Al-Fouzan: Increase in deposits after innovating new methods to open deposits without visiting branch
- Kuwait: Thursday, March 14 - 2013 at 09:34
- PRESS RELEASE
Chief Retail Banking Officer at Kuwait Finance House (KFH) Mohammed Al-Fouzan stated that KFH has best array of deposits among local banks, since those deposits vary in rates, period of time, and investment rate.
In addition, Al-Fouzan said that KFH clients can open deposits either through visiting the branch, or online, where all procedures can be completed. Deposits can also be opened through Alo Baitok service 1803333.
It is worth noting that KFH has recently added a new service in all areas of Kuwait that allows clients to open deposits through using ATM machines. Through the ATM machine, the client can transfer the minimum amount of balance required to open the deposit without visiting the branch.
Al-Fouzan went on to say that KFH offers various kinds of deposits that have different minimum limits and time frames in investment. Those deposits can be in Kuwaiti dinar or other foreign currencies, and offer monthly, quarterly, half-yearly, and yearly returns. Some of those deposits have an investment rate of 100% of the value of the deposit. KFH is keen to announce the profit of deposits once they are available without any delay. In addition, the client can cancel the deposit at any time without losing all his profit, or paying any cancellation fees.
KFH deposits are five-year investment deposit, Kawthar, continuous investment deposit, three-year investment deposit, Sudra investment deposit, and investment deposits in US dollars, Sterling Pound, and Euro.
Al-Fouzan stated that the depositors' profits that reached KD171.085m will be deposited in their accounts once the financial results are revealed, which underlines KFH's technical and abilities and skillful manpower. He added that this sum of money is KD10.626m (16.1%) more than depositors' distributions last year, which highlights the success of the bank's strategy that includes achieving sustainable profit and high revenues for shareholders and depositors. He asserted that the distributed money is the result of relentless efforts exerted by KFH staff who cautiously planned and approached various investment opportunities.
Moreover, he noted that the increase in deposits distributions and investment accounts compared to 2011 was about 12% where 2.147% was distributed for five-year deposit compared to 1.920% with an increase of 0.23%. Distributions for continuous investment deposits are 1.932% compared to 1.728% with an increase of 0.20%. Al-Sudra distributions are 1.503% compared to 1.344% with an increase of 0.16%. Distributions for investment saving accounts are 1.288% compared to 1.152% with an increase of 0.14%.
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