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Bank Accounts in the UAE
A current account is a type of deposit account maintained by those individuals who need to make a huge & frequent number of transactions with banks on a regular basis. Current accounts are most commonly used by business entities, firms, and public enterprises in order to carry out their banking transactions. Generally, the current account includes withdrawals, deposits, and contra transactions.
Unlike Savings Accounts, current accounts usually have no transaction limits that can be made in a month. In addition to this, it enables to make payments to creditors through the facility of a cheque which is offered by the bank. Basically, current accounts do not provide interests and it requires a higher minimum balance in comparison of Savings accounts. However, the greatest benefit of opening a current account is that account holders can easily avail overdraft facility.
An individual can open a current bank account in the UAE with a lot of commercial banks in order to manage their money efficiently. It is usually associated with large transactions done on a regular basis. Here are some of the main reasons why one should have a current account UAE:
Opening a separate Current Account, in which business income & expenses are recorded helps in bringing about a distinction between what related to the business and what related to personal finance of the proprietor. Not only it helps in better financing planning on the personal level but also helps in giving the exact picture of the business at any point in the future.
Cheques provide written proof that the accountholder paid to someone. Having this proof is very important for tax purposes (when the account holder make tax deductible charitable donations).
Current accounts allow for withdrawals & deposits of funds and do not limit the number of transactions in a day.
A current account is one of the primary needs for starting a business in the UAE. Now these days, banks & financial institutions offer a wide range of attractive benefits and features on current accounts to meet the diversified needs of businesses and other entities as well. Here are some of the main features & benefits of the current bank accounts in the UAE:
|Bank Account Name||Choice of Currencies||Basic Features|
|ADCB Current Account||AED & other major currencies||
|ADIB Current Account||AED, US Dollar & GBP||
|Ajman Bank Current Account||UAE Dirhams, Euro, Us Dollar, and Pound Sterling||
|Standard Chartered Bank Current Account||AED & other major currencies||
|Citibank Current Account||AED & other major currencies||
Every bank in the UAE has its pre-decided eligibility criteria for opening a current account that needs to be checked individually. However, some of the basic requirements are given below:
There is a certain age limit for having a current bank account in the UAE. Usually, this age is 21 years in the UAE. However, it may vary from bank to bank.
Most of the banks allow only UAE residents to open a current account with them. In such circumstances, the applicant has to submit a valid resident proof in order to get their bank account opened.
The applicant must have a certain minimum monthly income in order to open a current account in the UAE. The income requirement is determined by the concerned bank.
Just like the eligibility criteria for opening a current account in the UAE, every bank can also have its own requirement of documents to process the account application. Here is a list of some basic documents that are required to open a current account UAE:
|Identity & Address Proofs||
Note: The applicant may have to submit additional documents as per the sole discretion of the bank.
Q.1. Who can open a Current Account in the UAE?
Ans: Anyone who meets the eligibility criteria and submit the documents mentioned above can open a current account in the UAE:
Make sure, you contact the bank or visit their official website in order to understand their eligibility criteria before applying to the particular current bank account.
Q.2. What are the important documents that I need to submit to open a current account?
Ans: You need to submit the following documents:
Q.3. Will I get a debit/credit card with the current account?
Ans: Most of the banks in the UAE offer free debit or credit card with the current bank account which provides access to your bank account funds for withdrawals and purchases online or at merchant outlets.
Q.4. Will I get free cheque book with the current account UAE?
Ans: Some of the best banks in the UAE offer first cheque book free while for additional ones, you may have to pay some charges.
Q.5. What is the minimum age required to open a current account in the UAE?
Ans: Although every bank has set its own minimum age requirements for opening a current bank account, you must be at least 21 years of age to open a current account in the UAE. But please note that it may differ from bank to bank.
Q.6. Are there any charges to close my current account?
Ans: Well, charges for closing a current account can vary from bank to bank. However, most of the banks in the UAE levied a nominal fee for account closure of current account maintained for less than a year. So, you can check with the bank you wish to open your current bank account with.
Q.7. Can I open a Joint Current Account with my child who is below the age of 18?
Ans: Well, most of the banks in the UAE do not usually permit an opening a joint Current Account with a minor. However, you may still talk to the bank representative for options to fulfill your requirements.
Q.8. What is the main objective of a current bank account?
Ans: The sole aim of a current bank account is to help you run your business smoothly and efficiently.