Best Zero Balance Savings Account in the UAE in 2023

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One of the most common kinds of accounts opened by the general public as a personal account is the savings account in any bank across the world. A savings account, as clear by the name, has the purpose of encouraging the account holders to deposit and save money. Several benefits are offered on deposited money to keep the users interested in the activity such as paying the interest on their savings. But all basic savings account requires the users to maintain a certain amount of minimum balance at all times. In UAE this minimum amount starts from AED 2500 and can go up or fluctuate as per the banks. However, a zero-balance savings account is also an option that many banks provide these days. Let’s find out more about it. 

What Is Zero Balance Savings Account?

Clearly, a zero-balance savings account is the type of savings account that doesn’t require you to maintain a minimum balance at all times. There are of course no penalties enforced on this account if your balance happens to fall to zero, unlike a normal savings account. This means that you have the flexibility of emptying the account in case an emergency calls for it and not worry about facing charges and whatnot. While the absence of minimum balance maintenance is the main difference between a normal and a zero-balance savings account, there are a few other changes that you will come across when comparing both. 

Savings account vs Zero Balance Savings Account 

Almost the same when it comes to the core of it, a zero-balance account differs on just a few basic pointers. The first and the most obvious difference is that you do not have to maintain a minimum balance or a monthly average balance. The second difference can be the number of transactions. While the number of times you can make transactions from a savings account is quite low itself, the number is generally even lower in case zero balance accounts. Banks also tend to impose penalties if account holders happen to exceed the transaction limit. The penalties can be in the nominal fines or the banks can choose to turn the no balance account into a normal savings account. 

Top Zero Balance Accounts in UAE

Almost all top banks in the UAE are now providing a zero Balance account to their customers. All of them come with a separate set of instructions, benefits, conditions, and rules. We have scouted a list of all the best savings bank account with zero balance available in the UAE for you. Let us have a look:

ADBI Smart Banking Account

This is one of the most popular and one of the best zero balance savings accounts available in the UAE. On top of offering an immense range of benefits and services, the application of the bank even seems to change themes according to your personalised bank debit card – enough attractions to keep the account holders hooked on the account and the bank itself. Let us check out some of the top features of the Smart Banking Account from ADBI:

  • The account can be easily opened online with minimal to zero hassle.
  • The interest rates for the Smart Banking Account from ADBI fluctuate every month but stays at a minimum of 0.4%. 
  • There are no charges or penalties applicable to the account holder if the balance in the account is not maintained on a regular basis, since this is a zero-balance account.
  • The debit card for this account can be personalised as per the choice of the account holder and home-delivered as and when they prefer. The smart banking app of the bank personalises itself as per the debit card of the account holder. 
  • Attractive discounts and deals are offered to the account holders on various things like shopping, dining, entertainment, etc. 
  • The account allows 1 free domestic and international fund transfer to the user every month as well. 
  • The account can only be used for personal and non-commercial use. 
  • A reward of AED 20 can be earned on referring your friends as well. 

Eligibility for ADBI Smart Banking Account

Any UAE resident older than 18 years of age is eligible to get this zero balance saving account opened under their name. Earning personnel should have a minimum salary of AED 5000. The non-earning personnel like students and housewives must have valid ID proof and visa status. Only students 24 years of age and younger (with student ID) are eligible to be included in the non-income-based group. 

Required Documents for ADBI Smart Banking Account

  • Original passport of the applicants and a copy
  • Emirates ID (original copy)
  • A copy of the resident’s visa, student ID, or any other form of ID requested by the bank

Commercial Bank of Dubai ESaver Account

This is one of the zero balance saving accounts that pay some of the highest rates of interest on the deposited money along with a bunch of other benefits. Let's have a detailed look at the benefits and the eligibility criteria to open an ESaver Account in the Commercial Bank of Dubai

  • A minimum balance is not required to be maintained and there are no maintenance charges liable either. 
  • The bank offers up to 1.5% of profit rate or interest rate on the monthly average balance of an ESaver account.
  • Account holders are allowed to make 3 transactions from the account every month which include fund transfers, payments of bills and such, etc. 
  • The account can be easily opened through online channels of the bank and operated the same way as well. 

Eligibility Criteria for Commercial Bank of Dubai ESaver Account

All UAE nationals and residents are eligible to open bank account with zero balance maintenance requirement. The applicants need to be 18 years of age or above. There is a minimum salary requirement of AED 5000 for the applicants as well. The applicant also needs to be an existing CBD customer to open an ESaver account with the bank. 

