
13. GD's profit or redeemed value will be paid during the bank's working days. If the maturity date falls on a vacation, the payment will be executed on the next working day.
14. Early exit from Growing Deposit:
- In case any client wishes to early exit their GDs prior to maturity, and conditioned 6 months has elapsed, the original EPR on the GDs will not be applied, but rather the profits will be based on the period that the client kept their money with QIB. The profit rate will be the rate applied for the subject period at the time of breakage of GD, accordingly QIB will break the GD. The outcome of the early exit will be the GD notional amount plus the actual profit rate that was achieved till the period of breakage minus a 0.10% of notional redemption fee.
- In case of early exit from GD before a 6-month period, the outcome of the early exit from GD will be the GD notional amount minus 0.10% of the notional amount as a redemption fee.
15. In case of redemption before GD's maturity date, the month on which the redemption takes place will not be calculated. Also, partial redemption is not allowed.
16. In the absence of the client's instructions for renewal, the proceeds shall be credited to his/her account at the final maturity date of the GD.
17. The bank has the right to close the GD subscription once the objective is reached and at the bank's discretion.
18. The bank may, in the future, issue GDs under different denominations and conditions as per the bank's discretion.
19. Growing Deposit issuance and profits calculation shall be after five working days from the date of investing in the Growing Deposit.
20. QIB (Mudareb) shall not bear any loss which may arise unintentionally, violation, or default. The same shall be solely borne by the customer (capital owner) in case it takes place (God forbid that).
21. QIB may put aside the deposits transferred to the customer’s accounts in case of suspicion, including money laundering, financing terrorism, or terrorist organisations.
22. In case of any dispute arising between the two parties (God forbid that) relating to execution or interpretation hereof, the same shall be settled amicably. But in case of impossibility of that, the matter shall be referred to the competent courts in the State of Qatar to decide on it.
- Log in to QIB Mobile App
- Visit your nearest branch to apply for a Growing Deposit account.
Open a Growing Deposit in 4 easy steps
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Step 1
Get started
Step 1
Download the QIB Mobile App. Tap “Open a New Account Instantly”. Select “Savings Account”.
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Step 2
Update Personal Information
Step 2
Scan your QID (and passport if expat), review your details and take a quick selfie for verification.
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Step 3
Provide your details
Step 3
Update your residence, email, and income information. Capture your signature and choose your preferred branch.
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Step 4
Activate your account
Step 4
Enter your name for the Debit Card. Choose a delivery option, fill in the tax declaration form, set your mobile banking login and validate with OTP.
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Step 1
Access QIB Mobile App
Step 1
Login to the QIB Mobile App. Tap 'More' on the footer menu. Select 'Apply for Products.'
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Step 2
Set account type
Step 2
Tap 'Open Additional Account' under 'Account Products.' Choose ‘Savings Account’.
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Step 3
Enter funding details
Step 3
Choose your currency. Select the account to fund your Savings Account. Enter the amount.
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Step 4
Confirm & activate
Step 4
Review all details carefully. Accept the Terms & Conditions. Confirm to open the Savings Account.
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Frequently asked questions
GD is a long-term recurring deposit account designed to help you build savings for a specific financial goal.
With QIB's Growing Deposit, you can automatically save a fixed amount regularly from your QIB account, helping you stay on track with your financial goals.
Yes, you can open and manage Growing Deposit via the QIB Mobile App.
You can open multiple Growing Deposit accounts to save money for each goal. A separate standing order will be created for each account.
No, you are required to choose one currency for the entire tenor.
Yes, you must have a Current, Savings or Misk Account with QIB to open a Growing Deposit. You can open an account through QIB Mobile App.
You can withdraw your entire GD before maturity as per the early exit terms & conditions.
- Minimum tenor: 2 years
- Maximum tenor: 10 years.
QIB's Growing Deposit offers one of the best ways to save money in QAR and USD. You can enjoy regular savings, steady growth and benefit from added advantage of exchange rate movements.
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