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Current Account
A non-interest-bearing account that allows customers to perform various traditional banking operations, such as depositing and withdrawing through ATMs using a debit card. It can also be used for point-of-sale purchases within the available balance. Additionally, it allows check issuance and payment, as well as direct payment of service bills through phone banking or online services.
Advantages:
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Deposit and withdraw funds as long as the account is active and has available balance.
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Option to obtain a checkbook.
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Option to obtain a checkbook.
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Option to obtain a checkbook.
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Local and international money transfers.
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No minimum balance requirement to open the account.
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Account opening with a valid ID.
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Savings Account
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A flexible account that allows customers to deposit and withdraw funds at any time. It provides a secure way to save money, and depositors earn interest on the account balance. The interest calculation frequency may vary, either daily or monthly. Some banks may offer ATM cards with savings accounts, but checkbooks are typically not provided.
Advantages:
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Can be used for saving or short-term investment plans.
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Withdrawals and deposits can be made at any time.
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No salary transfer required.
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Most savings accounts earn interest on the deposited amount.
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Option to receive quarterly account statements.
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Some accounts may have a minimum deposit requirement for earning interest.
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Fixed Deposit
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A deposit account where a specific amount is deposited with the bank for a fixed period, and the bank invests it with a specified profit margin. If the customer requests a withdrawal before maturity, they may not receive the full accrued profit. Also known as fixed-term deposit or investment deposit.
Advantages:
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Requires a minimum deposit amount.
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No checkbook provided.
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No ATM card provided.
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Earns a fixed profit margin on the deposit.
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Option to extend the deposit period.
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Usually, the profit margin for a term deposit account is higher than the profit margin for a savings account.
The interest in Iraqi dinars and according to the period.
7% per month annually
7.5% every 3 months annually
8% every 6 months annually.
8.5% for one year
9% for two years.
The interest in US dollars and according to the period.
3.5% every 3 months annually.
4% every 6 months annually
5% for one year
6% for two years.
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الحساب المشترك
An account held by two individuals, allowing both account holders to make transactions, withdrawals, and trades.
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Minor Account
An account for minors, allowing them to deposit money with support and guidance. It encourages children to save and teaches them financial responsibility.
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Other Services
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Issuance of certificates and approved bonds.
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Issuance of certificates and approved bonds.
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Internal transfers through the Real-Time Gross Settlement (RTGS) system and receiving incoming transfers.
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Internal transfers through the Real-Time Gross Settlement (RTGS) system and receiving incoming transfers.
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Providing loans for small and medium-sized projects.
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Online banking services / Automated Clearing House (ACH) settlement.
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Providing balance confirmations to embassies in Baghdad upon customer request.
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Providing balance confirmations to embassies in Baghdad upon customer request.
