UAE banks are intensifying competition for retail deposits, offering savings rates significantly above the central bank's 3.65% base rate.
Emirates NBD is offering up to 5% per annum on new dirham deposits through its Saver Plus account until June 30, Dubai Islamic Bank is marketing up to 6.6% annually for salary-transfer customers maintaining a minimum balance of AED 50,000 through August, and National Bank of Fujairah is offering up to 6.25% on new dirham accounts opened before July 31.
Banking sector surplus liquidity held with the UAE Central Bank stood at AED 181 billion as of June 9, while government and government-related entity deposits recorded double-digit growth in April.
Gulf Economist Staff Writer