Last year saw an increase in bank savings account balances of 20 billion dirhams, bringing the cumulative balance at the end of December 2019 to 172 billion dirhams, compared to 152 billion dirhams at the end of the same period in 2018, with an annual growth of 13%, according to the latest statistics issued by The Central Bank.
Banks operating in the country provide a diversified package of savings accounts that target youth and children as well as adults, in order to attract deposits at competitive prices that support their lending capacity and raise their financial solvency.
During the past five years, the frequency of savings in the UAE increased, while consumer spending declined thanks to continuous awareness programs, as well as controlling the pace of borrowing by requiring the “central” banks to inquire about credit with Etihad for credit information, to ensure the borrower’s ability to pay and not to burden him Debt does not fit his income.
Commenting, the CEO of the National Bonds Corporation, Muhammad Qasim Al-Ali, stated that “the increase in deposits is due first in light of the contraction of liquidity investment opportunities in other sectors, as there are many banks and investment companies, which started offering competitive products with attractive returns on medium and long-term deposits.” .
Al-Ali told «Emirates Today» that «deposits are providing a safe haven in light of the current performance of other investment options, and the general state of anticipation in the markets». He explained that "the increase in deposits is also due to the addition of a wide range of concessions and affordable and advanced services in order to attract and strengthen the customer base."
Al Ali said: «We encourage such refreshing savings programs for the state’s economy, which have benefit in supporting and supporting the national economy, which is shown through programs designed to stimulate savings and investment, and to ensure the highest amount of returns with the least amount of risk, and that Through relying on the diversification of investment portfolios and the moderate distribution of invested assets, of course, it finally ends up in achieving customer satisfaction by launching programs designed for them and modified according to their requirements, and that meets their needs no matter how different. ”