Having a savings account is essential once you start earning, as such a bank account can help you in securing your capital along with attractive interest rates.
First Abu Dhabi Bank (FAB), as a prominent bank in the UAE, has its product portfolio consisting of numerous financial and banking products like bank accounts, overdrafts, credit cards, loans, and so forth. The leading options for the savings accounts offered by FAB include fixed deposits, smart deposit accounts, deposits & certificates, Emirati AI Awwal, and iSave accounts.
In this article, we will focus on the lattermost account, i.e., FAB iSave Account, and discuss the key features, benefits, eligibility criteria, interest rates, the related application process, and more.
Besides an attractive interest rate and ease of opening the account, the FAB iSave Account offers several other features that can enhance your banking experience manifold.
Here are a few major features and benefits of the FAB iSave Account –
Before applying for the FAB iSave Account, get acquainted with its major eligibility criteria as mentioned below –
Applicants have to submit the documents required by the bank pertaining to their identity, income proof, and residence to apply for the FAB iSave Account as mentioned below –
FAB provides attractive interest rates on credit balances on the FAB iSave Account, with the bank currently offering 4.5% interest on an annual basis on new funds deposited from October 1 to December 31, 2022.
Some of the campaign interest rate features on new funds are listed below.
Interest Rates on Existing Funds
|Band Balance||Interest Rate Range (per year)|
|Less than AED 500,000||Up to 1.57%|
|From AED 500,000 to AED 5,000,000||1.57% to 2.25%|
|Greater than AED 5,000,000||2.25% and less|
Individuals can apply for the FAB iSave Account in any of the following ways –
Applicants can instantly open an iSave Account using the FAB mobile application via these steps –
You can also open the FAB iSave account from the official website of the bank. All you would need to do in this case is to visit the bank's official website, head to the 'Accounts' section, select the 'FAB iSave Account', and fill out the lead form.
The lead form will require your full name, contact number, e-mail address, monthly income, nationality, and city of residence. After submission of the lead form, the bank personnel will contact you within 24 hours to proceed with your application.
Currently, FAB offers 4.5% interest on new funds transferred from October 1 to December 31, 2022. However, keep in mind that existing funds are subjected to the prevailing interest rates every month.
No, you cannot apply for the account via offline mode. FAB iSave is an online account that can be applied for only through the FAB mobile application or the official website.
The balance of your FAB iSave Account as of June 30, 2022, is the base balance. The new funds, on the other hand, are the sums over the base balance transferred from October 1 to December 31, 2022.
You can download the iSave calculator from the official website of the bank. For this, simply visit the bank's website, head to the FAB iSave Account page, and click on the iSave calculator at the end of the page. The PDF of the iSave calculator will be downloaded.