Hassad Daily Distribution Account

Terms & conditions
Terms & conditions

Hassad Daily Distribution Account

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.

features 

  1. Profits are distributed on a daily basis in accordance with the provisions of Islamic Sharia.
  2. Competitive profit rates.
  3. An integrated electronic account that is opened and managed via alrajhi bank app.
  4. Flexibility in withdrawals and deposits
  5. Opening and closing the account at any time without fees.
  6. Electronic statement of account.

Requirements to open the Hassad Account

The presence of an existing current account.

Example:

Minimum Balance Tenor AER*  Allowed Withdrawals during a month Minimum Profitable Limit
SAR 50,000 - SAR 299,999 One Month 0.90% / Year  Unlimited 60% 
SAR  300,000 - SAR 999,999   One Month 1.25% / Year  Unlimited
SAR 1,000,000 – SAR 2,999,999 above One Month 1.50% / Year  Unlimited
SAR 3,000,000 and above One Month 2.00% / Year  Unlimited

*Expected Profit rate: 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.

FAQ

    Is there a minimum amount to open a Hassad Daily Distribution Account?

  1. There is no minimum amount to open a Hassad Daily Distribution Account  

    2. Can I withdraw from Hassad account?

  2. Yes, anytime.

    3. Are there any fees opening or cancelling a Hassad Daily Distribution Account ?

  3. No, there is no fee to open or cancel the account

    4. What is the method of calculating profits?

  4. 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.

    5. Can I open more than one Hassad Daily Distribution Account ?

  5. There are no fees to open a Hassad Account

    6. How to open a Hassad Daily Distribution Account ?

  6. You can open a Hassad Daily Distribution Account  using the alrajhi bank app.