Open Bank Accounts Online in UAE

Open Bank Account in Just a Few Clicks

Bank accounts allow individuals to deposit and save their money for future purposes. With a bank account, you can also earn interest at competitive rates on your deposited funds. There are multiple types of bank accounts in the UAE, including savings accounts, current accounts, business accounts, and more. For each bank listed below, you can click on the respective 'Open Account' button to open the account: 

Types of Bank Accounts in the UAE 

Mentioned below are the different types of bank accounts in the UAE along with the top bank accounts under each section:

1. Current Accounts

A current bank account UAE caters to frequent transactions for businesses or individuals. While current account doesn't typically accrue interest, it facilitates unlimited transactions. This makes it ideal for regular operations.

 

2. Saving Accounts

A saving bank account is a secure place to deposit money for personal savings. Saving account UAE offers interest on deposited funds, encouraging financial growth while allowing easy withdrawals and transfers.

 

3. Business Accounts

Tailored for commercial entities, business bank accounts in UAE allow business-specific transactions, assist in payroll, and often provide perks like merchant services.

Name of the Bank Name of the Account
Emirates NBD ENBD Prime Banking
Abu Dhabi Commercial Bank ADCB Premium Current Account
Commercial Bank of Dubai CBD My Business Account
First Abu Dhabi Bank FAB Business Advantage Account
Abu Dhabi Islamic Bank ADIB Business Elite Account
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4. Salary Accounts

As the name suggests, salary accounts are designed to disburse monthly salaries directly to employees. These accounts ensure convenience for employees and offer benefits like zero balance requirements and additional perks. There are many other benefits of salary accounts in UAE.                                                      

Name of the Bank Name of the Account Minimum Salary Requirement Minimum Balance Requirement
Abu Dhabi Islamic Bank ADIB Current Account NA AED 3,000
Standard Chartered Bank SCB Salary Account NA AED 0
Emirates NBD ENBD Standard Current Account NA AED 3,000
Emirates Islamic Bank EIB Current Account NA AED 0
RAKBANK RAK Salary Transfer Account AED 5,000 NA
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Features and Benefits of Bank Account in the UAE

A bank account is a useful financial instrument with various features and benefits. From helping you save efficiently and simplifying transactions to facilitating bill payments, offering debit card convenience, and ensuring the safety of your funds, a bank account serves as an essential cornerstone for managing your finances effectively.

Lets take a look at the salient features of bank accounts in UAE — 

Efficient Strategy for Savings

A bank account serves as a smart way to save money. By depositing funds into your account, you are not just storing money but also earning more through interest. Thus, over time, your savings grow without requiring you to do much.

Convenient Transactions

A bank account in the UAE allows you to easily manage your money by providing a platform for various transactions. Whether its receiving your salary, transferring money to friends or family, paying bills, or simply depositing or withdrawing cash, your bank account streamlines these tasks. 

Instead of dealing with physical money, you can perform these actions digitally or through a bank branch, making transactions more convenient and secure.

Easy Bill Payments

Paying bills becomes hassle-free with a bank account. You can set up automatic payments for recurring bills like rent, utilities, or subscriptions. Several banks also offer online or mobile banking services, enabling you to pay bills instantly from the comfort of your home. 

This convenience ensures that you never miss a payment deadline, avoiding late fees and keeping your finances in order effortlessly.

Utilisation of Debit Cards

A debit card linked to your bank account in UAE serves as convenient tool for accessing your funds. These cards allow you to make purchases online or in stores and even withdraw cash from ATMs.

The money spent using a debit card is directly deducted from your account, helping you manage your expenses and easily track your spending. They also provide a safer alternative for transactions by eliminating the need to carry large amounts of cash.

Safe to Keep Money

Banks are known for their safety measures. Keeping your money in a bank account ensures that its protected from theft or loss. Banks employ security protocols to safeguard your funds. This means that even in unlikely scenarios of bank failure, your money is protected up to a certain amount.

This safety net gives you peace of mind, knowing that your money is secure while it continues to grow through interest

Eligibility criteria for opening a bank account in the UAE

Mentioned below are the general eligibility criteria for UAE bank account opening-

  • Age - Each bank has set age criteria for opening a bank account. Usually, the minimum age required is 18 years, although some other banks specify 21 years as the minimum age.
  • Minimum Salary - There is no particular minimum salary requirement to open bank account in Dubai or any other Emirate. Each bank account has its own criteria — some bank accounts don’t even require any minimum salary. Before applying, you must check with your respective bank to know if there is any minimum salary requirement.
  • Nationality - All residents, including nationals and expatriates, are eligible to open bank accounts in the UAE.
  • Salary Transfer - Some financial institutions mandate salary transfers as their eligibility criteria for Dubai bank account opening. However, there are bank accounts that don’t require individuals to transfer their salaries. 

