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 Business Return Account

 Business Return Account

17-07-2024
​Business Returns Account is a savings for institutional customers (corporate or government) to invest their funds in a Shariah-compliant manner with daily profit calculation based on the Wakalah contract and offering earnings based on the time the deposit is maintained in the account, with no minimum period restrictions for the amount to be in the account. The customer will be informed of the estimated profit rate linked to the benchmark (SAR: SAMA Reverse Repo Rate). 

What Are the Features of ​Business Returns Account?


  • Offered in Saudi Riyal & US dollars
  • Profit calculation on the daily closing balance is subject to meeting the minimum deposit threshold (SAR 10 million or USD 2.5 million).
  • Profit is paid to the account on a monthly basis.
  • The customer will be informed of the anticipated profit rate while creating an account linked to the reverse repo or USD benchmark.
  • An active current account is a prerequisite to opening a Business Returns Account.
  • Accounts can be opened via business internet banking or by visiting the nearest branch.
  • Special Terms and Conditions appendix to be signed by the customer
  • Customers can deposit or withdraw funds as and when required*
    To view the terms and conditions for Business Return Account, click here


What are the Requisites?

  • You only need to have a current account with Bank Albilad.click here
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How to open your ​Business Returns Account?

  • login to business internet banking by an authorized user of the company. 
  • Choose Account from the side menu.
  •  Choose Business Returns Account under Accounts.
  • Fill in the required information.
  • Confirm the filled in information, view and accept the Terms and Conditions
  • Enter OTP validation .
  • Account has been created successfully, the new account will start showing up in  Albilad Business Net under list of accounts.

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FAQ


Can the customer transfer from the business returns account to his current account?

Yes, the customer can transfer the amounts from the business returns account to his current account and from the current account to the business returns account.
 

Can the customer issue a debit or credit card, or can he benefit from the facilities granted by the bank?

The customer cannot issue any type of card and can benefit from the facilities provided by Bank Albilad.
 

Are there monthly returns from the amount saved in the business returns account?

Yes, a business return account offers monthly returns based on the customer's daily balance.
 

How are profits calculated?

Profit calculation is on a daily basis and is credited to the customer's account at the end of the month, and the minimum daily return for the customer is SAR 10 million.
Profit = (Today's Closing Balance ×% Rate of Return) / (360)

What is the percentage of profits?

Monthly returns are based on the reverse repo agreement rate set by the Saudi central bank.

Example for Business Returns Account in SAR

  • Profit calculation on daily closing balance subject to meeting minimum deposit threshold.
  • Profit paid to the account on monthly basis.
  • The customer will be informed of the anticipated profit rate while creating the account.

Account Currency

10,000,000

Minimum Daily Closing balance

3.50%

Expected/Anticipated profit rate

972.22

Expected/Anticipated profit Amount



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All Rights Reserved © 2024 Bank Albilad is a Saudi joint stock company, with National Unified No. 7001473102, Head Office: Al Mutamarat 8229, Building No 2, RIYADH 3952 - 12711, KSA. Under monitoring and supervision of Saudi Central Bank and licensed by Royal decree 48/M on 1425/9/21H (4/11/2004 G).


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