FAB Personal Savings Account

Savings accounts help you earn while keeping your funds safely stored in a secure bank account. The type of account opted for initially when an individual start their banking journey is a savings account. First Abu Dhabi Bank (FAB) offers various savings accounts including personal call accounts, personal savings accounts, and elite savings accounts. FAB Personal Savings Account encourages savings of a substantial portion of your income. You can easily apply for Personal Savings Account through online mode and get benefited from the wide range of its features. 

This article discusses the features, benefits, eligibility criteria, required documents and application process of the FAB Personal Savings Account. Let’s begin by enlisting the top features and benefits of the account.

Top Reasons to Choose FAB Personal Savings Account

FAB Personal Savings Account is a perfect choice for you for the following reasons:

  • Easy Accessibility: You can open, operate and manage your FAB Personal Savings Account from the comfort of your home at zero cost using net banking and mobile banking services. You can check your account balance, send money, earn FAB rewards and more using the net banking portal or mobile banking.
  • Free Chequebook: FAB offers a free chequebook at the time of account opening.
  • Free Teller Services: The account holders of the FAB Personal Savings Account get six free teller services every month.
  • Zero Account Opening Fees: No account opening fees are associated with FAB Personal Savings Accounts.

Features & Benefits of Personal Savings Account

FAB Personal Savings Accounts offers several benefits and features to its customers, including low minimum balance requirement, complimentary debit card, easily accessible internet banking facility and more. There are some other eminent features and benefits which further add to the appeal of the FAB Personal Savings Account. Let’s have a quick glance at them:

  • Multi-Currency Account: You can open your FAB Personal savings Account in several of the world's most prominent currencies.
  • Minimum Balance Requirement: The account holder has to maintain a minimum balance of AED 3,000 or equivalent to avoid penalties.
  • Complimentary Debit Card: You get a free debit card with FAB Personal Savings Account. Two types of debit cards are available with the account: FAB platinum debit card and FAB standard debit card.
  • Insurance Coverage: Complimentary insurance coverage for your debit card of up to USD 1,000 per year is also offered.
  • High Withdrawal Limits: With the FAB platinum debit card, you get a daily cash ATM withdrawal limit of AED 20,000 and a daily purchase limit of AED 40,000. The standard debit card allows a daily cash withdrawal limit of up to AED 10,000 and a daily purchase limit of up to AED 20,000.
  • Airport Lounge Access: Get complimentary airport lounge access in selected airports without prior booking.

Interest Rates on FAB Personal Savings Account

Two kinds of interest rates are applicable on FAB Personal Savings Account – interest on the debit balance and on credit balance. Debit balance is also known as an overdraft. Let’s cover the basics of both applicable interest rates:

Interest Rate Charged on Credit Balances

  • Bank offers interest rates on credit balance. The schedule of interest provided by the FAB on the balance maintained in the account is mentioned below:
Currency Flat Rate (per annum)
AED 0.02%
USD 0.005%
AUD 0.015%
CAD 0.015%
EUR 0.000%
GBP 0.015%
  • Mass customers earn interest on the account balance on a half-yearly basis, and elite customers earn interest every month.
  • The formula used by the bank to compute the interest on the credit balance is:
    Interest Offered = Minimum Monthly Balance x Applicable Rate x Number of Days / 360

Interest Rate Charged on Debit Balances

  • The bank charges fixed 19% interest on the debit balance of the FAB Personal Savings Account. 
  • The account holder has to pay a minimum of AED 175 per month or the amount equivalent in foreign currency for the debit balance.
  • The formula to compute interest on debit balance is:
    • Interest charged= Daily Balance x 19% x Number of Days/ 360

Eligibility Criteria to Apply for a FAB Personal Savings Account

All banks have defined eligibility criteria that the applicants have to clear to apply for any particular account. The eligibility criteria for FAB Personal Savings Account are given below:

  • Age Criteria: Applicant must be 18 years old or above to apply for the FAB Personal Savings Account.
  • Employment Type: Self-employed or non-salaried individuals and salaried individuals can apply for the Personal Savings Account.
  • Nationality: GCC nationals, UAE nationals, resident expatriates and non-residents are eligible to apply for the FAB Personal Savings Account.

Documents Required to Open a FAB Personal Savings Account

Keep the following documents handy while applying for the FAB Personal Savings Account:

  • A duly completed and signed bank account application form.
  • A copy of a valid passport/ Emirates ID/ resident visa. The original documents must be presented to the bank.
  • A valid proof of income in form of a trade license, salary certificate, salary slips or bank statements.

Note: Additional documents might be required depending on your case and the bank’s policies.