Documents Required to Open a Bank Account in the UAE

Here is a checklist of the documents required for the bank account opening process in the UAE —

For Resident Individuals

  • Valid Emirates ID
  • Valid passport
  • Valid proof of address
  • Latest bank account statements
  • Salary certificate

For Non-Resident Individuals

  • Valid passport
  • Valid proof of employment or self-employment (salary letter, bank statement, or trade licence)
  • Valid address proof (utility bill, bank statement, or reference letter from bankers)

For Companies

  • Valid Emirates ID of the authorised signatories
  • Valid passport of the authorised signatories
  • Memorandum and Articles of Association
  • Power of Attorney (If applicable)

Note: Your bank may ask for additional documents for UAE bank account opening as per its requirements.

How to Open Bank Account Online in UAE?

Multiple channels are available through which you can open a bank account in UAE — 

Open a Bank Account Via Policybazaar UAE

With Policybazaar.ae, you can seamlessly open bank account online UAE. Here are the steps for the same — 

  • Step1- Visit our official website and click on the ‘Banking Products’ drop-down.
  • Step2- Select ‘Open Bank Accounts’.
  • Step3- Fill out the form on the next page with accurate details.
  • Step4- Once directed to the quotes page, go through the list of available accounts.
  • Step5- Read their features, benefits, and terms and conditions to find the appropriate product.
  • Step6- Select the most suitable one and submit your request by filling in the form.
  • Step7- One of our representatives will get in touch with you shortly for further procedures.

Open a Bank Account Via Bank’s Website

  • Step1- Visit the respective bank’s official website.
  • Step2- Move to the bank account section and choose the desired bank account.
  • Step3- Locate the ‘Apply Now’ button.
  • Step4- Fill in the required details and upload the necessary documents.
  • Step5- Submit the form after completing it, after which you will get a revert from the bank authorities for further steps regarding new bank account opening UAE.

Open Bank Account Via Offline - Bank's Branch

For new bank account opening in the UAE, you can also visit your nearest bank branch in person. Make sure to carry all the necessary documents to avoid any hassle during the bank account opening process.

FAQ's on Open Bank Account

Can I open a banking account for my child in the UAE?

Yes, many banks allow you to open a savings bank account for your child in the UAE. Several banks also have special accounts for minors which provide higher rates of interest.

Who will control my child’s account?

Till the minor does not 18, the bank account will be run and controlled by the signed guardian or parent(s). Once the child turns 18, the control of the banking account will be transferred to the account holder. Please note that the age for transferring the bank account may vary from 16-21 according to the bank.

Would I have to pay extra if my banking account stays dormant?

While most of the banks do not charge you an additional fee for a dormant account, you are required to maintain a minimum monthly balance to avoid attracting monthly account maintenance charges or penalties.

What happens to my bank account if I die?

In case you are a UAE National, the bank will freeze your account, and the amount in your account will be granted to the nominee mentioned in your bank form. If you are an ex-pat, your bank accounts will be frozen until the court in the UAE grants probate. Once sanctioned by the court, the amount will be released to your nominee.

Can I close my bank account?

Yes, the bank allows you to close your bank account. However, most banks will charge you an account closure fee if you close your account within 12 months of opening it.

Will the bank close my bank account if I do not use it?

Usually, the bank does not interfere with your activities if you have maintained a minimum balance. However, in some cases, the bank may decide to close your banking account if it has been inactive for a long time. In case the bank decides to take any action on your account, the bank will send you a mail requesting immediate action on the matter.

Can I connect my bank account to my phone wallet?

Yes, banks in the UAE allow you to connect your bank account to your phone wallet to make easy payments all around. You can use Apple Pay, Ewallet, PayBy, Google Pay, PayPal, Samsung Pay, and other platforms to make payments from your banking account.

What currency can I use to open a banking account in the UAE?

Various banking accounts have different currency preferences as per the banking account. For instance, a savings account in a bank may accept USD, AED, GBP, and other currencies while a current account in the same bank may not accept any other currency except AED. However, you have the option of using foreign currency in almost every bank. However, you are advised to check if the banking account of your choice accepts payment in foreign currency.

Can I transfer my funds from one bank account to another bank?

Yes, you can transfer your account funds from one bank account to the other.

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