The Royal Bank of Scotland launches a new type of fixed deposit 'RBS Interest First'

This unique product pays up to 5% interest to the customer on day one, not on the maturity of the term like typical fixed deposits.

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.

Drawing on RBS's expertise in retail banking across the globe and signalling its commitment to innovation in UAE banking, RBS' latest product is designed to offer real benefits to customers like cash up front to reinvest, save or spend how they please.

Commenting on the launch of the new product, Burhan Khan, Head of Retail Banking in the UAE, said:

"We are proud to launch this fixed deposit product for 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, "RBS is delighted to bring another market first to the UAE. Our new fixed deposit product is an example of the sort of innovation you can expect to see more of from RBS in 2009. 'RBS Interest First' fits in with our strategy to deliver products that are instep with the market's needs."