The following article provides in-depth information on how to deactivate an Abu Dhabi Islamic Bank (ADIB) debit card via both online and offline methods.
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.
Some of the Best Bank Accounts in UAE:
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.
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.
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.
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:
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?
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:
Emirates Islamic Emirati Family Savings account holders can enjoy the following special benefits when they avail of additional products:
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.
|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%|
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.
To get acquainted with some quick details about these Emirates Islamic zero balance accounts in UAE, have a quick look at the following section.
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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