Bank Accounts in the UAE
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With exclusive features & benefits, the United Arab Bank Current Account is amongst the suitable bank accounts for both organizations and individuals.
The account holder can avail facilities such as free cheque book, ATM card, monthly statements, withdrawals, and much more with this bank account.
Following are the types of current accounts offered by the United Arab Bank.
Here are a few main features and benefits of the UAB Current Account.
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. Following are a few benefits offered on this account.
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. Following are a few benefits offered on this account.
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 Current Account Opening.
The process of opening any bank account with the UAB is very simple. The hopeful applicant may use the below-mentioned channels to for open a UAB Current Account.
The UAB has a mobile banking app that can easily be downloaded from the App Store on iOS devices and Google Play store on Android devices. The applicant may get their accounts open through the UAB mobile application.
The applicant can call on the customer care number of the bank for putting forward their bank account opening request.
The bank has a user-friendly & secure net banking portal using which the applicant can avail the option of opening a suitable bank account.
If none of these digital banking platforms suit the applicant, they can visit the nearest branch of the bank with suitable documents for getting a United Arab Bank Current Account open.
For closing any bank account, the account holder will have to transfer all the existing account balance to another bank account in their name.
If there is no balance in the account, it will be closed after the closure request has been put forward. If there is some balance in the account, then it will be closed only after the balance has been transferred to another account.
The bank charges an account closure charge of 100 dirhams from the account holder for closing a UAB Current Account.
Question 1: Am I entitled to receive interest on this current account?
Answer: It is not an interest-bearing account. However, if the account holder wants to earn interest on their account balance, they can open a savings account. This is valid only in the case of individuals.
Question 2: In what all currencies can I open my current account with UAB?
Answer: UAB Current Account can be opened in various major currencies of the world including US Dollars, Euro, UAE Dirhams, & Pound Sterling (GBP). If you wish to open the account in any other currency, then it can be done on special request.
Question 3: When will I have to pay ledger fees?
Answer: If you fail to maintain the minimum average monthly balance, you will have to pay a ledger fee. United Arab Bank charges a ledger fee of 25 dirhams.
Question 4: Can I get a cheque book if I fail to maintain the required minimum balance?
Answer: Yes, the United Arab Bank will issue a cheque book to you even if you don’t maintain the required minimum balance. The condition is that the cheques that are being issued are covered using the account balance and the charges of the cheque book are maintained.
Question 5: What all facilities do this United Arab Bank Current Account provides?
Answer: This current account lets you apply for an overdraft, credit card, loans, as well as cash-secured facilities according to the credit approval of the bank.
Question 6: What all currencies can the cheque books be issued in?
Answer: As per standard, the United Arab Bank will issue the cheque book in the AED currency.
Question 7: Which concept is my UAB Islamic Current Account based on?
Answer: This current account depends upon the concept of Wadei’ah Bel Dhaman under the Sharia principles. As per this concept, the bank acts as custodian of the fund.
Question 8: Who all can get this account opened?
Answer: The following are eligible to open this UAB Current Account.
The individual with a minimum age of 21 years.
The residents of the UAE.
Any organization in the UAE registered as LLC Free Zone Establishment, Sole Proprietorship, Private or Public Shareholding, general partnership, society or association, club or limited partnership.