HSBC E-Saver Account

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Let’s say that you forgot to pay your utility bill on the due date. By the time you remembered about the bill, the day has passed, the banks are closed, and company offices are shut. All you can do is to wait for the offices to open the next day and pay the bill along with a penalty. How often has it happened that you need to make an account transaction but it is a holiday or the working hours are over for the day? With HSBC E-saver, you no longer need to worry about delayed payments and penalties.

Features and Benefits of HSBC E-Saver Account

Attractive Rate of Interest

HSBC E-Saver Account allows you to make the most of your savings by earning an attractive rate of profits on your finances. The interest on your HSBC E-Saver account is calculated daily and transferred to your account every month which allows you to earn profits on your balance every month. Besides, the monthly interest applies to both the principal amount and the interest earned in the previous months. This allows you to earn compound savings on your savings account. However, if you make more than one debit transaction per month, the bank will not pay monthly interest to you.

Earn on every penny

Unlike other savings account, the HSBC E-Saver account does not apply any minimum balance limit to earn a profit on your savings. Irrespective of your balance account, the bank will calculate and transfer the interest earned on your savings every month. Let’s say that your balance is AED 100. Nevertheless, you will receive interest on your balance.

24/7 facilities

ADCB believes that time should not be the barrier when it comes to your banking needs. To meet your banking demands even during those odd hours, the HSBC E-Saver Account provides you accessibility to your bank account round the clock. Irrespective of the time, you can avail of the banking facilities even in the middle of the night. What’s more? HSBC E-Saver account allows you to make transactions and avail of some banking facilities even on the holidays.

Wherever you go, your bank can come with you!

All the facilities offered by HSBC bank can be accessed through an e-banking app on your mobile phone. This allows you to take your bank everywhere with you. Even in the most remote locations, you can have access to your money.

Zero Balance

HSBC E-saver account gives you the freedom of maintaining zero balance on your bank account without worrying about penalties.

Interest Rate Offered by HSBC E-Saver Account

The interest rates on your HSBC E-saver account vary as per the tier and account balance:

  Account Balance Interest Rate
Tier 1 Less than AED 100,000 0.01
Tier 2 From AED 100,000 and less than AED 1 Million 0.02
Tier 3 From 1 Million and less than AED 5 Million 0.03
Tier 4 AED 5 Million and above 0.05

To make the most of your savings, do not make more than one withdrawal from your HSBC E-Savings account per month.

Fee, Charges & Minimum balance on HSBC E-Saver Account

Account Opening Balance Nil
Minimum Monthly Balance Nil
Statement of Account per cycle Free
Statement of Account previous cycle Nil
Account Closure AED 105

Most of the facilities and services offered on your HSBC E-saver account are free which enhances your savings by reducing your expenditure on maintaining your account.

Currency Accepted

HSBC E-saver account is an exclusive account that accepts only AED currency. In case you need to make deposits using another currency, check other savings account offered by the bank.

Eligibility Criteria for HSBC E-Saver Account

Any UAE National or resident holding a valid authentic UAE residence visa can open an HSBC E-saver account.

Documents required for opening HSBC E-saver account

For existing HSBC account holders in the UAE, no additional documents are required to open an HSBC E-saver account.

New HSBC customers who do not have any bank account in HSBC require:

  • Original Passport (Applicable to all customers)
  • Emirates ID
  • Residence Proof (Utility bill/lease agreement/rental/title deed and employment letter)
  • Valid UAE residence Visa (for non-GCC National customers)

You can also an HSBC E-saver joint account by showing the following documents:

  • Original Passport (Applicable to all customers)
  • Emirates ID
  • Residence Proof (Utility bill/lease agreement/rental/title deed and employment letter)
  • Valid UAE residence Visa (for non-GCC National customers)

How to Apply for HSBC E-Saver Account

You can open an HSBC E-saver account both online or offline. To open a bank account offline:

  • Visit bank account
  • Submit relevant documents
  • Existing customers can submit a request by filling a form.

You can also HSBC E-saver account online by:

  • Visiting HSBC webpage
  • Click on apply online
  • Fill the online application form
  • Attach relevant documents along with your signature
  • Existing customers can request to open HSBC E-saver account using their mobile app

You can also open your bank account using policybazaar.ae by:

  • Visiting policybazaar.ae
  • Submit your details along with your registered mobile number (for existing customers)
  • New customers can register through policybazaar.ae by receiving OTP on their phone
  • Attach relevant documents with your signature

FAQs on HSBC E-Saver Account

Q1: How can I deposit money into my bank account?

Ans: You can deposit money to your account through an online transaction, cheque books, and telegraphic transfers.

Q2: Will I receive a chequebook along with an HSBC E-savings account?

Ans: No, since HSBC E-saver is a savings account chequebook is not given with this account.

Q3: Will I receive a debit card along with an HSBC E-savings account?

Ans: No, you will not receive a debit card with this account.

Q4: Are there any additional charges on the dormant account?

Ans: No additional charges will be levied on the dormant account.

Q5: What are the charges on accessing an online banking facility?

Ans: No, an online banking facility is provided free of cost.

Laxita Gautam
Laxita Gautam

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.