Jeelkum High Profit Savings Account to help safeguard and plan for the prosperity of our future generation. You can make a single investment up to 2 million QAR or invest monthly from your salary to build a future fund. Create a safety net for a child or teach your kids about the importance of saving!
FEATURES AND BENEFITS
- Only one Jeelkum savings account is permitted per customer.
- Jeelkum savings account can be held in the name of a Minor, opened by the father (or mother, upon the consent of the father) or guardians of a minor (under 18 years of age).
- The minimum balance required for the account is QAR 100,000. If this is not maintained, profit rate will be reduced to our regular savings account profit rate.
- More than one (1) withdrawal (any mode of transaction including retail transaction at any retail store through POS) in a month will also result in a reduction of profit rate to our regular savings account profit rate.
- Profit is payable on deposits of QAR 2 million or less in a month only. Deposits in excess of QAR 2 million will earn profit only for QAR 2 million.
- The Account is provided with a Debit Card; withdrawals and deposits can be made from/to the Account. However, the card will only be issued to the father (or mother, upon the consent of the father) or guardians of a minor.
- Only the father or guardian (subject to specific powers bestowed on such guardian in a court order) may make withdrawals from the Minor's Account until the minor reaches majority.
- Withdrawal may only be made by using special stationery or ATM cards (with PIN number) provided by the Branch. Unless arranged otherwise, over-the-counter withdrawal will be permitted only to the accountholder(s) on personal application and identification.
- Upon reaching majority, the father or guardian shall not be permitted to further operate the minor’s account and the account shall be converted into a normal account and shall require new account forms being submitted by the minor upon reaching majority.
- Minors' accounts are subject to the Islamic Shariah principles and the Civil Code No. 22 of the Year 2004, and the Law No. 40 of the Year 2004 concerning guardianship over minors’ funds.
- Jeelkum Savings Account is an account in which the deposited funds are invested on the unrestricted Mudaraba basis. These investments are approved by our Shariah Supervisory Board. The Branch shall have the right to perform any acts, which it deems fit to achieve the interest of both parties.