FAB Elite Current Account

First Abu Dhabi Bank (FAB), one of the distinguished banks in the UAE, offers different types of bank accounts to its customers, with a few categories for the same being savings accounts, current accounts, elite accounts, overdrafts, and so more. In the list of the current ones, the FAB Elite Current Account is one such current account offering excellent benefits like free international remittance, free elite gold Mastercard debit card, and so forth.

The FAB Elite Current Account is an excellent option if you plan to open a current account in the UAE. Let's take a closer look at the features, benefits, eligibility criteria, fees and charges, and more related to the FAB Elite Current Account.

Top Reasons to Choose FAB Elite Current Account

Let’s first discuss some of the reasons to choose the FAB Elite Current Account – 

  1. You don’t have to maintain any minimum balance to keep the account operational 
  2. You can get unlimited chequebooks for free
  3. Enjoy a high cash withdrawal limit on the debit card provided with this current account
  4. Access to FAB’s exclusive loyalty programme that rewards its customers for every transaction. Some of the offers that can be availed of by FAB Elite Current Account holders under this scheme are – 
  • For every AED 100 you spend in the UAE, you can get 60 FAB rewards
  • Earn 120 FAB rewards for every AED 100 spent outside the UAE 
  • Get 8 FAB rewards for every AED 1,000 average balance. To access this offer, the accountholder must maintain an average monthly balance of at least AED 10,000.
  • Straightforward and swift reward redemption process – you can choose from cashback, shopping, utility bill payments, dining, or vouchers and get rewards instantly
  • Avail of excellent lifestyle rewards through the Elite Gold Mastercard World debit card

Benefits and Features of FAB Elite Current Account

Applicants opting for the FAB Elite Current Account may avail of the following benefits and features – 

  • Minimum Balance Requirement: This is a zero balance account for Elite, Private Banking, and KCG customers.
  • Multi-Currency Account:  You can perform transactions in multiple currencies besides the AED, through the FAB Elite Current Account
  • Interest Rates on Credit Balances: The bank doesn’t offer interest rates on your credit balances
  • Interest Rates on Debit Balances: FAB levies fixed interest on the debit balance of the FAB Elite Current Account, which is 19% per annum (at least AED 175 per month).
  • Debit Cards: You can opt for a FAB World credit card or FAB World Elite debit card, depending on your requirements
  • Free Chequebooks & Debit Card:  FAB Elite Current Account holders get free unlimited chequebooks as well as free Elite Gold MasterCard World debit card
  • Free International Remittance: Account holders can make one monthly international remittance for free (applicable only for AED accounts) – FAB charges would be applicable 
  • High Withdrawal Limit: FAB Elite Current Account comes with a free Elite Gold MasterCard World debit card that offers a high ATM cash withdrawal limit of up to AED 25,000 and a purchase limit of up to AED 75,000
  • Free Cash Withdrawals:  ATM cash withdrawal charges from non–FAB ATMs in the UAE are waived entirely here, meaning that all your cash withdrawals from an ATM in the UAE would be free. Additionally, the bank provides 4 free cash withdrawal transactions outside the UAE.
  • Debit Card Purchase Protection: You can get debit card insurance coverage of up to USD 1,000 per year with the debit card offered with the FAB Elite Current Account
  • FAB Rewards: You can earn FAB rewards on your FAB Elite Current Balance and debit card spending

Eligibility Criteria of FAB Elite Current Account

For opening FAB Elite Current Account, the applicant has to fulfil the eligibility criteria stated by the bank as the following –

  • Age Requirement: The applicant must be 21 years old or above to apply for the FAB Elite Current Account
  • Total Relationship Balance (TRB) Criteria: The total relationship balance equals current/savings/call account balance + fixed deposits + investments. To qualify for FAB Elite Current Account eligibility, one must have a total relationship balance of at least AED 500,000, AED 2,500,000 mortgage, or a Salary transfer of AED 50,000.

Documents Required for Opening a FAB Elite Current Account

Before applying for FAB Elite Current Account, make sure that you have the following documents ready with you for quick approval –  

  • A filled-out account opening form
  • Copy of a valid passport/resident visa/Emirates ID - at the time of submission, banks may ask you to present the original documents
  • Valid income proof

Note: Besides the ones mentioned in the list above, the bank may ask for additional documents based on the applicant.