Fees & Charges on Personal Savings Account

Listed below are the fees and charges applicable to FAB Personal Savings Account:

Fees and Charges on FAB Personal Savings Account Amount/Fees
Account opening fees Nil
Minimum Balance AED 3,000
Relationship fee Free
Non-Receipt of salary Free
Utility payment (online & ATM) Free
Account closure fee AED 105
No liability certificate AED 63
Account balance letter AED 52.50
Standing instructions set up AED 52.50
Penalty charges for insufficient funds for standing orders AED 26.25
Release letter AED 52.50
Liability letter issued to government departments/ embassies AED 63
Liability letter issued to financial institutions AED 63
Dormant account charge Free
Teller services (free 6 per month) AED 10 per transaction + 5% VAT
Statement of Account (per cycle) Free within the agreed cycle. Outside the cycle: AED 26.25
Bulk cash deposit and withdraw at the teller counter Free
Inward transfers within UAE AED 1.05
Inward foreign currency transfers AED 25 or equivalent + 5% VAT
Foreign currency transfers through online or mobile banking SWIFT transactions incur additional charges by correspondent banks
Telegraphic transfer in AED through branch AED 5.25
Telegraphic transfers in Euro, USD and AUD through the branch AED 105
All branch telegraphic transfers except AED, Euro, USD, AUD AED 84
Safe deposit locker-deposit amount AED 3,000
Cheque Fees & Charges
Cheque book (first chequebook free) Additional chequebook of 10 leaves: AED 21 and of 25 leaves: AED 26.25
Manager cheque/demand draft AED 31.50
Cancellation of manager’s cheque AED 52.50
Cheques returned drawn on the account (per cheque) AED 52.50
Returned cheque deposited in your account Free
Stop payment (per cheque) AED 52.50
Collection of post-dated cheques AED 21
Counter cheques- cash withdrawal Free
Post-dated cheques withdrawn before the due date AED 26.25
Special clearance of non-FAB cheque AED 205
Photocopy of cheques Cheques dated up to one year: AED 10.50 Cheques dated above one year: AED 21
Debit Card Fees & Charges
Issuing debit card (initial card) Free
Replacing secret PIN code Free
Replacing stolen or lost ATM card AED 26.25
Fee for Using FAB ATMs Free
International transaction processing fee 2.1% of the transaction amount + scheme charges
Fees for using ATMs located outside the bank in the emirates AED 2.10
Fees for using ATMs located in the GCC, outside the bank  AED 6.30
Fees for using an ATM outside the bank internationally AED 21
Balance enquiry transaction using FAB ATM Free
Balance enquiry transactions using non-FAB ATMs in the UAE AED 1.05
Balance enquiry transactions using non-FAB ATM in the GCC AED 3.15
Copy of sales slip AED 26.25

How to Apply for a FAB Personal Savings Account?

You can select any of the following methods to apply for the FAB Personal Savings Account:

  • Policybazaar UAE: You can apply to open a FAB Personal Savings Account via our official website Policybazaar.ae. Simply open the website and fill out the lead form to get to the bank accounts quotes page. Choose the FAB account you wish to open and fill out the application. An executive from the bank will connect with you to take the procedure forward. 
  • FAB Mobile App:  The applicant can download the app via Google store, Apple Store or AppGallery. You can also use the QR code given on the bank's official website to get the download link and install the app. Once installed, use your Emirates ID to register and apply for the FAB Personal Savings Account. After submission of the form, FAB Personal Savings Account will be opened instantly.
  • Bank’s Website: You can also apply for the FAB Personal Savings Account online using the FAB website. All you need to do is visit the bank's official website, locate the 'Personal Savings Account' page and fill out the lead form. The lead form includes your personal and employment details. Once submitted,  an executive will contact you within 24 hours to proceed with your application.
  • Other Methods:  You can visit your nearest FAB branch and fill out the application form. Submit the filled form along with the required documents to open the account. You can also dial the bank’s official number and put forward a request for opening an account.
What is the minimum age requirement to apply for FAB Personal Savings Account?

Applicants must be 18 years old or above to apply for FAB Personal Savings Account.

Can I earn FAB rewards with FAB Personal Savings Account?

Yes, you can earn FAB rewards and offers while operating FAB Personal Savings Account via the FAB mobile app.

What is the fall below charge if I don't maintain a monthly balance in FAB Personal Savings Account?

If a FAB Personal Savings Account holder does not maintain the minimum average, the bank charges a penalty of AED 26.25 per month.

How can I apply for the FAB Personal Savings Account?

You can apply for the Personal Savings Account via Policybazaar.ae, FAB mobile app, bank’s website, bank branches or phone banking.

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