Emirates Islamic Bank Zero Balance Accounts

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Islamic and conventional banking products are at par when it comes to popularity in the UAE. Several banks in the UAE offer both conventional and Islamic banking products, while others only offer one of the two. 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. 

Let’s cover all the options in the zero balance account category offered by Emirates Islamic Bank. 

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Benefits of Emirates Islamic Zero Bank Balance Accounts 

  • No Minimum Balance Requirements: As the term suggests, a zero balance account in Emirates Islamic Bank doesn’t require you to maintain a minimum balance in your account. Consequently, with the absence of any fall-below fee, you can add funds to your account and utilise them at your convenience. 
  • Multiple Currency Options: Several Emirates Islamic Bank zero balance accounts come with different currency options. For instance, the e-Savings account, offered by Emirates Islamic bank, is available in both AED and USD currencies. Customers can easily choose any currency option that satisfies their requirements the best. 
  • High Profit Earning Rates: Emirates Islamic Bank zero balance account offers high interest rates going up to 1% per annum. The interest is calculated as per the individual rules of each zero balance account in Emirates Islamic Bank and the chosen currency. The account balance also plays a key role here, as slab-wise interest rates are offered as per the balance.
  • Online Operations: Operating a zero balance account in Emirates Islamic Bank is quite easy, as you can use platforms like net banking and mobile banking from the comfort of your home. You need to log in using your customer id and password to access your Emirates Islamic Bank zero balance account, using which you can make transactions as well. 
  • Multiple Options: As mentioned earlier, Emirates Islamic Bank offers multiple options for zero-balance savings accounts, with the e-Savings and Emirati Family Savings accounts being the two different types of zero balance accounts offered by the bank. 

Types of Emirates Islamic Bank Zero Balance Accounts

There are mainly two types of Emirates Islamic Bank zero balance accounts in the UAE – e-Savings and Emirati Family Savings accounts. e-Savings account is available for all individuals who qualify for the minimum eligibility of the bank. Emirati Family Savings account, on the other hand, is a joint account for the whole family but only available for UAE nationals. 

Discussed below are all the key details of these Emirates Islamic Bank zero balance accounts in the UAE. 

Emirates Islamic e-Savings Account 

The Emirates Islamic e-Savings account is an online account designed to help you grow your savings significantly. The e-Savings account is a completely online account, meaning that it can be opened and operated using online platforms only. 

Let’s cover all the important details related to this Emirates Islamic Bank zero balance account. 

Features of e-Savings Account 

  • You can open and manage this Emirates Islamic Bank zero balance account using Emirates Islamic net banking and mobile banking platforms 
  • This zero balance account in Emirates Islamic Bank can be opened using your current net banking portal 
  • The e-Savings account can be opened in two different currencies – USD and AED 
  • Up to 1% profit rates are offered for this zero balance account in Emirates Islamic Bank 
  • AED accounts can enjoy a maximum of 1% per annum profit rates while USD accounts can enjoy up to 0.90% per annum profit rates 
  • Unlimited online transactions can be made from this Emirates Islamic Bank zero balance account 
  • While the transactions are allowed from your e-Savings account, the profit calculation for a month will be impacted by every debit transaction 

Emirates Islamic e-Savings Account Eligibility Criteria

  • An existing net banking account with Emirates Islamic Bank is required 
  • Existing Emirates Islamic customers can open an e-Savings account with the bank 
  • New customers will be required to open a basic savings or current account with Emirates Islamic Bank first and obtain net banking login credentials or NET ID. 

Note: No minimum initial deposit or minimum monthly balance is Emirates Islamic e-Savings Account Profit Rates required as part of the eligibility criteria.

Slab – AED  Savings Range – AED  AED Account Annual Profit Rates (expected) USD Account Annual Profit Rates (expected)
e-Savings 5K 5,000 to 50,000 0.40%  0.20% 
e-Savings 50K 50,000 to 3.5 million  0.60%  0.40% 
e-Savings 3.5 million  3.5 million - 25 million 1.00%  0.60%
  Greater than 25 million  0.80% 0.60% 

Important: In case of a debit transaction from this Emirates Islamic Bank zero balance account in any particular month, the profits will be calculated on the prevalent savings account profit rates. However, this only applies to the month in which the debit transaction has been recorded. Special profit rates of the e-Savings account will be restored from the next month onwards. 

