Bank Accounts in the UAE
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United Arab Emirates is amongst the top banks for the residents in the UAE. While staying committed to offering high standards of integrity, the bank leads a way towards financial prosperity. The bank offers customer-friendly products and services for providing convenient banking solutions.
A United Arab Bank Account is a suitable bank account for both individual and organizations. These accounts offer flexibility to the account holder by making their transactions efficient and easy.
They can save and manage their funds through the different kinds of bank accounts offered by UAB including current accounts, savings accounts, salary transfer accounts, and fixed deposit accounts.
Following are the features and benefits offered on this United Arab Bank Account.
This bank account is available in the UAE dirhams, Euros, and other currencies throughout the world.
The account holder has to maintain a minimum monthly average balance worth 3000 dirhams for the individuals for current and savings account and 10,000 dirhams for companies on the current account.
The bank account offers an ATM card free of cost offering access to the account round the clock through around 18 mn ATMs throughout the globe. The ATM Card by UAB is acceptable for making purchases at around 27 mn shopping outlets globally.
The account holder has the facility of personalized cheque book on this account.
The account holder can also avail free e-statements on this account every month.
The facility of withdrawal and deposit can be availed at all the branches of UAB on this United Arab Bank Account.
The bank sends all the account related updates to the account holder through SMS alerts.
The account holder can avail the facility of electronic banking, which includes online banking, phone banking, cheque/cash deposit machines, and ATMs.
The account holder can select from different tenure options while making deposits with the United Arab Bank as per their suitability.
The bank offers high rates of interest (profit rate in case of Islamic accounts) on UAB Account and deposits it offers.
Here is a rundown on the various conventional and Islamic bank accounts offered by the United Arab Bank.
The current account by UAB is a suitable bank account for the companies or individuals. This account provides the account holder with exclusive flexibility that helps in making their transactions efficient and simple.
This bank account is available in multiple currencies and offers a free ATM card, personalized cheque book, monthly e-statements and various benefits to the account holder.
This United Arab Bank Account offers attractive rates of interest to the account holder at low requirements for minimum balance. The account holder can access their accounts round the clock through the facility of electronic banking.
The account holder can manage their funds better with this savings account. They can make withdrawals and deposits through all the branches of the bank. The deposits can be done in all major currencies across the globe.
This savings bank account offers unlimited withdrawals and interest rate up to three percent per annum, which is paid out monthly. This account does not involve any maintenance charge and has a low fee for account opening.
If the account holder has a balance above 400,000 dirhams, they can enjoy a lot of Sadara benefits along with a full-time relationship manager.
The United Arab Bank offers exclusive opportunities for investing funds through its time deposit accounts. The account holder can enjoy competitive rates as well as flexible tenures that are designed for suiting their preferences and needs. This deposit is available in UAE dirhams and other major currencies of the world.
This United Arab Bank Account offers flexible deposit tenures starting from one year up to three years to the account holder. They get attractive payments across various tenures offering attractive interest rates on longer tenures.
The account holder can also avail protection from the situations when the rate of interest falls or any unwanted fluctuation arises in the rate of interest market.
The bank offers a salary transfer account where all the customers who have a minimum salary of 12,500 dirhams can enjoy Bonus Salary Transfer Rewards equal to the amount of salary transferred to the UAB Account. These rewards get transferred to the UAB Rewards Account in the week following the first transfer of salary or on activating the credit card (whichever happens later).
This deposit is an unrestricted investment fixed deposit, which is dependent upon the Mudaraba Structure (profit and loss sharing) and approved by the Sharia principles. This time deposit is available in flexible deposit tenures options starting from one month to 12 months. The longer the tenure and the more the investment, the more can be the returns.
This current account is almost similar to the current account offered under the conventional banking products and services of the UAB. This United Arab Bank Account is dependent upon the Sharia concept of Wadei’ah Bel Dhaman. This concept means that the bank acts as the custodian of the account holder’s funds.
This Islamic bank account offers banking solutions that help in keeping the account holder’s funds raising in the Sharia way. The account works on the basis of the Sharia principles to meet the Islamic financial requirements of the customers.
This account is designed for providing account holders with convenient access to their funds at all times while they keep earning profits.
This United Arab Bank Account is designed based on the Islamic concept of Wakala Investment. This bank is completely Sharia-compliant. The account holder can also avail protection from the situations when the rate of interest falls or any unwanted fluctuation arises in the rate of interest market.
The risk is kept minimum on this deposit and the account holder receives attractive yields on a half-yearly basis. They can withdraw their funds on every date of profit payment.
The applicant has to fulfill certain eligibility criteria for opening a bank account in the UAE. Here are a few of these eligibility requirements that the applicant has to fulfill for United Arab Bank Account Opening.
|Bank Account Name||Eligibility|
|UAB Current Account||
|UAB Savings Account||
|UAB Ultra Savings Account||
|UAB Fixed Deposit Account||
|UAB Flexi-Fixed Deposit Account||
|UAB Salary Transfer Account||
|UAB Islamic Current Account||
|UAB Islamic Savings Account||
|UAB Islamic Flexi Term Deposit||
The procedure for opening any United Arab Bank Account is as simple as it can get. The hopeful applicant can use the following ways for opening a UAB Account.
The United Arab Bank has a user-friendly and secure online banking portal through which the applicant can open the bank account of their choice.
The applicant can also contact the customer service center of the bank and put forward their request for opening the account.
The bank has a mobile banking app, which can easily be downloaded from the Google Play store on Android devices and App Store on iOS devices. The applicant can then get their accounts open using the UAB mobile app.
If none of these digital banking platform suits the applicant, they can visit the nearest branch of the bank with suitable documents for getting a United Arab Bank Account open.
Q1: Do I get any interest on the UAB Current Account?
Ans: The current account by UAB is a non-interest bearing account. However, if you want to earn interest on the balance of your account, you can go for a savings account at UAB (only for individuals).
Q2: Can I open a bank account with United Arab Bank in any currency other than UAE dirhams?
Ans: Yes, you can open your bank account in various currencies other than the UAE dirhams including US Dollars, Pound Sterling, Euros, GBP currencies, and more. Other currency options can be availed on special request.
Q3: When does the bank charge ledger fees?
Ans: You will have to pay a ledger fee of 25 dirhams when you fail to maintain the minimum average monthly balance on your account.
Q4: Does the bank issue cheque book to those who fail to maintain the minimum monthly balance requirement?
Ans: Yes, the bank may issue a cheque book to those who are unable to maintain the minimum monthly balance on their United Arab Bank Account. However, this works only if the cheques issued are covered under the balance in your bank account at UAB and the charges on the cheque book are maintained.
Q5: What all currencies are the cheque books at UAB issued in?
Ans: As a standard, the United Arab Bank issues cheque books in the AED currency only.
Q6: Can a company open all the accounts available at United Arab Bank?
Ans: No, any company can only open a current account or deposit account with UAB. They are not eligible for opening a savings account.
Q7: Do I have the option of availing a non-interest facility on my bank account?
Ans: The UAB Current Account has a non-interest facility, while the savings account bears interest. However, you can select the option of no interest facility on savings account too.
Q8: How does the bank calculate interest on the savings account by UAB?
Ans: The bank accrues & calculates interest on the minimum balance (monthly) of the account and is applied on a semi-annual basis in June & December. In case the interest payable turns out to be lower than 10 dirhams, then no interest will be payable on your UAB Bank Account.