It is a savings account that is Mudaraba-centric. It is compliant with the provisions of Islamic Sharia where the bank allows the customer the flexibility in withdrawing and depositing from this account and conducting other banking services in accordance to the terms and conditions.
Benefits of Hassad Account
- Dividends are distributed on a monthly basis in accordance with the provisions of Islamic Sharia.
- Competitive profit rates.
- An integrated electronic account that is opened and managed via alrajhi bank app.
- Flexibility in withdrawals and deposits
- Opening and closing the account at any time without fees.
- Electronic statement of account.
- ATM card.
- The presence of an existing current account.
Requirements to open the Hassad Account
|Minimum Balance||Duration||Expected Profit Margin*||Number of withdrawals allowed during the month|
|From SAR 10,000 to SAR 199,999||1 Month||2.0% / Year||Open|
|From SAR 200,000 and above||1 Month||1.60% / Year||Open|
*Expected Profit Margin: It is the equivalent annual rate, which is a number that shows the expected profit rate in the account if the profit is paid for a whole year and doubles
*The equivalent annual rate may vary depending on the different time periods from the examples above. The returns are non-fixed and are subject to change. This will be periodically announced to customers through the bank's electronic channels.
- There is no minimum amount to open a Hassad Savings Account
- Yes, anytime.
- No, there is no fee to open or cancel the account
- The expected profit is calculated on a monthly basis based on the lowest balance during the month in case the balance is above the minimum according to the terms and conditions.
- No, the client can only open one Hassad account
- There are no fees to open a Hassad Account
- You can open a Hassad account using the alrajhi bank app.
Is there a minimum amount to open a Hassad Savings Account?
Can I withdraw from Hassad account?
Are there any fees opening or cancelling a Hassad account?
What is the method of calculating profits?
Can I open more than one Hassad account?
How to open a Hassad Account?