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A current account is a type of bank account opened by individuals who need to make many financial transactions mostly due to business purposes. These transactions include deposits, withdrawals, and contra transactions.
Current accounts are most commonly used by corporate customers, business entities, public enterprises, etc. The best part is that these accounts offer unlimited monthly transactions. In addition, they enable the account holders to make easy payments to the creditors using a chequebook provided by the bank.
Current accounts do not provide interest and require a higher minimum balance to be maintained in comparison to savings accounts. The best thing about opening a current account is that account holders can easily avail the overdraft facility.
Almost all the banks in the UAE allow applicants to open current accounts using both online and offline methods. Here is a list of ways that you can use to open a current account online.
If you already have an account with a bank, the current account opening process will be much easier for you. Here are the steps you can follow to open a current account online.
Once done, the bank representative will contact you to assist you further.
Here are the steps to follow if you are new to the chosen bank.
But jumping into the methods, let’s tabefore that, we will take you through the features, benefits, eligibility criteria, etc., of the current accounts to help you clear out the basics.
Here are the significant features and benefits you get when opening a current account in the UAE.
People open current accounts to make easy day-to-day transactions. The best part about the current accounts is that they allow the account holders to make a small and large number of transactions without paying any extra charges.
Another good thing about the current accounts is that they come with no transaction limit. As a result, the current account holders can make an unlimited number of transactions in a day based on the sole discretion of the banks.
Most banks in the UAE provide the current account holders with a free debit or credit card. They can use these cards to have instant access to their funds and make easy deposits and withdrawals from their bank account.
The current account holders get an overdraft facility to overdraw the balance in their bank account temporarily. They can withdraw an extra amount from their current account and plug the shortfall in funds when required. Some of the banks in the UAE also charge interest on the overdrawn amount.
A current account offers a frequent transaction facility for the account holders. They can transfer funds from one account to other multiple times a day.
Many financial institutions in the UAE provide their current account holders with a chequebook facility to help them make easy transactions.
Most current accounts in the UAE offer advanced banking services like SMS banking, Internet Banking, Mobile Banking, etc.
Most banks in the UAE come with pre-determined eligibility criteria for the applicants to open a current account online. Here is the list of some basic requirements you need to consider.
The banks in the UAE have a specific age limit for the applicants to open a current account online. Therefore, the applicants of age 21 years and above can apply for a current account. However, the age limit may vary from bank to bank.
The applicant must be a UAE resident to open a current account online with any bank in the UAE. In addition, they need to provide their identity and address proof to complete their account opening application.
Most banks in the UAE have a minimum salary/income requirement for the applicants to open a current account with them. The minimum income limit is different for all the banks.
To open a current account online, the applicants need to upload a few essential documents. Here is the list of documents to provide.
|Documents for Identity and Address Proof||Emirates ID|
|UAE Resident Visa|
|Other Documents||Income Proof|
|Offer Letter from the Employer|
|Salary Certificate or Salary Slips|
Here are the primary reasons why you must open a current account online.
Opening a current account online is a matter of minutes. You need not go to the bank’s branch and fill out a bunch of forms. Instead, you can simply log in to your online banking and place a request for the same in just a few clicks.
The best part about opening a bank account online is that there is no paperwork required. The applicants can simply upload the necessary documents on the bank’s online portal and open a current account online in no time.
Another good thing about opening a current account online is that you get instant access to your funds. Most banks in the UAE activate the current accounts instantly at the very minute the applicants open them.
Current bank accounts help account holders segregate personal finance from business and manage their funds more efficiently. This is to specially fulfil the business requirement of having an account. These account also help individuals plan their finances better on a personal level.
A current account can help you have an exact picture of your business in terms of income and expenses. In addition, it offers a wide range of digital features and benefits to help you make the best use of your account.
To avoid visiting a bank’s branch, check with your if they allow you to open a current account online. Alternatively, you can log on to policybazaar.ae and open a current account online from the comfort of your home.