Open bank account instantly with zero maintenance fees
Abu Dhabi Islamic Bank is one of the most preferred Islamic banks in the UAE offering numerous products and services. The latest offering from the bank is Banoon Children’s Savings Account, specially designed for minors. The account is Sharia compliant and based on the principles of ‘Mudaraba’ for profit generation.
ADIB Banoon Children’s Savings Account has some distinct benefits like higher expected profit rates, no maintenance fee, etc. It also offers a prepaid debit card ‘Darhoom’ for easy access to funds. The savings account is backed by services like mobile banking, standing instructions facility and accepts multiple international currencies. The profit is credited into the account on a quarterly basis.
The Banoon Children’s Savings Account offers numerous benefits and services as per the child’s need. Some key features of ADIB Banoon Children’s Savings Account are mentioned below:
* Darhoom is an interactive cartoon character developed by the bank to teach children about savings in an easy way.
Given below are the latest profit rates based on the deposits in the Banoon Children’s Savings Account.
|Particulars||5000 - 10,000||10,000 - 25,000||25,000 - 250,000||> 250,000|
Note: The profit rates can fluctuate without prior notice.
Given below is the list of eligibility criteria that an individual needs to fulfil to open the Banoon Children’s Savings Account.
To open a Banoon Children’s Savings Account, an individual needs to submit a few documents as identity and address proof. Given below are the documents required to apply for ADIB Banoon Children’s Savings Account.
For Non-Residents of UAE
For Residents of UAE
ADIB offers a smooth and easy application process to open Banoon Children’s Savings Account. An individual can apply for the account either through online or offline mode or by making a phone call. Following are the ways to apply for ADIB Banoon Children’s Savings Account.
|Apply by Phone within UAE||Phone no. 600503033|
|Apply by Phone outside UAE||Phone no. +97126100600|
Q1: What is the minimum deposit required to open the ADIB Banoon Children’s Savings Account?
Ans: An individual needs to deposit a minimum of AED 1,000 to open the Banoon Children’s Savings Account.
Q2: Are there any charges or fees applicable on ADIB Banoon Children’s Savings Account?
Ans: No, Abu Dhabi Bank does not levy any monthly or annual charges on this bank account.
Q3: How much amount is required in the account to earn profit?
Ans: A minimum amount of AED 5,000 is required in ADIB Banoon Children’s Savings Account to earn profit.
Q4: How much is the profit rate on ADIB Banoon Children’s Savings Account?
Ans: The profit rate depends on the funds deposited in the Children’s Savings Account. The profit rate ranges from 0.31% to 0.61%. As per the latest rates, a maximum of 0.62% is provided on deposits greater than AED 250,000.
Q5: What are the banking services provided by ADIB on Banoon Children’s Savings Account?
Ans: Abu Dhabi Islamic Bank provides prepaid debit cards (Darhoom Debit Card) for children to access funds from the savings account. ADIB also gives the facility of a mobile app for easy operation of accounts. Apart from these, the standing instructions facility can be used for transferring funds to a child’s account periodically.