Emirates Islamic e-Savings Account

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One of the best savings accounts in UAE, the Emirates Islamic e-Savings Account offers a great range of savings to the customers with a minimum limit of transactions. It is exclusive made available for existing Emirates Islamic Bank customers and can be accessed from the ease of your home. The convenience of the highest regards when the e-Savings Account from Emirates Islamic bank is concerned. 

Features & Benefits of Emirates Islamic e-Savings Account

A savings account that comes with a long list of benefits for the customers, an e-Savings Account offers a lot to the customers apart from a high rate of profit percentage on savings. The following is the complete list of features and benefits that the Emirates Islamic e-Savings Account offers:

  • A fully Islamic savings account that works as per Sharia laws of banking.
  • No minimum balance is required to open the Emirates Islamic e-Savings account.
  • Available to be opened in two currencies – AED and USD
  • Up to 1% profit-earning rate for AED accounts and 0.9% profit-earning rate for USD accounts. 
  • No limit on transactions from your e-Savings account.
  • Profit earning on the deposits in the e-Savings account starts for deposits equal to or more than AED 5000.
  • Profits earned on your e-Savings Account deposits are paid off quarterly and are calculated on the average monthly balance of the account. 
  • A zero monthly fee applies to the Emirates Islamic e-Savings account. 
  • Quick and rather easy self-led opening process without involvement of relationship managers. 

Profit (Interest) Rate Offered by e-Savings Accounts

The interest rates or profit rates offered on e-Savings account from Emirates Islamic bank differ as per the currency of the account in consideration, deposited sum in the account as well as whether the customer is new or old. Following is a detailed explanation of the interest rate offered by Emirates Islamic Bank on e-Savings account:

Interest rate as per the deposit amount slabs

Deposit Amount  Profit Rate for AED Accounts Profit Rate for USD Accounts
5K to 50K 0.40% per annum  0.20% per annum
50K to 3.5 Million 0.60% per annum 0.40% per annum
3.5 Million up to 25 Million (or more) 0.80% per annum 0.60% per annum

New customers enjoy a profit rate of 1% p.a. across all deposit slabs in AED accounts and 0.90% p.a. in USD accounts for the first three months of opening the account. 

Eligibility Criteria for Emirates Islamic e-Savings Account

  • The Emirates Islamic Bank e-Savings account is available for all existing EL customers to open.
  • There is no minimum opening balance requirement for the account.
  • All UAE residents and nationals can easily open the account from their homes using any electronic-smart device.
  • Customers who would like to open an e-Savings account with the bank must have their NET ID generated by the bank. 

Fee & Charges on Emirates Islamic e-Savings Account

Being one of the best savings accounts offered by Emirates Islamic bank, the e-Savings account does not come with additional fees. It does not have a monthly or annual management fee on it and no charges for not maintaining a minimum account balance either. However, charges are set for SMS alert services (AED 5) and other services common to all kinds of accounts offered by the bank.

Documents Required to Open an Emirates Islamic e-Savings Account

Since the e-Savings account can be opened by an existing customer do Emirates Islamic Bank, there are no additional documents required for you to submit. The bank simply processes your account opening request with the documents that have been submitted with the bank already.

How to Apply for Emirates Islamic e-Savings Account

Follow the below-mentioned steps to open your e-Savings account in a matter of minutes:

  • Log in to your net banking portal using your NET ID and password.
  • Select the “new account” option and open the registration portal.
  • Choose “e-Savings account” from the product type menu and select the currency
  • Read the terms and conditions and click submit to open the account. 

FAQs 

Q1: What is the range of currencies in which I can open an Emirates Islamic e-Savings Account?

Ans: The Emirates Islamic e-Savings Account is offered to be opened in two currencies – AED and USD. 

Q2: Is there is a limit to the number of e-Savings Accounts that I can open?

Ans: One e-Savings Account can be opened in one currency for every Emirates Islamic customer. 

Q3: Do I get an SMS alert service with an e-Savings Account?

Ans: Yes, every e-Savings Account holder is eligible to get SMS alerts and push notifications related to your account on your phone. All you have to do is register for the service with the bank using your registered mobile number. 

Q4: What is the Average Balance used in the profit calculation of the e-Savings Account?

Ans: The average balance is calculated by adding the daily closing balance of your account and dividing the sum by the total number of days in the concerned month.

Q5: What are the ways I can make transactions from an e-Savings Account?

Ans: You can make any transaction you like from your e-savings account via online methods including fund transfers, bill payments, etc. 

Q6: Is there a limit to the number of withdrawals and transactions on my e-Savings Account?

Ans: There is no withdrawal limit on the e-Savings Account. However, after a withdrawal is made from your e-savings account, the profit of the said quarter will be paid based on the interest rate of the month in which the withdrawal was made.

Q7: What is the limit on monthly transactions that I can make from my e-Savings Account?

Ans: The limit of online transactions depends on the type of transfer that you are making. Following is a detailed list of the limits imposed on each kind of transfers:

Type of Transaction  Limit 
Utility and Bill Payment AED 15,000
Transfer to other Accounts of your own AED 300,000
Transfers to other Accounts AED 100,000
Telegraphic Transactions AED 100,000

Q8: When is the ‘Fall Below’ applicable on my e-Savings Account?

Ans: The ‘Fall Below’ fee is applicable on your e-Savings Account on a total of AED 3000 customer relationship balance.

Q9: Will I get a chequebook or ATM card with my e-Savings Account?

Ans: No, there are no chequebooks or ATM cards provided with the e-Savings Account.

Laxita Gautam
Laxita Gautam63 Posts

Senior Content Writer | She functions on classic British fiction, Japanese manga, and strong americanos. Laxita is tailor-made to create engaging, interactive pieces that offer simplified insights into complex subjects.