Bank Accounts in the UAE
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The United Arab Bank Savings Account comes with a host of exclusive benefits and privileges. The savings accounts are interest-bearing accounts.
These accounts provide the account holder with attractive rates of interest at low requirements for minimum balance and round the clock access to their accounts.
Following are the types of savings accounts offered by the United Arab Bank.
The UAB offers various kinds of bank accounts and a host of exclusive features on these bank accounts. Here are the features and benefits offered by United Arab Bank Savings Account.
This 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. Following are the main features of this account.
This savings bank account offers unlimited withdrawals and high-interest rate, which is paid out monthly. This account does not involve any maintenance charge and has a low fee for account opening. Following are the main features of this account in details.
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. Following are the main features of 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 Savings Account Opening.
|Savings Account Name||Eligibility|
|UAB Savings Account||
|UAB Ultra Savings Account||
|UAB Islamic Savings Account||
The procedure for opening any bank account with the UAB is as easy as it can get. The applicant looking forward to open the account may use the below-mentioned channels to for open a UAB Savings Account.
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.
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.
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 Savings 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 Savings Account.
Question 1: Can I open a bank account with United Arab Bank in any currency other than UAE dirhams?
Answer: 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. The Ultra Savings Account is available only in AED.
Question 2: Do I get a cheque book on the savings account?
Answer: No, the bank does not issue any cheque book on the savings account.
Question 3: When does the bank charge ledger fees?
Answer: You will have to pay a ledger fee of 25 dirhams when you fail to maintain the minimum average monthly balance on your United Arab Bank Savings Account. There is no need to maintain any minimum monthly balance on the Ultra Savings account, hence there is no ledger fee charged.
Question 4: Can a company open a savings account with UAB?
Answer: No, companies are not eligible for opening any savings account with UAB. The savings accounts are only eligible for individuals (including minors in case of the simple savings account).
Question 5: How is the interest calculated on the savings account by this bank?
Answer: The UAB accrues & calculates the interest based on the monthly minimum account balance. The interest is applicable on the half-yearly basis in the months of June & December. If the interest to be paid is lower than AED 10, then you won’t receive any interest on the UAB Savings Account.
Question 6: How are Ultra Savings Account and Normal Savings Account different from each other?
Answer: The Ultra Savings Account is the account, which offers tiered rates of interest linked to your account balance. While in case of normal UAB savings account the interest payment is done at a common rate for all balances. This savings account promotes saving for earning higher interest.
Question 7: Am I allowed to convert my normal existing savings bank account into an Ultra Savings Account?
Answer: No, you cannot make any such conversion amongst these accounts. You will have to open a new UAB Account. The account holder who already has a United Arab Bank Savings Account will have to sign a form along with latest contact details.
Question 8: Am I allowed to open more than one Ultra Savings Account?
Answer: No, you can only open one Ultra Savings account under one name. However, you have the option of opening another account with some other person jointly.
Question 9: What are the interest rate offered on this bank account?
Answer: Following the rates of interest offered on UAB Ultra Savings Account.
|Balance Range (in dirhams)||Interest Rate (percent per annum)|
|0 to less than 100,000||2.00|
|100,000 to less than 500,000||3.00|
|500,000 to less than one million||2.75|
|One million to less than 5 million||2.00|
|5 million to less than 10 million||1.75|
|More than 10 million||1.50|
(Updated on July 11, 2019)