Saudi Awwal Bank - Waafer Account :
SABB’s Waafer Account is an innovative Shariah compliant to start your savings plan.
This account will offer SABB’s customers the option to save on a monthly basis based on their life stage requirements and savings needs.
At the end of the agreed term, the amount payable upon maturity will be the sum of the customer’s invested capital along with the accumulated profit.
Minimum Balance
SAR 100
Minimum Salary
Opening Balance
SAR 100
Annual Rate
Depending on the amount and the period
Monthly Fee
No
Documents required:
• Account opening form.
• Copy of National ID or Resident Identity.
Example: of 12 Months subscription in (Waafer) Account:
• Deposit Amount: SAR 1500
• Annual Equivalent Rate: 2.67%
• Period: 12M
• Expected Profit Amount: SAR 267
• Expected Maturity Amount: SAR 18,267
Benefits:
• Shariah compliant product
• Competitive returns on short to medium term savings
• Minimum saving amount of SAR 100 for minors.
• You can open Waafer Account for minors.
• Saving is available in SAR.
• Flexible saving periods of 12, 24 and 36 months.
• Can only be opened through SABBNET
• Zero charge to open Waafer Account
• You can open multiple Waafer accounts.
• The selected deposit amount and the monthly profit of each month will be added to the next month balance.