Stumbled upon the all-new CB Flexi Call Account at Commercial Bank yet? If not, here's the information you need to know.
The ILoveQatar.net (ILQ) team is here to give you insight into essential details about this new account type at Commercial Bank that promises to be rewarding!
The latest CB Flexi Call Account at Commercial Bank offers an offering for a limited period of until 10 February 2024, which gives you the flexibility to save money, earn money, withdraw at your convenience and even benefit from earnings of almost 3.75% per annum.
The CB Flexi Call Account offers benefits in three different ways; being regular interest, smart interest and bonus interest.
Regular interest allows your savings to grow continuously from the time of opening your account. The earnings-on-call Call Account balances can be up to 0.75%.
Save smartly by saving at least QR 1,000 monthly towards your call account by setting up a standing order and receive the smart interest of 1.00% on your total balance.
Note: Smart Interest applies only if monthly standing order amount are kept in the account every month.
The Bonus Interest feature of the account is a limited offering which provides you with an additional bonus interest of 2.00% on new money worth QR 1,000,000 and more saved into the CB Flexi Call Account.
Note: The Bonus Interest offer is only valid from 10 May to 10 February 2024.
A key feature of the CB Flexi is the Sweeping facility function, which prevents your cheques from bouncing back!
There are four types of balance orders that you can opt for within the Sweeping facility function being; real-time, limit, surplus & deficit.
Within the Deficit Balance Order, you would specify a minimum amount, and if the account balance is below this mentioned figure, the amount will be transferred by the end of the day to the balance order from the funding account/accounts.
In the case of the Surplus Balance Order, a maximum amount will have to be specified, and if the account balance exceeds this amount, the excess funds will be transferred to one or more receiving accounts by the end of the day from the balance order account.
The Limit Balance Order maintains a balance between the maximum and minimum limits and executed fund transfers at the end of the day, subject to if the balance is above or below the limits.
Real-time Balance Orders are fulfilled during business hours. In the case of a debit rejection due to insufficient funds, the system checks if the real-time balance order exists on the account. The transfer will be fulfilled if the balance order is found and the required amount is available.
Cover image credit: Commercial Bank
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