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Salary accounts in the UAE offer a wide range of benefits for the account holders. The employers open these accounts for their employees to facilitate easy transfer. Every employee gets a separate salary account that they need to operate on their own.
Salary accounts provide certain benefits like free debit cards and no minimum balance requirements.
Let us go through the benefits of having salary accounts with the eligibility criteria and the process of opening one. In addition, you can also go through the top five salary accounts in the UAE with their features and benefits to better understand how they benefit the employees.
Businesses tie-up with the banks to open salary accounts for their employees. These businesses then transfer the salary amount every month into the respective salary accounts. Just any individual cannot open a salary account.
Here are the eligibility criteria for opening a corporate salary account.
Here are the significant benefits of using a corporate salary account in the UAE.
Most banks in the UAE offer corporate salary accounts with low minimum balance requirements. However, they come with an average minimum salary requirement of AED 5,000 for the account holders.
The corporate salary account holders in the UAE get free internet banking services to get easy access to their funds. These online services help them make convenient bill payments, fund transfers, etc., in just a few clicks.
Most banks in the UAE provide salary account holders with mobile apps. These apps are compatible with multiple devices, including Android and iOS. With these mobile apps, the salary account holders can have all the online banking facilities right at their fingertips.
Various banks in the UAE provide account holders with a free first chequebook when opening a corporate salary account with them.
The account holders get a free debit card with their salary accounts in the UAE. These debit cards help them withdraw money from the ATMs and make easier purchases on retail outlets.
With a specific amount of salary transfers, the salary account holders in the UAE get some additional benefits like attractive credit cards offers, the easy application process for different kinds of loans.
The banks in the UAE provide round-the-clock help and assistance for the salary account holders. The salary account holders can get in contact with their bank anytime to seek help.
Now that you know what a salary account is and its benefits let us go ahead and check out a few popular salary accounts with their features and benefits.
Only salaried employees can open a salary account through their employer. Here is the list of essential documents required to open a Salary Account in the UAE.
Here are the three simple steps for opening a salary account in the UAE.
To open a salary account, the applicant needs to visit the bank’s branch and fill out the application form.
Next, they need to submit the application form with all the essential documents like their company’s salary certificate, the offer letter, Emirates ID, etc.
Once done, the applicants need to wait for the application approval. It usually takes the bank to approve the application within two business days. However, the duration is different for all the banks.
Here is the list of best corporate salary accounts in the UAE with their benefits and features.
ADIB Current Account is one of the best corporate salary accounts in the UAE. In this account, the bank considers the deposits as non-profit bearing liabilities. The bank account offers attractive features with a convenient account opening process.
Note: ADIB salary bonus program offers free first online local or international transfer per month. In addition, it makes the account holder eligible for monthly lucky draws to win 24 times of salary.
FAB Etihad Guest Account is a bank account that you can use as a corporate salary account. It offers a wide range of benefits and features to enable account holders to manage their finances more efficiently. The exclusive benefits of this salary account include the Etihad Guest Miles for the account holders.
Standard Chartered Salary Account allows account holders to use online banking services for free to help them manage their finances with great ease. It also offers a full-time helpline for the account holders to find answers to their queries in no time.
Mashreq Happiness Account is one of the best salary accounts in the UAE that offers an attractive joining bonus based on its minimum salary requirement. In addition, it provides Salami Points benefits for the account holders who pay their bills using the salary account.
Note: The joining bonus will be debited from the account if the salary transfer stops within one year of account opening or after the joining bonus is credited.
The banks in the UAE have a simple account opening process for salary accounts. All you need to do is get the required authorization from your employer. With all the outstanding benefits of a salary account, there is one drawback you need to keep in mind. You do not get to perform your own research when it comes to opening a salary account. You need to open a salary account with the bank that your employer has chosen.
Therefore, if you need more banking benefits, you can always consider opening a savings account of your own, depending upon your financial needs. This helps you manage your finances in your own ways and earn more profits on your savings.