Emirates Islamic Bank Savings Account

The Emirates Islamic Bank offers five different types of savings account in the UAE. Each of these accounts has a host of benefits and features for the account holder, that helps them in managing and saving their money properly.

These are the different types of Emirates Islamic Bank Savings Account available in the UAE.

  • Kunooz Savings Account
  • E-Savings Account
  • Investment Savings Account
  • Super Savings Account
  • Child Savings Account

 Features and Benefits of Emirates Islamic Bank Savings Account

Mentioned below are a few features & benefits of the different types of Emirates Islamic Bank Savings Account.

Kunooz Savings Account

This savings account from the Emirates Islamic Bank helps the account holder in saving today for enriching their lives in the future. Following are the few benefits of this savings account.

  • Grand Prize: The account holder can win a grand prize worth AED one million or a luxury car monthly. On saving AED 5,000, the account holder gains a chance of winning the monthly grand prize.
  • Daily Cash Prize: The account holder can also win 5 daily cash prize worth AED 3,000 each. Each AED 1,000 they save gives them a chance of winning the daily cash prize on this Emirates Islamic Bank Kunooz Savings Account.
  • Frequency of Prizes: The daily draws are conducted on a regular basis within the month while the draws for the grand prize are conducted on the initial draw of the months.

e-Savings Account

The account holder can enjoy convenient online banking services on this e-Savings account. This account offers higher profits as compared to a normal savings account. Following are the few benefits of this savings account.

  • Sharia Compliance: This savings account by Emirates Islamic Bank is a Wakala based Sharia-compliant profit bearing bank account. It is based on the Sharia principles of the Islamic Banking Laws in the UAE.
  • Profit Rate: The account holder can enjoy a maximum of 2 percent per annum on the UAE Dirhams and 1.25 percent per annum on US Dollars as expected profit rate according to the deposit slabs on this Emirates Islamic Savings Account.
  • Self-opening Account: This savings account can be opened easily and quickly via the online banking portal.
  • Online Transfers: The account holder also has the option of transferring the funds online conveniently.
  • Withdrawal Limit: There is no limit on the number of withdrawals the account holder can make from this savings account. However, the number of withdrawals affect the calculation of profit balance.
  • Multiple Currency: This Emirates Islamic Bank Savings Account is available in UAE Dirhams as well as US Dollars.

Investment Savings Account

This savings account is designed for those organizations and individuals who wish to have a profit-generating bank account, which provides instant access to their money whenever they need it. Following are the few benefits of this savings account.

  • Debit Card: The Emirates Islamic Bank offers a free globally accepted debit card on this savings account.
  • Multiple Currencies: This Emirates Islamic Savings Account is available not only in the UAE Dirhams but also in US Dollars.
  • Profit Payout: The profit earned on this account is paid out on a quarterly basis. The profits are generated & distributed out of the common Murdaraba pool. The Murdaraba pool is a joint investment pool amongst the shareholders and depositors.
  • Online and Phone Banking: The account holder can conduct, manage, and view transactions conveniently, providing them access to their accounts anytime and anywhere.
  • SMS Alerts: The account holder receives account updates for balances on charge card and various other transactions through SMS. 

Super Savings Account

Since Emirates Islamic Bank is the exclusive banking partner for Dubai Expo 2020 and also because it encourages savings, it has introduced the Super Savings Account. The account holder can enjoy Skywards Miles on their balance while earning profits too. Following are the few benefits of this Emirates Islamic Bank Savings Account.

  • Debit Card: The Emirates Islamic Bank offers a free globally accepted debit card on this savings account.
  • Skywards Miles: The account holder gets 2020 Skywards Miles as a bonus when they open their account. For earning the joining bonus, the account holder will have to either transfer a monthly minimum salary worth AED 5,000 or maintain a monthly minimum average balance worth AED 5,000 in the initial two months from the date of account opening. They can also earn a maximum of 15,000 Skywards miles quarterly.
  • Skywards Card: The bank offers a discount of 50 percent on the Annual Membership charge for the Skywards card in the 1st year depending upon the card approval.
  • Minimum Balance: This Emirates Islamic Savings Account does not have any minimum balance requirement.
  • Online and Phone Banking: The account holder can conduct, manage, and view transactions conveniently, providing them access to their accounts anytime and anywhere.
  • SMS Alerts: The account holder receives account updates for balances on charge card and various other transactions through SMS.

