HSBC Savings Account

HSBC Savings Account requires a minimum monthly balance of AED 3000. With the Savings Account of the HSBC Bank, the customer who has a minimum income of AED 5000 also gets an HSBC Visa Cashback Credit Card.

The HSBC Visa Cashback Credit Card has an annual membership fee of 299 AED.

Features & Benefits of HSBC Savings Account

The features and benefits of the HSBC Savings Account are as follows:

  • Cash withdrawals up to 2 times in a month on non-HSBC switch ATMs
  • 1 balance inquiry is free in a month
  • Cashback up to 10% with the HSBC VISA Platinum Cashback Credit Card
  • Account available in the currencies of USD, AED, RMB, and GBP
  • 53 deposit machines for Cheque across the UAE
  • Free Debit Card (VISA) which can be used internationally
  • Cash withdrawal up to AED 8000 daily in HSBC ATMs across the UAE
  • Six over-the-counter AED transactions are free in a month
  • Banking service available 21X7
  • 50 machines for Cash Deposit across the UAE

Eligibility Criteria to Open an HSBC Savings Account

To open an HSBC Savings Account, the eligibility factors involved are:

  • The applicant must be 18 years or above
  • Must maintain a minimum of AED 3000 per month in the account

Documents Required to Open an HSBC Savings Account in UAE

The documents required to open a Savings Account in the HSBC Bank are the same for both the Sole account holder and the Joint Account holder. These requirements are as follows:

  • Applicant’s Passport
  • Residence Visa of the expats
  • Emirates ID card
  • Female applicants sponsored by their husband or father should present their work ID or the Labour card
  • UAE residency proof
  • The Trading license of the self-employed customer
  • Salary transfer letter (for salary transfer customers)

How to open an HSBC Savings Account in the UAE

To open a Savings Account with the HSBC Bank in the UAE, the customer can fill the form through

  • Online
  • Phone
  • Visit the nearest branch of the HSBC bank

How to Close an HSBC Savings Account in the UAE

To close the Savings Account with the HSBC Bank, the customer will have to visit any branch of the Bank and submit a letter for closing the account.

HSBC Savings Account - FAQs

Q.1 What is the fee for failing to maintain the minimum monthly balance requirement in HSBC Savings Account?

Ans: AED 25 is charged for failing to maintain the minimum monthly requirements. Including the VAT, the fee is 26.25 AED.

Q.2 What is the minimum balance requirement for foreign currency accounts in the UAE?

Ans: For a foreign currency account, the minimum monthly balance requirement is 500 for EURO accounts. Meanwhile, the CNY currency account will have to maintain 5000.

Q.3 What is the fee for the Account Statements as per the agreed cycle?

Ans: You will be charged AED 25 for account statements outside of the cycle.

Q.4 Is there any Teller service charge? If yes, what are they?

Ans: Yes, there is a charge of AED 10 for every transaction. However, a customer gets the first 6 six transactions free in a month.

Q.5 What is the fee for the replacement of the Debit Card and issuance of the PIN Code?

Ans: you will be charged AED 25 for each.

Q.6 Are cash withdrawals free for non-salary transfer customers in the HSBC ATMs?

Ans: No. Non-salary transfer customers are charged AED 2 for every cash transaction.

Q.7 Are Balance inquiries free for the non-salary transfer customer?

Ans: No, the balance inquiries are not free for the non-salary transfer customers. They are charged AED 1 for the inquiry.

Q.8 What is the contact number to open an HSBC Savings Accountin the UAE?

Ans: To open an HSBC Savings Account, you can call 800 444 7776 in the UAE.

Q.9 Can I use my personal banking account for business purposes?

Ans: No, Personal Banking Accounts are not allowed to be used for business purposes. The bank can close your account in case of suspicions of business transactions.

Q. 10 When is the account considered dormant?

Ans: Your account will be considered dormant when you have not made any kind of transaction or activity with your account for a certain period of time.