31.7 billion dirhams in savings deposits in banks within 9 months

Savings deposits in banks recorded an increase of 31.7 billion dirhams during the first nine months of the current year 2024, reaching 304.5 billion dirhams at the end of the third quarter, compared to 272.8 billion dirhams at the end of last year, a growth of 11.6%, according to the latest data issued by the Central Bank.

The data also showed that the local currency, the dirham, accounted for the largest share of deposits, at 84.3%, equivalent to 256.6 billion dirhams, while the remaining percentage went to foreign currencies.

According to the Central Bank, national banks hold the largest proportion of savings deposits, amounting to 276.7 billion dirhams, equivalent to 90.6%.

Individuals prefer to keep their savings deposits in UAE banks for several reasons that reflect the strength of the banking system and the economic stability of the country, the most prominent of which is economic and financial stability, as the UAE enjoys a stable economic environment and strong financial policies, which enhances confidence in the banking sector.

Banks also enjoy high financial solvency and are subject to strict supervision by the Central Bank, in addition to competitive returns on deposits, as UAE banks offer competitive interest rates on fixed deposits, which makes them an attractive option for developing funds in addition to the diversity of banking products and services such as savings accounts and fixed deposit accounts. And gold savings accounts, which meet the different needs of customers.

Deposit guarantee is also one of the most important reasons for maintaining financial surpluses, whether for individuals or companies, in local banks. The banking sector is subject to a deposit insurance system that provides partial or complete guarantee for deposits in the event of a bank default, which reassures customers, all in addition to advanced technology and additional privileges such as cash back or… Loyalty points, along with deposit returns, free advisory services and additional benefits for individuals with large deposits.