Emirates Islamic Bank is one such bank offering exclusive Islamic banking products in the UAE, with the Emirates Islamic Bank zero balance accounts being among the most preferred savings accounts in the UAE.
By going through this article, you will be acquainted with all the essential facts about various zero balance account opening banks in the UAE. Some key aspects in focus here are the importance of a zero balance savings account, points to remember before opening the account, a comparison of different zero balance accounts in the UAE, and many more.
As the name implies, a zero balance account does not require an account holder to maintain a minimum balance in their savings bank account, i.e., a bank account with no minimum balance. Thus, if you ever fail to keep even a nominal balance in your account, the financial institution in question will not charge any amount.
At the same time, this ‘zero balance’ advantage comes with a demerit too. Unlike a normal savings bank account, there is a limit on the number of transactions you can make. In case the individual makes additional transactions and exceeds the maximum limit, the bank may levy a fine.
Having a zero balance savings account can especially prove beneficial in emergency situations. For instance, if you immediately require funds in any medical urgency, you will be able to withdraw the entire amount without hesitating about a zero balance.
Listed below are some other advantages of having a zero balance account with several leading banks in the UAE:
The below-mentioned table will help you understand the primary benefits of a zero balance account with some of the popular banks in the UAE.
|Account||Mashreq Happiness Account||Fab iSave Account||RAKBANK Fast Saver Account||HSBC eSaver Account||Emirates NBD Liv Account||CBD E- Saver Account||ADIB Smart Account|
|No Deposit Required Initially||✔||✔||✔||✖||✔||✔||✔|
|No Minimum Salary Requirement||✖||✔||✔||✖||✔||✖||✖|
|Zero Maintenance Charges||✔||✔||✔||✔||✔||✔||✔|
|No Minimum Transactions Per Month||✔||✔||✔||✔||✖||✔||✔|
|Maximum Interest Rate (Per Annum)||✖||✔||✔||✔||✔||✔||✔|
|Existing Account Not Required||✔||✔||✔||✔||✔||✔||✔|
|Can be Opened Online?||Yes Click here to know more||Yes Click here to know more||No Click here to know more||Yes Click here to know more||Yes Click here to know more||Yes Click here to know more||Yes Click here to know more|
Given below is the list of the fundamental features of the above-mentioned banks’ zero balance accounts:
Some more details regarding zero balance accounts in the UAE are provided below.
Q1: What documents must an individual submit when opening a zero balance account in Mashreq bank?
Ans: To open a Mashreq Happiness account, one may be required to submit these documents:
Q2: Is there any initial amount that needs to be deposited after opening the zero balance account?
Ans: Every bank has its own terms and conditions. Some banks ask for a deposit at the time of initiation, while other banks may open without requiring an initial account. One should refer to the website of the bank with which they wish to open their zero balance account.
Q3: Can an 18 year below individual open a zero balance savings account?
Ans: A few banks allow minors to open a zero balance savings account either with a student ID card or along with a guardian in a joint application.
Q4: What are the documents required to open an ADIB Smart Banking account?
Ans: You can be asked to present the following documents to open an ADIB Smart Banking account:
You can always verify such requirements for any bank of your choice by checking out its banking service agreement, key fact statement, and terms and conditions for the financial product of your choice.
Q5: Is it possible to instantly get a report of previously made transactions in a zero balance account?
Ans: Yes, if you have the provision of online banking with your bank, you can generate a copy of previous transactions in a short while.
Q6: What are the eligibility criteria for opening a Mashreq Happiness Account?
Ans: To open a Happiness Account with the Mashreq bank, an individual must meet the following criteria:
Q7: Can a UAE expat open a zero balance account?
Ans: Yes, most banks in the UAE allow all UAE nationals, residents, and ex-pats to open a zero balance account.
Q8: What are the benefits of using an online UAE zero balance account?
Ans: By installing a bank’s app or using online banking, one can instantly make transactions, transfer money to another account, check the remaining balance, and complete several such procedures comfortably from their home.