Having a savings account is essential once you start earning, as such a bank account can help you in securing your capital along with attractive interest rates.
Since its inception in 2004, Emirates Islamic Bank has been continuously delivering unique savings solutions with the highest standards of Sharia principles. The bank offers various accounts including investment savings account with higher returns and enhanced financial management. The Investment Savings Account is specially designed for individuals looking for a profit generating savings scheme. It is an Islamic account based on the principle of ‘Mudaraba’, where profits are distributed amongst the shareholders as per the banking services agreement.
Emirates Islamic Bank Investment Savings account offers enticing profit rates, and the profit is credited into the account on a quarterly basis. The bank accepts funds in AED and USD and provides an internationally recognised debit card for conveniently accessing the funds.
The Investment Savings Account comes with numerous benefits, offering a profit rate of up to 0.3%. There are also no monthly charges levied by the bank on this account. Given below are some key features and benefits of the savings account:
Given below are the charges levied on Emirates Islamic Bank Investment Savings Account.
|Particulars||Select/Classic (in AED)||Advantage (AED)|
|Average monthly minimum balance||3,000||AED 100,000 or salary transfer of AED 15,000|
|Fall below fee if average balance falls below AED 3,000||25||25|
|Transaction charges (Transaction per month/fee)||Six free transactions per month. After that, a charge of AED 10 is applicable||30 free transactions per month. After that, a charge of AED 10 is applicable|
|Account closure fee (Before 12 months)||100||100|
|Dormant/Inactive account charges||Nil||Nil|
|Charges for Utility Bill Payment: At the counter||10||10|
|Monthly SMS Fee||5||5|
The individuals need to fulfil certain eligibility criteria as mentioned below to open an Investment Savings account.
Individuals will require to furnish the documents in original as well as in copy at the time of opening the Emirates Islamic Investment Savings Account. The list of required documents is given below.
|Individual Type||Documents Required|
|Non-Individuals (Business Entities)||
Opening an investment savings account is a quick and convenient process. An individual can visit the bank’s website or the nearest local branch for opening an account. The application done at the branch within an hour of bank closing will be processed on the same day. Given below are the ways to open an Emirates Islamic Bank Investment Savings Account.
Q1: What are the currencies accepted in Emirates Islamic Bank Investment Savings Account?
Ans: The Emirates Islamic Bank accepts deposits in USD apart from AED in its Investment Savings Account.
Q2: Are there any restrictions on deposits and withdrawals of funds in an Investment Savings Account?
Ans: No, there are no restrictions on deposits and withdrawals in the Investment Savings Account; however, transactions in foreign currencies are liable to some charges as per the bank’s criteria.
Q3: Can a non-individual open Emirates Islamic Bank Investment Savings Account?
Ans: Yes, non-individuals including business entities like sole proprietorships, partnerships, joint stock companies and limited liability organisations can open an Investment Savings account.
Q4: What is the minimum average balance required in an Investment Savings Account?
Ans: An individual needs to maintain a minimum average balance of AED 3,000 in the case of no salary transfer account. While in the case of salary transfer (min transfer of AED 3,000), the minimum average balance criterion is not applied.
Q5: Can I apply for a joint account in Emirates Islamic Bank Investment Savings Account?
Ans: Yes, individuals can apply for a joint account in Emirates Islamic Bank Investment Savings Account. A minor can also open the account through his/her guardian, subject to furnishing of documents as per the bank’s requirement.