Child Savings Account

This savings account from Emirates Islamic Bank offers a secure future, sense of responsibility, and good values for the children during their formative years. Following are the few benefits of this savings account.

  • Minimum Balance: This Emirates Islamic Bank Savings Account does not have any minimum balance requirement.
  • Debit/Prepaid Card: The account holder gets an option of availing a free prepaid or debit card on this account.
  • Life Takaful Cover: The bank offers an option of availing up to AED 120,000 as Life Takaful coverage for the guardian or parent making the child a beneficiary (five children maximum) 

Eligibility Criteria to Open an Emirates Islamic Bank Savings Account in UAE

For opening this Emirates Islamic Bank account, the account holder needs to meet certain eligibility criteria. Following are the requirements for opening the different types of savings bank account.

Savings Account Name Eligibility Requirements
Kunooz Savings Account
  • Minimum Balance Required: AED 3,000
  • Availability: To individuals (minors included) and joint accounts
e-Savings Account
  • Minimum Balance Required: Nil
  • Availability: For individuals only
  • Other: Access to online banking needed
Investment Savings Account
  • Minimum Balance Required: AED 3,000
  • Availability: To individuals (minors included) and joint accounts and for businesses (including partnerships, sole proprietorship, Limited Liability, and Joint Stock Companies)
Super Savings Account
  • Salary Transfer: AED 5,000 and more to the bank
  • Minimum Average Quarterly Balance: AED 5,000
  • Other: Skywards membership required
Child Savings Account
  • N/A

Documents Required to Open an Emirates Islamic Bank Savings Account

For opening this Emirates Islamic Bank Savings Account, the account holder needs to submit some documents to the bank. Following are the required documents for opening the different types of savings bank account.

Bank Account Name Documents Required
Kunooz Savings Account
  • Duly filled application form
  • For UAE Nationals: Original and copy of Passport or Khulasat Al Qaid
  • For Expats: Original and copy of Passport with a valid Visa for residence
e-Savings Account
  • No documentation needed as only those customers who have any other Emirates Islamic bank account with online banking facility can open the account.
Investment Savings Account
  • Duly filled application form
  • For UAE Nationals: Original and copy of Passport or Khulasat Al Qaid
  • For Expats: Original and copy of Passport with a valid Visa for residence
Super Savings Account
  • N/A
Child Savings Account
  • N/A

How to Open an Emirates Islamic Bank Savings Account in UAE?

Following are the ways in which the applicant can open the Emirates Islamic Savings Account in the UAE.

  • They can open their account through the online banking portal of the bank.
  • The applicant can avail the phone banking option for opening their bank account.
  • They can also visit the nearest branch of the Emirates Islamic bank for opening their savings bank account.

How to Close an Emirates Islamic Bank Savings Account?

For closing this savings account, the account holder must transfer all the existing funds (if any) from this account to the other bank account in their name.

After transferring the funds, they can put forward the account closure request either through online or phone banking or by visiting the nearest branch of the bank.

If the account holder closes the Emirates Islamic Bank Savings Account within 12 months of its opening, they will have to pay an account closure fee of AED 100.

Emirates Islamic Bank Savings Account - FAQs

Question 1: What is the minimum amount at which I can open the Child Savings account?

Answer: The applicant can open an account for their child with just AED 100.

Question 2: In what all currencies can I open my Investment Savings account?

Answer: You can open this savings account in the UAE Dirhams and US Dollars.

Question 3: Who will supervise the draws under the Emirates Islamic Bank Kunooz Savings Account?

Answer: The Economic Development Department in the UAE will supervise the draws on this savings account.

Question 4: What are the maximum number of e-Savings account that I can open?

Answer: You can open one e-Savings account on one currency.

Question 5: Do I get an ATM card or cheque book on this savings account? Can I make transactions through the bank branches?

Answer: No, the bank does not provide any ATM card or cheque book on this Emirates Islamic Savings Account. Transactions can’t be made through the branches of the bank. You can access the account via online banking only.

Question 6: What are the maximum Skywards miles that I can earn on my Super Savings Account?

Answer: You can earn a maximum of 15,000 Skywards miles on this account quarterly.  

Question 7: Do I have to pay any dormant account fees on these savings accounts?

Answer: No, the bank does not charge any dormant account fees on these accounts.

Question 8: Do I have to pay any fees for account closure on these accounts?

Answer: Yes, you have to pay a fee of AED 100 for closing this Emirates Islamic Bank Savings Account (if the account is being closed within 12 months).