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RBS Launches Unique Fixed Deposit Scheme

The RBS will pay customers full interest on the fixed deposit on day one, not on the maturity of the term like typical fixed deposits, said a statement issued by the bank.

The account offers investors the security of high fixed interest rates and the flexibility to access their full interest without delay. With the tenure options of one, three and six months on the principal amount, RBS Interest First aims to help create early returns and liquidity for qualified 
UAE residents.

Burhan Khan, head of retail banking in the UAE, said: “We are proud to launch this fixed deposit product for the UAE customers and believe investors will appreciate having immediate access to their interest income from the moment they open the account, rather than having to wait out the full term. Current market conditions mean the interest paid up front from our new 
account will be a welcome cash boost.”

Karim Beg, head of consumer finance and marketing, added: “Our new fixed deposit product is an example of the sort of innovation you can expect to see more of from RBS in 2009.”