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Businesses and trades need to do a huge amount of daily transactions, which cannot be fulfilled by a normal savings account. To resolve this issue, banks offer current accounts in UAE that provides unlimited transaction limit. The current accounts are specific bank accounts with no transaction limits and suitable for individuals requiring huge daily transactions. These accounts do not offer interest but provide overdraft and chequebook facilities depending on the bank.
Almost all the banks in UAE offer current accounts with their own benefits and services. With so many banks providing these accounts, it becomes confusing for customers to choose the best option suiting their needs. This article highlights the list of popular current accounts in UAE with their features and benefits and will help you to choose the best one.
After a comprehensive research, PolicyBazaar brings you the list of top five banks with current accounts in UAE that offer unique services and features.
The table lists down the popular current accounts in UAE with their features and benefits.
|Bank||Monthly Minimum Balance (Average in AED)||Accepted Currencies||Benefits and Features|
|Dubai Islamic Bank Al Islami Current Account||3,000||AED||
|ADIB – Current Account||3,000||AED||
|ENBD Standard Current Account||5,000||AED, GBP, USD, EUR||
|HSBC – Current Account||3,000||AED, EUR||
|Commercial Bank of Dubai – New to UAE Current Account||3,000||AED, USD, EUR||
|Emirates Islamic Bank – Current Account||3,000||UAE Dirham, GBP, USD, EUR||
|Union National Bank – Current Account||3,000||UAE Dirham, GBP, USD, EUR||
|RAKBANK – Current Account||3,000||UAE Dirham, GBP, USD, EUR||
|Mashreq Current Account||3,000||UAE Dirham||
|Noor Bank Current Account||5,000||UAE Dirham, GBP, USD, EUR||
|ADCB Current Account||3,000||UAE Dirham||
|FAB Current Account||3,000||UAE Dirham||
Choosing a current account can be rather confusing if you don’t consider the features and benefits. An individual must go through all the benefits, terms and conditions, etc. before selecting a current account. Given below is a checklist that can help you in choosing the best current account in UAE -
Q1: Do the current accounts in UAE have a minimum initial deposit criterion?
Ans: Yes, the current accounts in UAE have a minimum initial deposit criterion that usually ranges from AED 5,000 to 25,000.
Q2: Is there any salary requirement to open a current account in UAE?
Ans: Certain banks may ask for a minimum salary requirement to open a current account in UAE. However, this criterion differs from bank to bank.
Q3: Will I get a debit card or credit card on my current account in the UAE?
Ans: Each bank offers different facilities on the current account. Some banks provide debit cards to access the funds, while some banks give credit cards.
Q4: Is there any account closure charge if I wish to close my current account in the UAE?
Ans: The bank may charge a nominal amount while closing a bank account within one year. These charges vary from bank to bank.