Burgan, the youngest commercial bank in Kuwait, has renewed its ladder deposit product with an enhanced feature that now ensures an extended term of up to 2 years.

Designed to cater to the premier segment’s needs, the ladder deposit will now provide customers with a more attractive product that yields higher returns. The longer the customer holds on to his deposit, the higher the return is, said a statement from the Kuwaiti bank.

The revamped product will enable customers to gain higher interest rates every quarter that will be credited to their accounts allowing them access to their fund any time, it stated.

In addition, the ladder deposit is designed to provide flexibility to the customer in accessing money on a quarterly basis without penalty. Customer has also the option of discontinuing the deposit after every quarter, it added.

Raed Al Haqhaq, the deputy chief executive (Kuwait) said: "Burgan Bank is pleased to revive the ladder deposit as part of its commitment to innovation in product offerings. We will continue to offer relevant products that cater to current demands and demonstrate our leadership in the banking community."

The ladder deposit has various tenors ranging from 3 months up to two years, with a minimum principal of KD25,000 ($82,741) and quarterly interest payable, he explained.  

This feature is part of the bank’s wide range of privileges and benefits designated especially for its premier customers, with the aim of enhancing their banking experience and supporting their needs on every level, he added.-TradeArabia News Service