First Abu Dhabi Bank Smart Deposit Account

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First Abu Dhabi Bank is one of the largest and most preferred banks in UAE. It also has an overseas network covering all the continents. Through its strategic offerings, the bank offers a variety of customised deposit accounts, providing higher returns over a longer duration. FAB Smart Deposit Account is a type of fixed deposit that offers long-term saving plans ranging from 2, 3, 4, 5, 7 and 10 years. It promises higher returns on investment for a long term.

FAB Smart Deposit is ideal for a secure long-term investment, with healthy returns and flexibility to choose interest payment frequency, i.e. monthly, biannually or at maturity. The article covers the details on features and benefits and ways to open a Smart Deposit account.

Features and Benefits of FAB Smart Deposit Account

FAB Smart Deposit Account provides a variety of benefits like multiple interest payout frequencies apart from the higher returns. Given below are some key features and benefits of the FAB Smart Deposit account.

  •  Minimum Deposit Amount - A individual needs to invest a minimum of AED 30,000 or USD 10,000 or its equivalent in other accepted currencies.
  • Flexible Tenure - First Abu Dhabi Bank offers a wide slab of tenure, starting from 2, 3, 4, 5, 7 up to 10 years. An individual has the flexibility to choose the most suited plan according to his/her convenience. 
  • More Returns - FAB Smart Deposit account provides a better interest rate than a conventional fixed deposit. Longer tenure of investment promises a better return.
  • Frequency of Interest Payment - FAB offers a unique option where individuals can choose the frequency of interest payment, ranging from monthly, biannually or at the time of maturity.
  • Multiple Currencies Accepted - A Smart Deposit Account can be opened in major foreign currencies like USD, GBP, EUR apart from AED. However, the minimum deposit amount must be equivalent to AED 30,000 in order to open the deposit account. 

Eligibility Criteria to open FAB Smart Deposit Account

First Abu Dhabi Bank accepts applications from both UAE residents and non-residents. However, an individual needs to satisfy minimum eligibility criteria as mentioned below.

  • Nationality -  Both UAE residents and expatriates are eligible to apply for the FAB Smart Deposit Account. 
  • Employment Status - Both salaried and non-salaried individuals are eligible to apply. A salaried person may be required to share his/her employment details.
  • Minors Eligible - FAB Smart Deposit Account is available for minors; however, the deposit account needs to be managed on the instructions of the minor’s father or a legally appointed guardian.

Documents Required to Open a FAB Smart Deposit Account

 An individual requires to submit the following documents during the application of FAB Smart Deposit Account. 

  • For Residents of UAE - A duly filled application form, resident proof, Emirates ID and a valid Passport.  
  • For Non-Residents of UAE - A duly filled application form, a passport page mentioning the individual’s address.

*Apart from the above-mentioned documents, the bank may also ask for additional documents at its sole discretion or on a case by case basis.

How to Apply for FAB Smart Deposit Account? 

An individual can apply online or offline to open the FAB Smart Deposit Account, depending upon the individual’s ease of access.

  • For Online Mode - To apply online, an individual will have to visit the First Abu Dhabi Bank’s website and fill out the required details in the application form. The bank representative will contact them within the next working day for the account opening process.
  • For Offline Mode - An individual will have to visit the nearest branch of First Abu Dhabi Bank, fill out the application form and follow the subsequent instructions given by the banking personnel. 

How to Close FAB Smart Deposit Account? 

An individual can close the Smart Deposit account at the time of maturity or prematurely. However, an early closure will charge a penalty. Given below are the ways to close a FAB Smart Deposit Account.

  • Online Mode - A customer can visit the bank’s website and apply for account closure by raising a request for the same.
  • Offline Mode - An individual needs to visit the nearest branch and follow the instructions for closing the FAB Smart Deposit Account.

FAB Smart Deposit: Fees and Charges

Given below are the charges that the bank might levy on the FAB Smart Deposit account.

  • No annual or maintenance charges.
  • A penalty of AED 100 on premature withdrawal or early closure of the FAB Smart Deposit account.

Additional Terms and Conditions for FAB Smart Deposit Account

Some of the important terms and conditions that an individual should know before applying for a FAB Smart Deposit Account: 

  • Interest is paid only if the funds are maintained for a minimum period of six months. 
  • Individuals must have an existing savings or current account. The Smart Deposit account will be opened in the same currency as that account. Moreover, all the interests are paid in the same account only.
  • FAB Smart Deposit account does not allow partial withdrawals. However, premature withdrawal is allowed at the sole discretion of the bank. The bank will charge a premature withdrawal penalty in such cases. 
  • If the interest is already paid before premature withdrawal, it will be deducted from the principal amount.
  • If the premature withdrawal is made before six months, then the customer is liable to pay a charge of AED 100 and is not entitled for any interest.
  • If the premature withdrawal is made after six months, then the customer will have to pay AED 100 as a penalty and will get only 50% of the interest earned.

Frequently Asked Questions

Q1: What is the minimum amount required to open a FAB Smart Deposit account?

Ans: An individual needs to deposit a minimum of AED 30,000 or USD 10,000 or its equivalent in other major currencies like GBP and EUR.

Q2: What is the tenure of investment in FAB Smart Deposit Account?

Ans: First Abu Dhabi Bank offers a flexible tenure ranging from a minimum of 2 years to a maximum of 10 years. 

Q3: Can I withdraw partial funds from my FAB Smart Deposit Account?

Ans: FAB does not allow partial withdrawals from the Smart Deposit account. 

Q4: Is premature withdrawal allowed in FAB Smart Deposit Account?

Ans: Yes, the bank allows premature withdrawals; however, early withdrawal will incur a penalty of AED 100 and reduction in interest earned.

Q5: Do I need to have a savings or current account to open a Smart Deposit account?

Ans: Yes, an individual needs a savings or current account that will be used to deposit funds in the smart deposit account.

Q6: Can I apply for FAB Smart Deposit Account if I am not a resident of UAE?

Ans: Yes, a non-resident of UAE can also apply for FAB Smart Deposit Account.  All you need to do is to submit a copy of passport and residential proof.