Emirates Islamic Bank Kunooz Savings Account

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Kunooz Savings Account is a flagship account from Emirates Islamic Bank that offers rewards and prizes to existing and new customers. The account holders get an opportunity to win a grand reward of 1 million Dirhams every three months or a premium Tesla car each month for maintaining a minimum monthly balance of AED 5,000 in their bank account. Additionally, they also stand a chance to win AED 50,000 every two weeks for maintaining a minimum daily balance of AED 1,000.

Emirates Islamic Kunooz Savings account is a perfect blend of banking and rewards that provides easy and convenient banking, including attractive prizes and offers for its customers. The bank also provides internationally recognised debit cards to access the funds. However, the customers need to fulfil some criteria to be eligible for the rewarding system. Let’s dive into the details to know more about the Emirates Islamic Kunooz Savings Account. 

Features and Benefits of Emirates Islamic Bank Kunooz Savings Account

Emirates Islamic Bank offers plenty of rewards and benefits to its existing and new customers through its Kunooz savings account. The awards are given on a biweekly, monthly and quarterly basis on fulfilling the minimum balance requirement and other criteria. Below are some key features and benefits of the Emirates Islamic Kunooz savings account. 

  • Two Weekly Cash Prizes - Emirates Islamic Bank offers a winning draw of AED 50,000 to three of its lucky customers every two weeks. The names of the winners are announced in a lucky draw on the web portal. An individual will have to maintain a minimum daily balance of AED 1,000 in the Kunooz savings account to be eligible for this prize. 
  • Monthly Prize of Winning a Tesla Car - The Emirates Islamic Kunooz savings account holders are also eligible to win a premium Tesla car every month. However, the winning prize is subject to maintaining a minimum monthly balance of AED 5,000. 
  •  Grand Prize Every three months - Emirates Islamic Bank also provides an opportunity to the Kunooz Savings Account customers to win a grand lucky draw of AED 1 million at the end of every three months. The account holders who maintain a minimum balance of AED 5,000 every month are eligible to take part in the grand prize draw that is held every three months. 
  • Free International Debit Card - The account holders of the Kunooz savings account are entitled to a free internationally recognised debit card to access the funds easily and conveniently anytime and anywhere.

Note - The biweekly lucky draw and the monthly draw will be conducted in the 1st week of the coming month, while the grand prize lucky draw will be conducted in the 1st week of the following quarter. The winners’ names will be announced on the Emirates Islamic Bank’s online portal, and they will be contacted by the bank to claim their rewards. The prize money will be credited into their Kunooz savings account within two months of draw announcement dates.

Eligibility to open an Emirates Islamic Kunooz Savings Account

The individuals wishing to apply for the Kunooz savings account will be required to fulfil the criteria as laid down by the Emirates Islamic Bank. Given below are some basic eligibility criteria required to open an Emirates Islamic Kunooz Savings Account. 

  • Minimum Balance Requirement - An individual is required to maintain a minimum monthly balance of AED 3,000 to be eligible to open an Emirates Islamic Kunooz Savings Account.
  • Individual Type - The Kunooz Savings Account can be opened by individuals and joint account holders. It can also be opened for minors, subject to furnishing the documents required by the bank.
  • Eligibility for Reward Process - In order to be eligible to participate in the two weekly lucky draws, the individuals will have to maintain a daily balance of AED 1,000. While for the grand prize and luxury Tesla car, individuals will have to maintain a minimum monthly balance of AED 5,000. 

Documents required to open an Emirates Islamic Kunooz Savings Account 

The existing customers can directly log in to the official portal of Emirates Islamic Bank, enter their online banking credentials and apply for Emirates Islamic Kunooz savings account. New customers will have to first open an account in Emirates Islamic Bank and then apply for the Kunooz Savings Account. Following are the documents required to open a bank account in Emirates Islamic Bank.

Individual Type Documents Required 
UAE National/Resident
  • Original and copy of Emirates ID for the records
  • A copy of passport 
  • A copy of salary transfer letter or appointment letter
Non-Resident of UAE
  • Original and copy of valid Passport ID
  • Latest utility bill 
  • Latest bank statement 
  • Residence address as per the home country record
GCC National 

 

  • Original and copy of valid Passport ID
  • Original and copy of work permit or labour ID or
  • A valid UAE National ID

Note: Additional documents may be required for verification and maintaining records as per the bank’s discretion.

How to apply for Emirates Islamic Bank Kunooz Savings Account

Emirates Islamic Kunooz Savings Account can be opened easily by using the online banking facility for its existing users. However, new customers will have to first open an account in Emirates Islamic Bank and then use the online facility to apply for the Kunooz savings account. Following are the ways to apply for Emirates Islamic Bank Kunooz Savings Account. 

  • For Existing Customers - Customers who already hold a bank account with Emirates Islamic Bank can use online or mobile banking and choose the Kunooz savings account in the banking product section to apply for the same.
  • For New Customers - New customers can visit the Emirates Islamic Bank’s official website or the nearest branch and open a bank account. Thereafter, they can apply for the Kunooz Savings Account. 

Important Terms and conditions for Emirates Islamic Kunooz Savings Account 

Following are some of the important terms and conditions related to the Emirates Islamic Kunooz Savings Account and its reward process.

  • All the Kunooz savings account holders can take part in the periodic draw according to the terms and conditions of Emirates Islamic Bank, which may be revised periodically as per the bank’s discretion. 
  • With respect to the quarterly grand reward of 1 million and monthly Tesla car draw, a minimum monthly amount of AED 5,000 needs to be maintained in the account. This will provide the customers with one entry into the lucky draw.
  • With respect to the biweekly lucky draw of AED 50,000, a minimum amount of AED 1,000 needs to be maintained on a daily basis. It will allow the customers one entry into the lucky draw.
  • The bank will intimate the winning customers at the end of the draw as per the latest address or contact details provided by them.
  • A Kunooz savings account holder agrees and acknowledges that in the event of his/her winning the prize, the winner’s name and picture will be published in the media or general domain. The bank is not liable for any losses, harm or legal fee incurred due to such public releases.
  • The winning cash prizes will be credited into the Kunooz savings account of the customer.
  • Emirates Islamic Bank employees and their immediate family members are not eligible for lucky draws in Kunooz savings account.
  • The bank is authorised to change the prize amount or the method in which the prize is being awarded to the customers anytime at its sole discretion. 

Frequently Asked Questions 

Q1: Do I need to maintain a minimum monthly balance in the Emirates Islamic Kunooz Savings Account?

Ans: Yes, a minimum monthly balance of AED 3,000 needs to be maintained in the Kunooz Savings Account.

Q2: Can Kunooz Savings Account be opened for a minor in Emirates Islamic Bank?

Ans: Yes, Kunooz Savings Account is available for minors as well.

Q3: How can I participate in the periodic raffle draws organised by Emirates Islamic Bank for Kunooz savings account holders?

Ans: The Kunooz savings account holders are required to maintain a minimum daily and monthly balance as set by the Emirates Islamic Bank. This will provide them entry into various lucky draws based on the maintenance of minimum balance.

Q4: What is the minimum balance required to maintain in Kunooz savings account for participating in the grand prize draw?

Ans: Emirates Islamic Bank offers an entry into the grand prize draw to customers who maintain an average minimum balance of AED 5,000 every month.

Q5: How will be the winning prize distributed by Emirates Islamic Bank?

Ans: The Emirates Islamic Bank will announce the lucky draw results by publishing them on their portal and in the media. The bank will also contact the winning customers to claim their prize as per their recorded address and contact details. In the case of cash prizes, the amount will be credited to the customer’s Kunooz savings account.