Finance House launches flexi deposit scheme for business customers

"Flexi Deposit" is a unique business account that combines the attractive yield of a fixed deposit account with the operating flexibility of a current or call account. Business establishments can earn interest at attractive rates of up to 5% per annum on daily balances maintained in the Flexi Deposit account and at the same time enjoy complete flexibility in operating the account on a day to day basis, just like a current or call account.

Speaking on the occasion, Mr. Mohammed Alqubaisi, Chairman of Finance House said,

"Flexi Deposit is an ideal cash management tool for every business establishment that seeks to maximize the earning potential of its funds without sacrificing liquidity. This product is also designed to minimize the administrative hassles associated with placing and withdrawing funds from overnight, weekly or even monthly fixed deposits just to earn higher interest. Unlike fixed deposits, there are no penalties for premature withdrawals and the customer enjoys substantial freedom to place and withdraw funds in line with business needs."

If a Flexi Deposit customer wishes to make a payment to a third party, then Finance House shall prepare and courier A/C payee cheques in the name of the beneficiary, to the customer, based on the customer's written instructions. This is a unique operating convenience that is not offered by any other bank call account in the UAE.

Effectively, this feature allows the customer to outsource his Accounts Payable function to Finance House. If the customer wishes to make an inter bank funds transfer, then Finance House shall effect such bank transfer as per the customer's instructions. For added operating convenience, customers can communicate fund transfer instructions via fax. Fund transfers can be effected on the same business day as long as written instructions are received prior to specified cut-off times. Cash withdrawals across the counter are also permitted.