Benefits
- This is a Sharia Compliant Investment Deposit Account
- This children saving scheme
- Continue to invest into this scheme until your 18th birthday
- A minimum balance of AED 500 is required to open an Alwan account
- Minimum regular monthly contribution of AED 200
- No maximum limit on the amount you can deposit
- No charge up to 5 withdrawals of up to AED 10,000 each every year
Fees & Charges
NIL
Interest Rates
- Earn interest on NBQ Alwan Children’s Saving Scheme
Documents Required
- Copy of the child’s passport, Emirates ID and residency visa for expats
- Copy of the Family Registration Book for UAE Nationals
- Copy of father or guardian’s passport, Emirates ID and residency visa for expats
- To obtain an Indemnity Letter from the Parent or Guardian
- Two recent passport-sized photos of the applicant (child)
Eligibility
- For UAE Nationals & Expatriates
- Children of both UAE Nationals and expatriates with a valid residency visa
- Start investing from a minimum deposit of AED 200 monthly
- Minimum balance of AED 500 is required
Addition Information
- Easy to convert to a standard savings account or fixed deposit account once child is 18 years
- Earn interest on investing in Children’s Saving Scheme