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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.
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.
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.
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:
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:
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
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
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
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:
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.
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:
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:
|ADBI Smart Account||CBD ESaver Account||HSBC eSaver Account||ADCB Active Saver Account||RAKBank Fast Saver Account||FAB iSave Account|
|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||-|
|Apply Now||Apply Now||Apply Now||Apply Now||Apply Now||Apply Now|