FAB iSave Account

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.

Features & Benefits of FAB iSave Account

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 – 

  • Online Account: You can open, manage, operate, and conduct transactions in FAB iSave Account online without having to visit a bank branch for any banking activity
  • Instant Account Opening: You can easily open the FAB iASave Account through the FAB mobile app or online banking provided you already have an account with First Abu Dhabi Bank 
  • Single Currency: You can conduct transactions in the FAB iSave Account solely in UAE Dirhams (AED)
  • Minimum Balance: The FAB iSave Account does not require the user to maintain any minimum balance 
  • No Limitations on Withdrawal:  Account holders can access the funds in a hassle-free manner as there are no limitations on the count of cash withdrawals

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Eligibility Criteria to Apply for the FAB iSave Account

Before applying for the FAB iSave Account, get acquainted with its major eligibility criteria as mentioned below – 

  • Average Monthly Balance: The accountholder's average monthly balance is the central factor in deciding the eligibility as well as the offered interest rate on FAB iSave Account
  • Minimum Age: As per general FAB savings account requirements, applicants must be at least 18 years old at the time of applying for the bank account to be considered eligible

Documents Required to Apply for the FAB iSave Account

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 – 

  • Copy of Emirates ID/ passport or resident visa
  • Filled-out application form
  • Income proof (salary slip from the current employer or income certificate)

Interest Rates on FAB iSave Account

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.

  • Account holders maintaining the specified base balance are eligible for 4.5% interest rate. The balance on June 30, 2022, is considered the base balance.
  • The interest rate is applicable for individual customers with new funds only. New funds here refer to the increments over the base balance at the customer level.
  • Within 30 days of the campaign's end (December 31, 2022), a differential interest rate of 4.5% per year will be applied to the campaign months.

Interest Rates on Existing Funds

  • FAB offers the following interest rates on existing funds in the iSave Account – 
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
  • Customers can also download the iSave calculator given on the bank's official website. This calculator can be used to estimate the end balance and the interest offered on the FAB iSave Account.

How to Apply for the FAB iSave Account?

Individuals can apply for the FAB iSave Account in any of the following ways – 

FAB Mobile App

Applicants can instantly open an iSave Account using the FAB mobile application via these steps – 

  • Download the FAB mobile application from the Google Play Store, Apple App Store, or AppGallery as per your device. Alternatively, you can scan the QR code available on the FAB official page to get the download link.
  • Once installed, open an account using your Emirates ID 
  • Select the FAB iSave Account and apply for the same
  • Enter your personal and employment details as applicable at the time of applying
  • Once you submit the online form, the account will be opened instantly and you can deposit the funds into the account
  • Users can check their balance, pay utility bills, and earn FAB rewards – all via the FAB mobile app

Online Mode

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.

Frequently Asked Questions

How much interest rates are offered by the FAB iSave Account? 

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.

Can I visit the nearest FAB branch and apply for the FAB iSave Account?

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.

What is the fundamental difference between base balance and new funds?

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.

How to download the iSave calculator?

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.

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