Comparing Zero Balance Accounts

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.

What is a Zero Balance Account?  

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.

Significance of a Zero Balance Account

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:

  • No minimum salary required 
  • Zero deposit required at the time of opening the account
  • Individuals without any accounts with a specific bank are also eligible to apply for a zero balance account

Comparing Zero Balance Accounts in 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

Primary Characteristics of 0 Balance Accounts in UAE

Given below is the list of the fundamental features of the above-mentioned banks’ zero balance accounts:

  1. Mashreq Happiness Account
  • Instant account opening via online mode
  • Get up to AED 2,000 as a Welcome Bonus
  • No monthly fee
  • Bank account with no minimum balance
  • International online transfers are completely free
  • Earn Salaam Points worth AED 25 on five online transactions in a month
  1. FAB iSave Account
  • Profit rate of 2% per annum provided on new funds (between 1st February and 30th June)
  • No charges to open the account
  • No monthly maintenance fees
  • No limit on withdrawing money from the account
  • Instant opening of account through net banking and mobile application
  1. RAKBANK Fast Saver Account
  • No fees for account maintenance 
  • 5 Utility payments or 1 withdrawal allowed on a monthly basis
  • Interest rate of up to 0.5% (per annum) provided
  • Both AED and USD currencies valid for online savings account
  • Interest for your Savings Account paid every month
  1. HSBC e-Saver Account
  • Zero monthly fees account/ No maintenance charge
  • No minimum balance needed
  • Easy money transfers in the UAE and other countries in different currencies
  • Instant withdrawals
  • Online access to your account
  1. Emirates NBD Liv Account
  • Instant bank account opening via the LIV application
  • Free debit card with the opening of the account
  • Zero account maintenance charges
  • Interest rates up to 1.5%
  • Excellent discounts on entertainment and dining
  1. CBD Esaver Account
  • Instant online account opening
  • Up to 1% interest rate on the monthly average account balance
  • Online access to the account
  • Zero maintenance amount is required
  • Option to enjoy up to 3 debits every month
  1. ADIB Smart Banking Account
  • No minimum balance required to maintain the account
  • Debit card provided for free 
  • Provision to avail of salary transfer
  • Free transfer of money (domestically and internationally) once a month
  • Provision to open an instant online account
  • Housewives having the housewife visa status can also open the account
  • Students below the age of 24 (and having a valid student ID) can also apply 

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:

  • A valid Emirates ID
  • A valid Passport
  • Completed digital application form 

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:

  • Your original passport
  • A valid UAE residence visa
  • A valid Emirates ID for both UAE nationals and ex-pats

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:

  • A minimum monthly salary of AED 10, 000
  • Must be at least of age 18 years (minors are also allowed to open an account along with a parent/guardian)
  • Must be possessing a UAE Residence visa or an Emirati visa 

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.

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