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Bank Accounts in the UAE
Savings Account is a type of account that helps you earn a profit while keeping your funds safe. Savings Account UAE offers the interest rates depending on the funds you have deposited. Some banks offer higher interest rates for the funds than the others. You will also be offered with various benefits of the Savings Account UAE. These benefits will include a free debit card, free Cheque Book, etc.
Savings Account usually comes with a maintenance fee but it is quite low. You will also be required to maintain a minimum balance, however, there is zero balance saving account in UAE too.
To open a Savings Account UAE, you can either visit the nearest branch of your preferred bank or apply via internet banking.
You can withdraw, deposit, transfer the funds anytime with the use of Savings Account.
Opening a savings account can not only keep your funds safe, but you can also earn some profit from it too. As we all know, banks offer a profit rate for the sum kept in Savings Account.
Granted, the profit rates from the Savings Account won’t make you mega-rich but it will keep you secure. That is why most people are opting for Savings Account for - ‘rainy days’ in the future. So should you.
It’s no secret that some people tend to live by their paychecks. This can turn risky anytime. Nobody knows when you are going to be in need of an urgent fund. Emergency and unfortunate situations can occur anytime to anyone. That is when the Savings Account comes in handy.
There is no doubt that keeping cash is handy for now but what about savings. After all, cash in hand tends to be spent easily while funds in Savings Account will offer you benefits.
Also, there are few Savings Account in Dubai that draws lucky winners every month. These winners can be awarded cash prize anywhere between AED 1000 to AED 1 million every month.
Some of the benefits of the best Savings Account in UAE are:
Some of the best Savings account in UAE are:
|BANKS||TYPE OF SAVINGS ACCOUNT||PROFIT RATES||MINIMUM BALANCE REQUIRED|
|FAB Bank||i-Save Electronic Account||Earn up to 3% p.a||No requirement for minimum balance|
|CBI Bank||e-Saver Account||Earn up to 3% p.a||Minimum balance of AED 10,000|
|Emirates Islamic Bank||e-savings Account||Earn up to 2% for AED Savings Accounts and 1.25% for USD Savings Accounts||No requirement for minimum balance|
|Standard Chartered||XtraSaver Account||Earn up to 1.6% for USD Savings Account and up to 2% for AED Savings Account||No requirement for balance maintenance per month|
|ADCB Bank||Active Saver Account||Earn up to 2% for AED Savings Account and 2.25% for USD Savings Account||Not specified|
|United Arab Bank||Ultra Savings Account||Earn up to 3% p.a||Minimum balance of AED 3000|
|RAKBank||F@st S@ver Account||Earn up to 1.75% on AED Savings Accounts and 0.60% on USD Savings Accounts||No minimum balance required|
For the residents, the documents required to open the best Savings Account in UAE are:
For the Non-residents, the documents required to open a Savings Account are:
Q.1 How to open a bank account in the UAE?
Ans: To open a bank account in the UAE, you can either visit the nearest branch of the bank or apply online.
Q.2 What are the types of Savings Account of the ADCB bank?
Ans: The types of Savings Account of the ADCB bank are as follows:
Q.3 What will happen to my account when I die?
Ans: In case of death, the accounts are frozen until the court orders the release to a family member.
Q.4 What will happen if I keep my bank account inactive for a long time?
Ans: In the case of inactive accounts, the bank account is considered dormant. However, the timeline differs for banks when it comes to declaring an account dormant. Although, most banks consider a year of inactivity as a dormant account.
Q.5 Why is my account suspended?
Ans: Your account could be suspended because of suspicious activities in your account or if your account has been inactive for a longer period.
Q.6 How can I reactivate my suspended account?
Ans: To reactivate your suspended account, you will have to visit the bank and present them your documents. Once your documents are confirmed to be in order, the bank will reactivate your account.
Q.7 Is there any savings account in the UAE, which requires zero minimum balance?
Ans: Yes, there are some banks that don’t ask for a minimum balance for Savings Account UAE. To name a few are FAB’s i-Save Electronic Account, Emirates Islamic Bank’s e-Savings Account, etc.