To open a savings account in UAE, you need to meet a few requirements like minimum salary and minimum balance maintenance. Few banks even charge high fees on non-maintenance of a minimum balance. However, banks in the UAE started providing accounts with no requirement of maintaining a minimum balance. This kind of accounts are dubbed as a Zero balance account.
Benefits of opening Bank Account in UAE
1. Bank account facilitates a safe custody of money
The bank is the custodian of cash. As and when the account holders needs the money can withdraw the same depending upon the type of account.
2. Bank account helps in making payments
The bank account holder can make payment to third parties through the savings and current account. The payment may be regarding electricity bills, insurance premium, etc. The bank also makes direct payment on the standing instructions of the customer.
3. Bank account helps in collection of money
The bank can directly collect money of the customer in respect of dividend, salary pension or from debtors. The collected money is then deposited in customer's bank account.
4. Bank account holders get advances and loans
The current account holder can obtain an overdraft facility from his bank. The recurring and fixed deposit account holders can get a loan up to 75% of the amount to their credit. The savings account holders can also obtain loans to purchase computers and such other equipment.
5. Bank account helps in smooth transactions
The bank account make it possible for the businessmen to conduct their business operations smoothly not only in the domestic trade but also in the foreign markets.
6. Bank account holders get a safe deposit locker
The bank provides safe deposit locker facility to its account holders to keep their valuables like gold jewellery, share certificates, property documents, and so on.
List of various banks and features of the zero balance facility:
- ADIB Smart Banking Account
- Commercial bank of Dubai(CBD) ESaver Account
- ADCB Active Saver Account
- FAB iSave Account
- RAK Bank Fast Saver Online Account
- HSBC Esaver Account
ADIB Smart Banking Account
- One of the best zero balance account in UAE
- Can open an account online, instantly
- Can get a personalized debit card
- No charges on non-maintenance of the account balance
- Get profit on every dirham available in the account
- No charges on ATM withdrawals at ADIB, UAE
- Can access the account using the smart banking mobile app
- Applicant must be 18 – 24 yrs student or should have a minimum salary of AED 5000
- Even non-income based individuals like housewives(with housewife visa status) are eligible
- Provides high discounts and offers on dining, entertainment, shopping, etc.
- Get can reward on referring friends
- One free transfer per month to other banks anywhere in the world
Commercial bank of Dubai(CBD) ESaver Account
- Need not maintain minimum balance in the account
- Zero maintenance charge
- Monthly average balances pull in up to 1.5% interest
- Three debits per month (transfers, payments, etc) from Esaver account
- It provides CBD Online Banking for customers
- Minimum salary requirement AED 5000
- UAE Nationals and Expats are eligible
ADCB Active Saver Account
- No minimum balance requirement
- Interest rate of up to 0.60%(p.a.) is provided on the account balance
- Up to 5 accounts can be opened per person
- UAE Nationals and Residents of age 21 years and above
- Only existing ADCB current account or savings account holders are eligible
- An initial deposit of AED 1000 is required
FAB iSave Account
- One of the Zero balance savings account in UAE
- Can get up to 1.68%(pa) interest rate on the balance maintained in the account
- No account opening charges
- No monthly fees
- No withdrawal limitations
- No minimum balance requirement on the account
- No charges for maintaining an account
- 5 utility payments or 1 cash withdrawal is allowed per month
- A maximum interest rate of 0.50%(pa) is provided
HSBC Esaver Account
- Zero balance account for UAE residents
- Can manage your money online
- No maintenance charges
- Interest rate of up to 0.10% is provided on the account balance
- Can withdraw money easily from the account
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