With a total of 1.13 trillion dirhams for deposits exceeding 20 million dirhams

The wealthy deposit 30 billion dirhams in banks within 3 months

The third quarter of 2021 witnessed the highest growth in deposits of more than 20 million dirhams in two years.

archival

The wealthy, wealthy people and companies in the country deposited deposits of 30 billion dirhams during the third quarter of 2021, bringing the total account of bank deposits worth more than 20 million dirhams and above to one trillion and 131 billion dirhams at the end of last September, compared to one trillion and 101 billion dirhams in The end of the previous June, according to the latest data issued by the Central Bank, which included the classification of bank deposits according to their size.

Deposit ratings

According to a monitoring conducted by "Emirates Today" from the reality of the data issued by the "Central", deposits exceeding 20 million dirhams constitute a share equivalent to 58% of the total bank deposits amounting to one trillion and 942 billion dirhams, while the third quarter of last year witnessed the highest growth for this Class of deposits over a two-year period.

According to the Central Bank, there are six classifications for deposits according to their size, the first: up to 250 thousand dirhams, the second is above 250 thousand dirhams and up to 500 thousand dirhams, the third is from 500 thousand to one million dirhams, the fourth is from one million to five million dirhams, and the fifth is from five million up to 20 million dirhams, and the sixth and last exceeds 20 million dirhams.

Interest rates on bank deposits in the UAE revolve around 1%, although monthly increases are recorded due to the lack of risks, and the preference of many residents, citizens and companies in the country to keep their money in local banks.

important tributary

Banking expert Sheikha Al-Ali said: "Large deposits in banks constitute an important tributary that helps them provide financing and carry out their various operational activities."

She explained that "bank deposits in the country enjoy strong government guarantees, so banks operating in the country occupy the forefront of indicators of confidence and solvency in the Arab region and the Gulf states."

She added: "The last period, alternative investment opportunities declined to a large extent due to the spread of the (Corona) pandemic and its repercussions, and it is natural for the majority of funds to be pumped into banks, waiting for favorable opportunities, especially by wealthy owners."

• State banks occupy the forefront of indicators of confidence and financial solvency in the Arab region and the Gulf states.

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