This Monthly Savings Account shall be governed by the Retail Current Account Terms & Conditions in addition to the terms and conditions outlined in this Agreement. In the event of any discrepancies between the terms and conditions under this Agreement and the Retail Current Account Terms & Conditions, this Agreement shall prevail.
1.1 In this Agreement:
1.2 In this Agreement:
The Savings Account is designed to provide the Customer with a Shariah-compliant savings solution, where the Customer irrevocably authorizes D360 Bank to utilize the funds deposited within the Savings Account to invest through Mudaraba in treasury within a dedicated pool which includes the funds of D360 Bank, and all lending activities in accordance with the terms and conditions of this Agreement. The Customer acknowledges the risks associated with the opening and operating of a Savings Account, and the terms and conditions of this Agreement shall be deemed accepted and binding on the parties once the Savings Account is opened.
3.1 The Customer shall open a current account with D360 Bank prior to opening a Savings Account.
3.2 The number of Savings Account that a Customer may open is subject to D360 Bank’s sole discretion. D360 Bank reserves the right to limit or modify the number of accounts based on its policies, regulatory requirements, or any other factors it deems necessary.
3.3 Customers may deposit funds into a Savings Account at any time.
3.4 The Savings Account does not require a minimum balance to be opened.
3.5 The Customer acknowledges that regular bank-tariff charges apply.
4.1 The profit-sharing ratio is as follows: (i) 80% for the Customer; and (ii) 20% for D360 Bank.
4.2 The profit generated by D360 Bank under the Savings Account is calculated after deducting the expenses and costs related to the dedicated investment pool, relative to the fund’s contribution within the overall financing and investment pool, which may defer based on the nature, scale and Investment Term.
5.1 Profits are calculated based on the lowest daily balance recorded in the account during the Gregorian calendar month.
5.2 The daily balance is determined as the minimum account balance maintained between 00:00 and 23:59 on each day.
5.3 The Customer must maintain a minimum balance of SAR 1,000 or more to be eligible for profit. If the lowest daily balance is below SAR 1,000 at any time during the month, the Customer will not receive any profit for that month.
5.4 Deposits must be made at least one Working Day before the first day of that month in order to be included in the next month's profit calculation.
5.5 Any amount withdrawn during the day reduces the balance for profit calculation purposes and is excluded from the Mudaraba for that day.
5.6 If the actual return exceeds the Expected Profit Rate, D360 Bank shall retain the surplus as a bonus for good performance. Should the return not meet the Expected Profit Rate, the Customer shall receive the actual profit only and D360 Bank, at its absolute discretion, may cover the difference between the actual profit and the Expected Profit Rate from its own resources.
5.7 All calendar days in the month, including weekends and Saudi public holidays, are included when determining the lowest daily balance.
5.8 Profits for a given month are credited on the first day of the following month at 09:00, including weekends and Saudi public holidays.
6.1 D360 Bank does not guarantee profit generation during the Investment Term nor the preservation of the Customer's capital.
6.2 D360 Bank is not liable for any losses, except in cases of fraudulence, willful misconduct, or gross negligence on part of D360 Bank or its officers.
7.1 D360 Bank reserves the right to close the Savings Account and liquidate any remaining balance under the following circumstances:
7.2 Should D360 Bank close the Savings Account pursuant to Article 7.1, D360 Bank shall provide the Customer with advance notice of its intent to close the Savings Account. If the Customer does not finalize the required procedures within 30 days, D360 Bank may proceed with the Savings Account closure. Any outstanding balance shall remain as is at the date of closure and will be payable to the Customer upon request.
7.3 If the account is closed before the end of the month, the Customer will not receive any profit for that month.
8.1 For newly opened Monthly Savings Accounts, a special Grace Period applies to the first deposit, which supersedes the standard deposit timing requirements outlined in Article 5.4.
8.2 The Grace Period commences from the moment of successful account creation and extends until 23:59 on the next Working Day (“Grace Period”).
8.3 During the Grace Period, the Customer may make their deposits to qualify for profit calculation in the account opening month, subject to the following conditions: (a) the balance must be SAR 1,000 or more to meet minimum eligibility requirements as per Article 5.3; (b) the Grace Period must end at least one full Working Day before the last day of the calendar month; and (c) the balance snapshot for profit calculation purposes will be taken at the end of the Grace Period.
8.4 If the Grace Period ends on the last Working Day of the month or later, any deposits made during the Grace Period will only qualify for profit calculation starting from the following calendar month.
8.5 For accounts where deposits are made within the Grace Period and the balance is above the threshold: (a) profit for the first partial month will be calculated on a pro-rata basis from the day following the Grace Period end date through the last day of the month; (b) the profit rate applied will be determined by the balance recorded at the Grace Period end time; and (c) the pro-rated profit will be credited on the first day of the following month at 09:00 as per standard practice.
8.6 Deposits made after the Grace Period expires will be subject to the standard deposit timing requirements outlined in Article 5.4, requiring deposits to be made at least one Working Day before the first day of a month to qualify for that month's profit calculation.
8.7 The Grace Period is a one-time benefit available only upon initial account opening. No subsequent Grace Periods will be offered for any reason, including but not limited to account reactivation, balance restoration, or subsequent deposits.
8.8 From the second calendar month onwards, all profit calculations shall follow the standard monthly minimum balance methodology as outlined in Article 5, regardless of when the initial deposit was made.
9.1 The Customer agrees to promptly pay all sums and fees due to D360 Bank, if any, free and clear of any deductions, offsets, or withholdings of any nature, including but not limited to taxes or charges of any kind.
9.2 D360 Bank does not provide a MADA ATM card nor issues a checkbook for the Savings Account.
9.3 D360 Bank, at its absolute discretion, reserves the right to modify the profit-sharing ratio and the Expected Profit Rate, revise the qualifying balance for profit distribution, or any other Savings Account-related terms and conditions, provided that D360 Bank notifies the Customer of such modifications fifteen (15) days prior to the date the modifications taking effect. If the Customer does not submit a request to cancel or close their account before the modifications are in effect, the Customer shall be deemed in acceptance of such modifications.
9.4 Notifications between the parties shall be exchanged by registered means of communication (i.e., application, phone number or email).
9.5 If any part of this Agreement is or becomes invalid, illegal or unenforceable in any respect, it shall be deleted and the remaining parts of this Agreement shall continue in full force and effect.
9.6 This Agreement shall be governed by and construed in accordance with the laws of the Kingdom of Saudi Arabia. Any disputes arising out of or in connection to this Agreement, which cannot be settled amicably, shall be finally resolved by the competent authority.
9.7 This Agreement is executed in both the Arabic and English languages. In the event of any inconsistencies between the languages, the Arabic language shall prevail.
