Last Updated Date: 5th January, 2025 
Enjoy Waed saving Plan with competitive returns up to 4.00%

Waad Saving Account is a Sharia compliant Savings plan to provides you higher returns on your savings when you save a fixed amount every month for the selected tenure. 

Waad Saving Account is designed to provide a convenient saving plan to help you achieve your financial goals. The monthly savings would result in a lump sum amount along with the accumulated profit at the maturity date

Features & Characteristic:
- Sharia Compliant Saving Plan.
- Competitive returns up to 4.00% p.a.
- Available for 6, 12 ,24, 36 months
- Minimum subscription is SR 500 
- Maximum subscription is SR 50,000
-  Available in SR currency
- No withdrawal available during the plan
- Accumulated Profit is paid at the maturity date with saving amount
- If customer want to break the plan before maturity or customer source account have insufficient fund on the deduction date, principle amount will credit the source account without the profit
- The mechanism of Waed saving plan, is a monthly deduction as per customer instruction from the source account to the Waed saving plan till maturity.
- Available in the digital channel
- Terms and conditions apply Click Here 



**Rates are subject to changes according to financial Market conditions. 

 
Saving Plan Anticipated profit (Per Annum)
6 Months 3.50%
12 Months 4.00%
24 Months 0.70%
36 Months 0.80%











 
Examples

   
Plan Tenor  6 Months
Monthly Deduction   2,000
Anticipated profit rate 3.50%
Total Deduction   12,000
Accumulated Profit  139.7
Total Amount at maturity 12,139.7

The above are examples of the expected profit, and it may vary based on the chosen amount and tenors.
 
Plan Tenor  12 Months
Monthly Deduction   2,000
Anticipated profit rate 4.0%
Total Deduction   24,000
Accumulated Profit  520.0
Total Amount at maturity  24,520

The above are examples of the expected profit, and it may vary based on the chosen amount and tenors.
 
Plan Tenor  24 Months
Monthly Deduction   1,000
Anticipated profit rate 0.70%
Total Deduction   24,000
Accumulated Profit  175.8
Total Amount at maturity  24,175.8

The above are examples of the expected profit, and it may vary based on the chosen amount and tenors.
FAQ's
The Waed Saving Plan is a Sharia-compliant savings account that provides higher returns on your savings when you save a fixed amount every month for a selected tenure. 

The plan is available for 6, 12, 24, or 36 months. 

The minimum subscription is SR 500, and the maximum subscription is SR 50,000. 

The anticipated profit rates are 3.50% per annum for 6 months and 4.00% per annum for 12 months. 
 

No, withdrawals are not allowed during the plan

If you break the plan before maturity, the principal amount will be credited to your source account without any profit. 

Your monthly contributions will be automatically deducted from your current account to the Waed savings account on the due date. 

If there are insufficient funds, the contract will be terminated, and only the principal amount will be returned to your current account without any profit. 
Yes, all investments are conducted in accordance with Sharia law. 
The plan is available through the bank's digital channels. 
The purpose is to help you achieve your financial goals through consistent monthly savings and earning profits. 
No, the contribution amount must remain fixed throughout the contract period. 
At maturity, you will receive your total savings amount along with any accumulated profits. 
No, deductions occur on the specified due date, and it’s essential to ensure sufficient funds are available. 
Yes, the Waed Saving Plan can be set up through the bank’s digital channels. 
If you miss a payment due to insufficient funds, the contract will be terminated without any profit, and your principal amount will be returned. 
The profit is calculated based on the invested amount and the agreed-upon profit rate for the duration of the plan. 
There are no specific fees mentioned. 
You will receive updates through the bank’s communication channels, which may include email or SMS notifications. 
No, funds cannot be transferred or withdrawn until the plan matures. 
The profit rate is fixed once agreed upon at the start of the plan; however, rates may be adjusted for new contracts based on market conditions. 
No, additional funds cannot be added after the plan is established; contributions must remain fixed.