Posted on April 12, 2020

As part of Qatar Islamic Bank's (QIB) continuous efforts to encourage customers to use digital channels to complete all their banking transactions, the Bank has launched a new Corporate Deposit Only Card. This card allows large corporations, as well as small and medium-sized enterprises (SMEs), to deposit cash or cheques in their accounts at any time through QIB's self-service Cash & Cheque Deposit Machines (CDMs) available across the country at 40 different locations.

The new card is a deposit-only card that is linked to the corporate account. The card provides a convenient, risk-free and secure method for businesses which frequently deposit cash or cheques. The cardholder, designated by the company, is only allowed to deposit cash or cheques to ensure full privacy and confidentiality of the company's accounts details. No other transactions or inquires related to the company's financial information are allowed.

Mr Tarek Fawzi, General Manager, Wholesale Banking Group, said: "We are always researching and looking for ways to improve the banking experience for everyone that banks with us. Given the current circumstances related to COVID-19, we have prioritized the launch of this new service to further protect our customers and employees, while making depositing cash easier and more secure. With the Corporate Deposit Only Card, company representatives no longer have to frequently queue at the bank waiting to deposit their earnings, they can now do so instantly through any of our 24/7 Cash & Cheque Deposit Machines. "

Corporate & SMEs customers can apply by downloading the application form from the QIB website and submitting it to the Corporate Branch at Grand Hamad Street from Sunday to Thursday from 7:30 am to 12:30 noon. A number of cards can be issued under the same corporate main account to designated employees selected by the company. The cards will be delivered through QPost and the company's authorized signatory can active the cards by calling the Bank's Call Center or through any of QIB's ATM. With the Corporate Deposit Card, representatives can easily and quickly deposit money at any time of the day, on any day, including public holidays, through one of QIB's 40 CDMs. These are available in convenient locations across the country and in QIB's main branches.

Once activated, a unique pin code will be provided for each deposit card. The card can be easily reconciled, and deposits monitored, through QIB's recently upgraded Corporate Internet Banking portal. Once the cash or cheque has been deposited, a receipt will be provided by the machine and a notification SMS will be sent to the registered mobile number.

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