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UAE Banks Raise One-Year Deposit Rates to 5.5 Percent
Major lenders including Mashreq and First Abu Dhabi Bank increased rates on one-year deposits and added cash bonuses to attract customers amid competition from digital banks.
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UAE banks have increased rates on one-year deposits and introduced cash bonuses for new customers. 25 percent, and Emirates NBD offers 5 percent. The higher rates come as UAE banks compete with digital rivals and manage risks tied to regional conflicts.
Some banks now pay cash bonuses to depositors who open new accounts. @Reuters reported the moves reflect efforts by traditional lenders to retain funds that might otherwise move to online platforms offering competitive terms.
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