Additional Current Offers on Emirates Islamic e-Savings Account

New customers of e-Savings accounts are eligible to get higher profit rates across all savings account profit slabs. The following are the details of this special offer:

  • AED accounts can enjoy 1% per annum profit rates for all savings account slabs 
  • USD accounts can enjoy 0.90% per annum profit rates across all savings account slabs 
  • The maximum balance eligible for this profit rate is capped at AED 25 million 
  • The offer is valid for the first 3 months after opening their e-Savings account for new users
  • The month in which the account is opened will also be included in the three-month offer validity timeline 

Documents Required for e-Savings Accounts 

As the account is only available for existing Emirates Islamic customers, additional documents are not required to be submitted. Eligible customers can simply go ahead and open this Emirates Islamic Bank zero balance account by following the steps discussed below. 

How to Open Emirates Islamic e-Savings Account?

  • Open the Emirates Islamic net banking portal and log in using your current account credentials 
  • Open the “New Accounts” tab from the menu of your net banking platform 
  • Select e-Savings as the product type of your new account 
  • Pick the currency you desire for your e-Savings account next 
  • Examine the terms of the account once before submitting the request 
  • Submit the details and open your e-Savings account instantly 
  • You can now transfer funds to this Emirates Islamic Bank zero balance account using online banking services 

Emirates Islamic Emirati Family Savings Account

Emirati Family savings account is a special type of zero balance account in Emirates Islamic Bank. Designed specifically for UAE Nationals, this account is opened as a ‘household’ where one member is the primary member (or the account holder) and the rest are secondary members. 

It must be noted that all members get their separate accounts and credential to operate them. The profit here is calculated on the pooled amount of all members of the account. One of the most remarkable aspects of this special type of joint Emirates Islamic Bank zero balance account is the complete privacy accorded to all the members. 

Given below are the major features of this account in detail: 

Features of Emirati Family Savings Account

  • Emirates Islamic Emirati Family Savings Account is a profit-bearing account based on the Sharia concept of banking 
  • This Emirates Islamic Bank zero balance account for the family can add up to 10 members of a family as account holders 
  • The account balance of all family members is pooled to calculate the profit earned on the account 
  • Each member gets their personal net banking and mobile banking account, while the debit card statement of the account is also received separately 
  • Each member of this zero balance account in Emirates Islamic Bank gets complete privacy for their individual account activities 
  • Maintaining a minimum monthly account balance is not required for any member of this Emirates Islamic Bank zero balance account 
  • A cheque book is offered with the account, although no ATM card is given 

Additional Benefits for Emirates Islamic Emirati Savings Accountholders

Emirates Islamic Emirati Family Savings account holders can enjoy the following special benefits when they avail of additional products:

  • 50% discount on processing fees applicable on personal and auto loans offered by Emirates Islamic 
  • 50% discount on home finance processing fee (up to AED 2,500)
  • Noon vouchers valued at AED 700 with Emirates Islamic Signature and Infinite credit cards 
  • Noon vouchers valued at AED 300 with Emirates Islamic Platinum credit cards 
  • 15,000 bonus EI Smartmiles with Emirates Islamic Emirati credit cards 

Emirati Family Savings Account Eligibility Criteria

  • Only available for UAE nationals with a proper identification proof 
  • Minimum 2 family members are required to open an Emirates Islamic Emirati Family Savings account 
  • One of the added members shall become the primary holder of the account  - the primary account holder must be at least 21 years old  
  • Only immediate family members can be added to the account like spouses, children, siblings, and parents of the primary account holder 
  • Minors, if added, will need representation from an adult in the family
  • One account can be opened per individual 

Note: While the account is available for UAE nationals only, non-UAE nationals can be added as family members to the account. The only caveat here is that a non-UAE national cannot become the primary account holder of this Emirates Islamic Bank zero balance account. 

