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Interest hike for fitness freaks

UAE bank Emirates NDB has launched a new account that offers money off for customers who use a wearable device to track their health. Called Emirates NBD Fitness Account, it will allow customers to earn up to 2% annual interest on their balances by doing more physical activity. Customers will start with a base rate of 0.25%, with interest rates rising depending on how many steps they take each day. It will climb to 0.5% when they clock 5,000 steps, then 1% for 8,000 steps, reaching 2% when they pass 12,000 steps. The steps taken will be measured by a wearable device such as an Apple Watch and by using the bank’s Fitness App, which translates the steps to interest on the account balances at the end of each day. The bank’s senior EVP for retail banking and wealth management Suvo Sarkar said the Fitness Account heralds a new phase in digital banking as it effectively combines customers’ health and lifestyle goals with their banking needs.

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