Current Account

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

Why Should You Get A Current Account?

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 regularly. Here are some of the main reasons why one should have a current account UAE:

Segregate Business Finance from Personal Finance

Opening a separate Current Account, in which business income & expenses are recorded helps in bringing about a distinction between what is related to the business and what is related to the 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.

A Current Bank Account Gives a Payment Proof

Cheques provide written proof that the accountholder paid to someone. Having this proof is very important for tax purposes (when the account holder makes tax-deductible charitable donations).

No Restrictions on Withdrawals & Deposits

Current accounts allow for withdrawals & deposits of funds and do not limit the number of transactions in a day.

Features & Benefits of Current Account in UAE

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:

  • No Transaction Limit: There is no limit on the number of transactions in a day (as per the sole discretion of the banks).
  • Overdraft Facility: The account holder can avail overdraft facilities when required. This means they can overdraw the balance in their bank account on a temporary basis, to plug the shortfall in funds. This is basically a short term borrowing on which the bank may or may not charge interest.
  • Ease of Payment: Current account enables the account holder to make a large & frequent number of transactions with banks systematically.
  • Cheque Book Facility: A lot of banks & financial institutions in the UAE offer the cheque book facility to the account holder for making their transactions easy.
  • Debit/Credit Card Facility: Most of the banks & financial institutions in the UAE offer free debit or credit card along with the current bank account. The account holder can make use of these cards in order to get instant access to their funds.
  • Banking Services: Current bank accounts offer seamless access to the most advanced & secured Mobile Banking services, Internet Banking, SMS Banking, & Telephone Banking.
  • Frequent Transaction facility: Current account is designed to cater to frequent transactions – transfer funds, cash, receives cheques, etc.

Current Account in UAE

Top 5 Banks to Consider While Opening a Current Account in UAE

Bank Account Name Choice of Currencies Basic Features
ADCB Current Account AED & other major currencies
  • Opening Amount: AED 5,000/USD 1,500
  • Free e-statements
  • Free Cheque Book
  • Access to ADCB Personal Mobile Banking & Internet Banking.
ADIB Current Account AED, US Dollar & GBP
  • Minimum Balance Required: AED 3,000
  • Based on ‘Qard Hasan’ (an Islamic Principle)
  • Free ADIB Visa Electron Debit Card
  • 24/7 banking Services
  • Instant overdraft facility
Ajman Bank Current Account UAE Dirhams, Euro, Us Dollar, and Pound Sterling
  • Completely Sharia-compliant
  • Free cheque book & debit card
  • Free quarterly statement
  • Free teller transactions
Standard Chartered Bank Current Account AED & other major currencies
  • Minimum Initial Deposit of AED 10000
  • Minimum monthly average balance: AED 3000
  • Internationally accepted debit card
  • No limit on withdrawals and deposits
  • Secured e-Statements
Citibank Current Account AED & other major currencies
  • Personalized Cheque Book
  • International Debit Card
  • 24x7 Citibank Online banking & mobile banking.
  • Withdrawals up to the limit of AED 10000 per day.
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Eligibility Criteria for Opening a Current Account in the UAE

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:

Applicant’s Age

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.

Minimum Income Requirements

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.

Documents Required To Open a Current Account in the UAE

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:

Category Documents
Identity & Address Proofs
  • Original Passport for verification along with a copy
  • UAE Resident Visa
  • Emirates ID
Other Documents
  • Salary Certificate/ Reference Letter ( for salaried individuals)
  • Income Proofs

Note: The applicant may have to submit additional documents as per the sole discretion of the bank.

Frequently Asked Questions on Current Accounts in UAE

Q1: 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:

  • Sole Proprietors
  • Partnerships
  • Individuals
  • Limited liability Organizations
  • Joint Stock Organizations

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.

Q2: What are the important documents that I need to submit to open a current account?

Ans: You need to submit the following documents:

  1. Passport Copy
  2. Emirates ID Card
  3. UAE Resident Visa
  4. Salary Certificate/ Reference Letter
  5. Income Proofs

Q3: 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.

Q4: 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.

Q5: 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.

Q6: 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.

Q7:  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.

Q8:  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.

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