Emirati Family Savings Account Profit Rates

Account Balance Slabs Profit Rates  Pay Out Period 
Less than AED 499,000 0.25% Monthly Pay Out
AED 500,000 to AED 999,000 0.50%
Greater than AED 1 million  0.75%

Documents Required for Emirati Family Savings Account

  • Emirates ID of all account members 
  • Passport of all members of the account 
  • Certificate of ancestry, i.e., Khulasat-al-Qaid
  • Marriage certificate if the spouse is added to the account

How to Open Emirates Islamic Emirati Family Savings Account?

Emirates Islamic Emirati Family Savings account can be opened by visiting any one of the nearest branches of the bank, with both new and existing customers allowed to open this account. If new members are to be added, the primary member will be required to visit the branch with the second member to have them added to the account. 

Important Terms Related to Emirates Islamic Bank Zero Balance Account 

  • The account that the primary member opens is referred to as ‘Household’ by the bank 
  • The primary member is responsible for handling the household and functions like linking and delinking of accounts 
  • Emiratis, non-Emiratis, and minors can become secondary members of this zero balance account in Emirates Islamic Bank 
  • The details of accounts that each member holds will not be shared with other members 
  • Secondary members are required to establish their relationship with the primary members using a marriage certificate, certificate of ancestry, or passport 
  • If the primary member closes the account, the household will be deleted and all secondary accounts will be closed off immediately 
  • Fees and charges on this Emirates Islamic Bank zero balance account are levied as per the common schedule of charges applicable for all savings accounts 

To get acquainted with some quick details about these Emirates Islamic zero balance accounts in UAE, have a quick look at the following section.

FAQs

Q1: How many monthly transactions can be made from the Emirates Islamic e-savings account?

Ans: You can make unlimited online transactions from your Emirates Islamic e-Savings account. 

Q2: Who is eligible to open an Emirates Islamic e-Savings account?

Ans: Existing Emirates Islamic customers are eligible to open an Emirates Islamic e-Savings account, while new customers can open it once they open any other regular account with the bank. 

Q3: How is profit calculated for the Emirates Islamic e-Savings account?

Ans: The profits for this Emirates Islamic Bank zero balance account are calculated on a quarterly basis. 

Q4: What are the available currencies for the Emirates Islamic e-Savings account?

Ans: The Emirates Islamic e-Savings account is available in AED and USD. 

Q5: Who is eligible to open an Emirates Islamic Emirati Family Savings account?

Ans: Etihad Guest members are eligible to open this Emirates Islamic Bank zero balance account. 

Q6: Which currencies are available for the Emirates Islamic Emirati Family Savings account?

Ans: The Emirates Islamic Emirati Family Savings account is available in AED only. 

Q7: How many family members can be added to the Emirates Islamic Emirati Family Savings account?

Ans: Up to 10 members can be added to this zero balance account in Emirates Islamic Bank. 

Q8: How is profit calculated for the Emirates Islamic Emirati Family Savings account?

Ans: The profit is calculated on the total pooled monthly account balance of all the added family members in the Emirates Islamic Emirati Family Savings account. The payment of profits is done monthly. 

Q9: What is the minimum number of family members required for the Emirates Islamic Emirati Family Savings account?

Ans: At least 2 family members must be available to open an Emirates Islamic Emirati Family Savings account. 

Q10: What is the maximum profit rate available for the Emirates Islamic e-Savings account?

Ans: The maximum available profit rate for the AED e-Savings account is 1% per annum. For USD accounts, the maximum available rate is 0.90% per annum. 

Q11: What is the minimum age eligibility to become a primary member of the Emirates Islamic Emirati Family Savings account?

Ans: The minimum age required for primary members is 21 years. 

Q12: What is Khulasat-al-Qaid? Is it required to open an Emirates Islamic Emirati Family Savings account?

Ans: Khulasat-al-Qaid is a certificate of ancestry issued by the UAE government. It serves as proof that the certificate holder had ancestors in the UAE before 1925. Khulasat-al-Qaid is a mandatory document to prove your citizenship status for this zero balance account in Emirates Islamic Bank. 

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