A way of investing excess funds, normally for a period of 3, 6, 9 or 12 months. Rates are dependent on the amount and tenure of the deposit. Samba's Time Deposit rates are very competitive.
In addition to Saudi Riyals, Samba offers time deposits in 10 other major currencies:
We offer tenures starting from 1 week up to 12 months. Remember, you should always give Samba advance notice (a minimum of two business days) for any change in your deposit.
Samba provides an automatic rollover facility. If you don't wish to withdraw your money, you do not need to do a thing. Samba will automatically renew your deposit at maturity based on the prevailing interest rate, ensuring that your deposit earns continuous returns.
You have the flexibility to withdraw your funds anytime before it matures. However, please note that there will be a penalty charge for any pre-termination. The penalty will be charged at the prevailing interest rate for the remaining period of the deposit. This implies that there will not be a cap on the penalty amount and as such, the principal amount is not protected from the penalty cost.