CBI Savings Account
CBI provides a range of services conceptualized to meet the banking needs of the customers. Some of these services are savings account , current account, fixed deposit, etc.
CBI offers 5 different types of savings accounts. These Savings Accounts are Mabrook Account, Aspire Savings Account, Traditional Savings Account, CBI Saver Accounts and 3% eSaver Account.
Each CBI savings account comes with its own set of features and benefits.
CBI Savings Account - Features & Benefits
The features and benefits of the CBI Mabrook Account include:
- Quarterly Prize- Customers of the Mabrook Account have the chance of winning the quarterly prize, worth AED 100,000, every year.
- Annual Prize- A customer has the chance of winning the annual prize worth a million AED.
- Opening Balance- Mabrook account requires an AED 10,000 minimum as the opening balance.
- Debit Card- Customers receive a debit card free with the Mabrook account which can be used internationally.
- Life Insurance- Customers of the Mabrook Account gets life insurance free.
- Interest Rate- Customers are offered 0.1% p.a. Interest, which is paid semi-annually.
- Additional chance- If the customer maintains more than AED 3000 every month, he/she will have 1 extra chance for every AED 500 in his/her account.
- Account Opening- Joint account holders and children can open this account too.
The features and benefits of the aspire savings account include:
- Deposit- A customer can open an Aspire account with the low deposit amount.
- Flexible Tenor- The tenor is flexible with the Aspire Savings Account. It can range anywhere from 6 months to 60.
- Interest- The interest rate is attractive and fixed.
- Maturity- On reaching maturity, the customer is paid the interest along with the full value. However, no interest will be paid if the account is closed before it reaches maturity.
The features and benefits of the traditional savings account include:
- Interest- The customers can earn interests of 0.25% on their Savings. The interest is credited semi-annually.
- Debit Card- Customers receive a debit card free with the Traditional Savings Account which can be used internationally.
- Account Availability- The Traditional Savings Account is available in many major currencies. These currencies include the GBP, EUR, AED, and USD.
- Accessibility- The customers can also access their money via Phone Banking, Online Banking or ATM.
- Account Statements- The account statements are free of cost.
- Balance Maintenance- The Account holder must maintain a monthly balance of AED 1000.
- Remittance- The customers can enjoy attractive rates on remittance.
- Management- The management of the account is easy via Phone and Online Banking.
The features and benefits of the CBI Saver Accounts are as follows:
- Minimum Balance- The customer must maintain a minimum balance of AED 3000.
- Debit Card- Customers receive a debit card free with the CBI Saver Account, which can be used internationally.
- Account Availability- Joint Account holders and children can open this account too.
- Currency Account- The CBI Saver Account can be opened in the currency of AED only.
- Interest- The interest is credited every month.
- Withdrawal- Withdrawals are unlimited.
The features and benefits of the 3% eSaver Account are as follows:
- Interest Rate- The eSaver Accounts can earn up to a 3% interest rate.
- Withdrawal- The withdrawals are limited with the 3% eSaver Account.
Eligibility Criteria to Open CBI Savings Account
The eligibility requirements for the various CBI savings account are as follows:
- The applicant must be A UAE National, Expat or non-resident of the UAE
- A requirement of minimum balance for some CBI Savings Account
Documents Required to Open CBI Savings Account
Documents required to open a CBI savings account are given below in the table:
|TYPES OF CBI SAVINGS ACCOUNT||DOCUMENTS REQUIRED|
|Mabrook Savings Account||
|Aspire Savings Account||
|CBI Saver Account||
|3% eSaver Account||
How to Open CBI Savings Account in the UAE
To open a Savings Account with the CBI Bank, the applicant must visit any branch of the CBI Bank.
How to Close CBI Bank Savings Account in the UAE
To close a Savings Account with the CBI Bank, the customer will have to submit a letter to the branch of the bank.
CBI Bank Savings Account - FAQs
Q.1 What is the interest rate that I earn with the Mabrook Savings Account?
Ans: You will earn an interest rate of 0.10% if you maintain the minimum balance of AED 3000. The credit is paid two times in a year.
Q.2 Is there any requirement to be eligible for the 1 million AED mega draw from the CBI Savings Account?
Ans: Yes, there is one requirement for the eligibility of the mega draw. You must maintain a minimum of AED 3000 every month in your Mabrook Savings Account.
Q.3 How much interest rate can I earn with the Aspire Savings Account?
Ans: Depending on the tenor, you can earn up to 4% of the amount in the account.
Q.4 What is the minimum deposit requirement for the Aspire Savings Account?
Ans: The minimum deposit requirement of the Aspire Savings Account is AED 1000.
Q.5 What is the fee for failing to maintain the monthly balance requirements with the CBI Savings Account?
Ans: For failing to maintain the monthly balance requirements of the CBI Savings Account, you will be charged AED 25.
Q.6 How is the Traditional Savings Account interest paid to the customers?
Ans: The interest is credited to the accounts of the customers every 6 months. Also, the bank calculates the interest every month.
Q.7 What is the monthly balance I should maintain in my CBI Saver Account to earn interest?
Ans: You should maintain a minimum of AED 10,000 in your CBI Saver Account to earn any interest. You will earn 0.50% p.a for the minimum amount. However, you can earn up to 1.75% p.a with increasing amounts.
Q.8 What is the minimum monthly balance to maintain with the CBI Saver Account?
Ans: You should maintain a minimum of AED 3000 with the CBI Saver Account.
Q.9 What is an eSaver Account?
Ans: An eSaver account is the Online Savings account of the CBI Bank. AED accounts can be opened through the eSaver account.
Q.10 Is it necessary for me to have an account with the CBI Bank to have an eSaver Account?
Ans: Yes, for an eSaver Account, you will need to have a primary account with the Commercial Bank International.
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