Digital Bank Accounts in UAE with no Minimum Balance Requirement

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  | Published: 27 August 2021

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With UAE emerging as one of the fastest-growing economies of the 21st-century, the banks in UAE keep on evolving ingeniously. Being innovative and versatile, the UAE banks keep on reviewing their products and services to meet the customers’ financial requirements with ease and convenience. Continuing the tradition, several banks in UAE offer digital bank accounts that have a quick and hassle-free application process and come with no minimum balance requirement and account maintenance charges. In addition, the account holder receives better returns in comparison to a normal savings account. 

Digital bank accounts include several advantages like easy online access to funds, zero balance requirement and instant money transfer with complete safety and security. Also, to open a digital bank account, individuals just need to visit the bank’s portal and register with a few simple steps, thereby saving their time and effort. The article below gives an insight into the various digital bank accounts in UAE with zero balance or account fees.

Features of No Minimum Balance Digital Bank Accounts in UAE

The digital banking system has paved the way for a quick, reliable and easy account opening process including numerous features and benefits for the customers. Following are key features of digital bank accounts in the UAE.

● Quick and Time-Saving Process - Being quick, secure and convenient, digital accounts save time and effort without having to physically visit the bank. The applicants don’t have to wait for the account opening process to conclude before accessing the bank account.

● Instant Account Activation - The digital bank account activates as soon as the online registration is completed. The account holders can make transactions instantly thereafter. 

● Instant Deposits and Withdrawals - Making deposits and withdrawals has never been so easy. Digital bank account holders can instantly access the account, withdraw and deposit funds using online or mobile banking.

● No Account Maintenance Charges - The banks levy zero maintenance charges on online bank accounts.

● Zero or Low Minimum Balance Requirement - Individuals are not liable to maintain a minimum balance to open online bank accounts. Also, there is no fall below charges. Therefore, these accounts are ideal for students and people with unstable salaries.

● Quick and Easy Access To the Funds - The account holders can easily access the funds through online or mobile banking facilities.

Banks offering Digital Accounts with No Minimum Balance in UAE

Several banks in UAE offer digital bank accounts with an instant application process. Additionally, each bank account has its own features and benefits. Following are the online bank accounts with no minimum balance requirement and zero maintenance fee.

Bank Account Name Features and Benefits
FAB iSave Account
  • No minimum balance is required and no fall below charges applicable. 
  • Available only in AED.
  • Earn up to 1.68% interest rates per annum.
  • Instant account opening through FAB Mobile app and online banking.
  • iSave account is available only for individuals.
  • Bank calculates the interest rate on the average monthly balance and credits it every month.
  • Unlimited withdrawals are allowed.
  • No debit card or chequebook is issued. 
ADIB Smart Banking Account/Online Saver Account
  • No minimum balance requirement.
  • No account opening charges.
  • The account offers higher profit distribution in comparison to a normal saving account.
  • The bank calculates profits on the daily closing balance and credits it at the end of every month. 
  • Instant account opening for existing customers via internet banking and ADIB mobile application. 
  • Unlimited withdrawals are allowed.
  • 24/7 account access through online banking anywhere and anytime. 
  • Enjoy regular account updates on your computer, mobile or tablet.
HSBC ESaver Account
  • No minimum balance requirement on the ESaver account. 
  • No monthly account maintenance fee.
  • No fall below charges. 
  • Three easy ways to deposit money, i.e. through online banking, cheque deposits and telegraphic transfers.
  • It offers easy management of funds using online banking/mobile banking. 
  • Easy withdrawal from ESaver account through online banking or via telegraphic transfers. 
  • Competitive interest rates up to 0.10% on the funds. 
  • The bank pays out interest on a monthly basis. 
  • Available to UAE nationals and residents with valid resident visas. 
  • The account does not come with a chequebook or ATM card.
  • Allows one debit transaction (transfer/payment) every month without losing out on interest. 
  • Instant account opening for existing HSBC account holders.
Mashreq Easy Saver Account
  • No minimum balance requirement.
  • No fall below charges. 
  • No monthly maintenance charges.
  • Instant online bank account opening through Mashreq Mobile or online banking for existing customers. 
  • Earn up to 0.70% interest per annum. 
  • Withdrawing funds once a month from the account does not impact interest. 
  • Mashreq Easy Saver account offers free online money transfers.
  • The account does not come with a debit card.
  • It is available in USD and Dirhams. 
  • Easy automatic deposits can be made through standing instructions. 
CBD Esaver Digital Account
  • CBD offers an instant account opening process through online banking anywhere and anytime for existing customers.
  • No minimum balance requirement on the Esaver account. 
  • The bank does not charge any account maintenance charge or fall below charges. 
  • Earn up to 1.5% interest rate on the average balance per month. 
  • The bank allows 3 debits/withdrawals (payments or transfers) from the digital account. 
  • Available to UAE nationals and residents with a valid resident visa.
  • 24/7 access to account balance and online statement. 
RAKBANK F@st S@ver Account
  • No minimum account balance requirement on RAKBANK F@st S@ver Account. 
  • No fall below charges 
  • No monthly maintenance fee. 
  • The bank offers a quick and instant account opening process via online and mobile banking. 
  • The account accepts both USD and AED.
  • Earn up to 0.50% interest per annum for funds in AED and 0.25% funds p.a. in USD.
  • Allows utility payments through digital banking.
  • One withdrawal and five utility payments are allowed on the account in both AED and USD.
  • The bank calculates the interest on the daily closing balance and pays it on a monthly basis.
see more

