Saving money can be a challenge, but with Alinma Bank’s Savings Account, it becomes a seamless part of your financial routine. Alinma Bank offers a savings account that is not only flexible but also Sharia-compliant, ensuring that your money is managed in accordance with islamic principles.
Here’s everything you need to know to make the most of your savings with Alinma Bank.
Key Features and Benefits
Flexible Saving Options
Instant Savings – Save or donate to a charitable organization by deducting a fixed amount, rounding up your purchases, or applying a specific percentage of your purchases through POS or local Internet purchases. The deducted amount is automatically transferred to your savings account or a designated charitable association approved by Alinma Bank. This way, every purchase you make can contribute to your savings or support a good cause without any extra effort.
No Subscription Fees – Enjoy the convenience of saving with Alinma Bank’s Instant Savings service without any subscription fees. This means you can maximize your savings without worrying about additional costs eating into your funds.
Easy Account Management – Managing your savings has never been easier. With Alinma’s digital channels, you can subscribe to or cancel the Instant Savings service at any time. Additionally, you can set daily upper limits for your savings and ensure a minimum account balance, giving you full control over your finances with just a few clicks.
Profit Distribution
Profits accrued in your Alinma Bank Savings Account are distributed quarterly. These dividends come from a common Mudaraba pool, which is a Sharia-compliant investment fund.
To qualify for these quarterly dividends, you must maintain a minimum balance of AED 3,000 in your account. This ensures that you consistently benefit from the profits generated, helping your savings grow steadily over time.
High Annual Returns
he account offers higher annual returns of up to 3% when increasing the balance, providing an incentive to save more. This competitive rate helps your savings grow faster, making it easier to reach your financial goals.
Convenience and Accessibility
Easy Account Opening – Open a Savings Account through the Alinma App by logging in, selecting “New Account” from the dashboard, and following the simple steps. This streamlined process ensures you can start saving quickly and effortlessly.
Secure Transactions – Track account details through account statements available at Alinma Self Service. This feature provides peace of mind, knowing you can monitor your savings securely at any time.
Flexible Withdrawals and Deposits – Allows for easy withdrawals and deposits, adhering to the terms of the package. This flexibility ensures you can access your funds whenever you need them, making your savings work for you.
Who Can Open the Account?
Eligibility
All Alinma Bank partners are eligible to open a Savings Account. This means that if you already have any type of account or financial relationship with Alinma Bank, you qualify to open a Savings Account. Alinma Bank extends this eligibility to both individuals and businesses recognized as partners.
Required Documents
To open a Savings Account, you need to meet the following requirements:
You must already have a current account with Alinma Bank. This ensures that the bank has your necessary financial and identification details on file, facilitating a smoother process for opening a new account.
You need to present a valid identification card, such as a national ID or residency permit. This step is crucial for verifying your identity and complying with banking regulations to prevent fraud and ensure security.
By fulfilling these requirements, you can open a Savings Account with ease, enjoying all the benefits and features Alinma Bank has to offer.
Minimum Balance
Starting your savings journey with Alinma Bank is incredibly easy and accessible. You can open a savings account with as little as one riyal.
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This low initial deposit requirement ensures that everyone, regardless of their financial situation, has the opportunity to start saving and take advantage of the benefits offered by Alinma Bank.
Maintaining Balance
To make the most of your savings account and qualify for dividends, it is essential to maintain a minimum balance throughout the investment period. Here’s why maintaining this balance is crucial:
Earning Dividends: The dividends you earn are based on the balance you maintain in your account. By ensuring your balance meets the minimum required threshold, you become eligible to receive regular dividend payouts, which can significantly enhance your savings over time.
Maximizing Returns: Alinma Bank offers competitive annual returns of up to 3%. To fully benefit from these high returns, maintaining the minimum balance is necessary. The more consistently you keep this balance, the greater your potential earnings.
Package Terms Compliance: Each savings package comes with specific terms and conditions. Maintaining the required minimum balance ensures that you comply with these terms, allowing you to enjoy all the features and advantages of your chosen savings package.
Opening and Managing Your Account
Steps to Open an Account
- Start by accessing your existing account on the Alinma App. If you don’t have the app yet, download it from your app store and log in using your credentials.
- From the dashboard, navigate to the “New Account” option. Here, you will see various types of accounts you can open. Select “Saving Account” to proceed.
- You will be prompted to provide some details for your new savings account. Enter a short name for easy identification and choose the currency in which you want to save.
- Carefully go through the terms and conditions for opening a savings account. It’s important to understand the rules and benefits associated with the account. Once you have reviewed the terms, confirm to complete the process.
Managing Instant Savings or Charity Savings
Log In to Alinma App: Open the Alinma App and log in with your credentials. Navigate to the dashboard and select the “More” option to access additional features.
Choose Saving Type: Decide whether you want to set up Instant Savings or Charity Savings. Select the appropriate option and then choose the account and card you want to link to this saving method.
Select Saving Method: You have three saving methods to choose from:
Fixed Amount: Deduct a specific, consistent amount from your account.
Percentage: Deduct a percentage of each purchase.
Round Up: Round up your purchases to the nearest riyal and save the difference.
Confirm: Review your selections to ensure they are correct. Once satisfied, confirm your choices to activate the savings method.
FAQs
What is the Minimum Balance Required?
You can open the account without a minimum balance, allowing anyone to start saving with any amount. However, to earn returns and benefit from dividends, you must maintain a minimum balance throughout the investment period. This balance ensures you qualify for the quarterly profit distributions and maximizes the growth of your savings.
Are There Any Fees?
Alinma Bank’s Instant Savings service is designed to be cost-effective for users. There are no subscription fees for using the Instant Savings feature, which means you can save or donate without any additional costs.
Also, the savings account does not have any monthly maintenance fees, ensuring that hidden charges do not diminish your savings.
How Can I Apply?
Applying for the Alinma Bank Savings Account is straightforward and can be done through the Alinma App. Simply log in to the app, select “New Account” from the dashboard, and choose “Saving Account.” Enter the necessary details such as a short name for the account and the preferred currency. Review and accept the terms and conditions, and your new savings account will be set up and ready to use.
Is the Account Sharia-compliant?
Yes, the Alinma Bank Savings Account is fully Sharia-compliant, meaning it adheres to Islamic finance principles. This includes the use of a common Mudaraba pool for investments, ensuring that all transactions and profit distributions comply with Sharia law. This makes the account suitable for customers who prioritize ethical and religious considerations in their banking activities.
Can I Open an Account for a Minor?
Yes, you can open an Alinma Bank Savings Account for a minor. These accounts can be managed by parents or legal guardians, allowing you to start saving for your child’s future early on. The process is similar to opening a regular savings account, with the added requirement of providing identification and authorization documents for the minor.
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I’m Adam, and I offer a global viewpoint to our team. With my background in credit cards and personal loans, I’ve helped both individuals and businesses enhance their financial strategies. My approach is inclusive, making sure my advice applies to various financial situations. I aim to simplify financial planning, guiding you through the advantages and challenges of different financial products.