Documents Required for Commercial Bank of Dubai ESaver Account

  • The passport of the applicants along with a copy
  • A copy of the visa proving the residency of the applicant in the UAE.
  • Your original Emirates ID
  • Salary certificate for salaried personnel and a trade license for self-employed people.
  • Utility bills as address proof of the applicants 

ADCB Active Saver Account

With rather intriguing benefits and offers at hand, the Active Save Account from ADCB can be a good choice for UAE Nationals and Residents if they are planning of starting several separate saving funds, each one for a different set of goals. Following are the top features of this zero balance account from ADCB:

  • One applicant can open up to 5 different ADCB Active Accounts in the bank.
  • There is no requirement to maintain a minimum balance in the account either. 
  • This account offers different rates of interest on deposits made in different currencies with the rates provided on AED deposits – up to 0.75% per annum. 
  • The interest is calculated on the daily closing balance of the account and is paid on a monthly basis to the users. Account holders can choose from AED, USD, and GBP as their currency for the account. 
  • No ATM/debit card or check books are provided for this particular account. 
  • The account requires an initial balance of AED 1000 to kick-start.

Eligibility for ADCB Active Saver Account

Anyone who is a UAE national or resident can open an ADCB Active Saver Account given that they have an existing saving or current account with the bank. The applicants need to be at least 21 years of age. Working professionals do not need a minimum salary to open the account which means that adults over 21 years of age still studying/not earning can also open the account. This account cannot be opened for minors though. All applicants would need a valid passport, valid Emirates ID, a valid visa page to prove the residency. A few other documents may be required like address proof of the applicant. 

First Abu Dhabi Bank (FAB) iSave Account 

The First Abu Dhabi band iSave Account is the one that offers some of the best in class deals on its zero balance savings account to the account holders and keeps introducing new, exciting every now and then. For example, the bank is running an increased rate of interest at 1.94% till 2022 for existing and new customers. Following are the rest of the features of this account:

  • There is no minimum balance requirement for the account and nor fees and penalties applicable.
  • The account does not impose any limitation on making transactions and withdrawals either.
  • The interest on savings is paid on the monthly average balance of the account. 
  • People who already have an account with FAB can open an iSaver account using the mobile application of the bank or via net banking as well. 
  • No minimum salary required to open the account 

RAK Bank Fast Saver Online Account

The bank offers two currency choices for this particular account – AED and USD. Interest rates for both these currencies differ for the account holders. All applicants are free to choose the currencies without any added formalities or conditions when opening a Fast Saver Account with RAKBank. Following are the features of this zero balance savings account:

  • Up to 0.5% per annum interest on AED Fast Saver accounts and up to 0.25% per annum interest on USD accounts. 
  • The bank imposes no upper cap on the deposit made in AED accounts that can earn interest. The more you deposit, the more you earn – simple. 
  • USD accounts come with an upper cap limit though. 
  • The account allows 1 cash withdrawal from it and/or 5 utility payments using a credit card. Interest for the month is not paid if the account holder happens to exceed these transaction limits in the said month.
  • Interest is calculated on the daily closing of the account and paid monthly 
  • The account requires an initial deposit of AED 1000 to kick start. 
  • Only the existing RAKBank customers can avail of the benefits of this account. 

HSBC Esaver Account

  • The Esaver account from HSBC can be opened by all UAE nationals and residents whether they already have an account with the bank or not. 
  • The interest is calculated daily on the total money deposited in the account instead of the monthly average balance and paid on a monthly basis.
  • The account holders can earn up to 0.10% interest on their savings.
  • The Esaver Account does not come with a check book or debit/ATM card
  • Only 1 transaction per month is allowed to be made from this account
  • The applicant must have a minimum salary of AED 7500 and the account needs an initial deposit of AED 1 to kick start.

Zero Balance Accounts – In a Glance 

  ADBI Smart Account CBD ESaver Account HSBC eSaver Account ADCB Active Saver Account RAKBank Fast Saver Account FAB iSave Account
Maintenance Charges - - - - - -
Initial Deposit - - AED 01 AED 1000 - -
Minimum Salary AED 5000 AED 5000 AED 7500 - - -
Cap on Interest Rates Yes Yes Yes Yes Yes Yes
Required to be an Existing Customer - Yes - Yes Yes -
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