Fees & Charges on FAB Elite Current Account

The following is a schedule of charges on the FAB Elite Current Account (prices inclusive of VAT) – 

Fees on FAB Elite Current Account

Type of Charge on FAB Elite Current Account Maximum Fees
Minimum balance requirement None
Low balance charge None 
Closure of account  AED 105
Account statement  Free in the specified cycle – the bank charges AED 26.25 otherwise
Teller service 8 free per month (afterwards at AED 10)
Release (clearance) letter AED 52.50
Interest on the debit balance 19% per annum (at least AED 175 per month)
Telegraphic transfer in AED (Dirham) AED 5.25
Telegraphic transfer in Euro, USD, and AUD AED 105
All telegraphic transfers except in Dirhams, Euro, USD, and AUD AED 84
Manager’s cheque or demand draft AED 31.50
Setting up standing instructions  AED 52.50
Penalty for insufficient funds for standing order AED 25

Fees on Cheque Facility associated with FAB Elite Current Account

Type of Charge Amount 
Cheque book Free (unlimited)
Returned cheque fees (when deposited into your account) None 
Returned cheques fees (when drawn on your account) AED 100
Stop payment instructions (cheque) AED 52.50
Special clearing of the non-FAB cheque AED 205

Fees on the Debit Card associated with FAB Elite Current Account

Type of Charge Amount 
For issuing the primary card NIL
Replacement for lost/stolen card AED 26.25
Own ATM fees NIL 
Fees for using other bank's ATMs in the UAE NIL
Fees for using an ATM outside the UAE As per the host country system (1 free per month)
Processing fee for foreign currency transactions added to the foreign exchange rate 2.1% of transaction rate
Copy of sales slip AED 26.25

How to Apply for FAB Elite Current Account

You can apply for FAB Elite Current Account online, offline, via phone banking or the FAB mobile app, and more in different ways –  

(1) FAB Mobile App: The applicant can first download the FAB mobile app through the Google Play Store, Apple Store, or AppGallery. One can also scan the code displayed on the bank's official website to download the app. 

Once installed, enter your contact and personal details to register on the mobile application. Alternatively, you can use your Emirates ID to move to the next step. After registration, select the 'FAB Elite Current Account’. 

You would be required to enter your employment and address details as per the bank’s requirements. After the submission of the form, your FAB Elite Current Account will be opened quickly and you would be able to start the banking operations.

Besides the process of opening an account, you can also utilise the FAB mobile app to earn rewards, pay bills, fetch account balances, and more.

(2) Online Application: The official FAB website also allows you to submit your bank account opening application. In this case, all you need to do is head to the official website of FAB, open the ‘FAB Elite Current Account’ page, and fill out the lead form. 

The lead form requires details like your full name, monthly salary, city of residence, contact number, email address, and nationality. Once submitted, the concerned bank personnel will connect with you to confirm the submitted details and move your application forward. 

(3) Offline Mode: If you are unable to apply online or simply prefer doing the same in person, you can visit your nearest FAB branch to do the same. Once you are at a FAB branch, fill out the application form and submit it along with the required documents to the bank. After assessing the credibility of the information provided, the bank will contact you and discuss the steps to be completed to open your account.

(4) Phone Banking:  Besides online and phone banking and offline visits, you can also apply for a FAB Elite Current Account via phone. The process is fairly simple, as you would need to dial the bank’s official number and put forward a request for account opening.

What minimum balance is required to be maintained on FAB Elite Current Account? 

The account holder does not need to maintain any minimum balance on the FAB Elite Current Account.

Do I need to transfer my salary to the FAB Elite Current Account?

No, a salary transfer is not necessary for opening or operating a FAB Elite Current Account.

How to operate my FAB Elite Current Account?

You can use the option of mobile internet banking to open, manage, and operate your FAB Elite Current Account with your fingertips. Alternatively, you can use the offline mode to manage your account by visiting a bank branch and requesting the concerned bank personnel to help you access the required service.

How much do I need to pay for the chequebook?

If you are a FAB Elite Current account holder, you don’t have to pay for the chequebooks. 

What is the daily ATM cash withdrawal limit for an elite gold MasterCard world debit card?

The daily ATM cash withdrawal limit for Elite Current Account holders is AED 40,000.

I want to close my FAB Elite Current Account. How much do I need to pay?

The FAB Elite Current Account closure fee is AED 105.

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