Eligibility Criteria for Opening a Digital Bank Account 

The eligibility criteria to apply for digital bank account in UAE depends on the various banks and the account type. Given below are the eligibility criteria for various digital accounts. 

Bank Account Name Eligibility Criteria
FAB iSave Account
  • Available to UAE nationals and individuals 
  • Not available to business entities
  • Individuals with a minimum age of 18 years or more can apply
ADIB Smart Banking Account
  • Available only to existing customers of ADIB with a savings or current account
  • Available to UAE nationals and residents
  • Applicant should be at least 18 years old
HSBC ESaver Account
  • Available to UAE nationals and residents
  • Individuals with a minimum age of 18 or above can apply
  • No documents are required for existing customers
Mashreq Easy Saver Account
  • Existing customers of Mashreq bank
  • Minimum monthly income of AED 5,000 or above is required
  • Applicants must be at least 18 years old
CBD Esaver Digital Account
  • Available to UAE residents and nationals
  • Individuals with a minimum age of 18 years or more can apply
RAKBANK F@st S@ver Account
  • N/A
see more

Documents Required to Open a Digital Bank Account in UAE

To open a digital bank account with no minimum balance, an individual must submit a few documents. The documents mentioned below are more or less the same for various banks.

  • Existing savings and current account holders in respective banks do not need to submit any additional documents. They can simply apply for the digital bank account using the online banking facility. 
  • For non-existing customers, the following documents are required -
    • Original and copy of passport 
    • Valid UAE resident visa for non GCC nationals 
    • Original and a copy of Emirates ID
    • Resident proof (Lease/Rental agreement/Utility bill/employment letter)

Note: The banks may ask for additional documents for record and validation at their discretion. 

How to Apply for a Digital Bank Account in UAE?

Opening a digital bank account in UAE is an easy and convenient application process. Individuals just need to log in to the online banking portal and fill the application form. However, the process is different for non-existing customers. Given below are a few ways to apply for the account. 

  • For Existing customers - Existing customers with a savings or current account can simply visit the online banking portal and apply for a digital bank account. Application for existing customers is paperless and the account can be opened instantly. 
  • For Non-Existing Customers - Certain banks allow only existing customers to open a zero balance account in UAE. However, there are some banks that accept applications from non-existing customers. They need to visit the bank’s branch with all the prerequisite documents and apply for a digital bank account. 

Note: The bank may ask the non-existing customers to open a savings or current account to avail a zero balance account in the UAE.

Frequently Asked Questions

Q1: What are zero balance accounts in UAE?

Ans: A zero balance account is an account with no minimum balance requirement. The bank does not levy any fall below charges on these bank accounts.

Q2: How can I open a zero balance account instantly in UAE?

Ans: Opening a zero balance account is quick and easy. An individual needs to log in to the online banking portal, fill in the details and apply for the bank account. The process is completely paperless for the existing customers and they can access the account instantly. 

Q3: Is there a monthly maintenance fee on the digital bank account in UAE?

Ans: No, there are no monthly maintenance charges on the digital bank accounts in UAE. However, certain banks can incur nominal charges depending on the type of service they offer.

Q4: I am a student. Can I apply for a digital account with no minimum balance in UAE?

Ans: Yes, a student can also apply for the digital bank account subject to fulfilling the minimum age criteria depending on the bank. Usually, the minimum age to apply for a zero balance account is 18 years.