Salary accounts help you manage your earnings and other finances in an efficient way. Most of these have a no minimum balance requirement and various other attractive features to help employees have all the banking services right at their fingertips.
On the other hand, if you are self-employed, you can prefer to open a business bank account. In this article, we will take you through various types of bank accounts (and their benefits) that you can consider opening when working in the UAE.
Types of Bank Accounts to Open When Working in the UAE
The banks offer the following types of bank accounts to open for the people working in the UAE.
- Savings Account: If working in the UAE, you can also consider opening a savings account to increase your savings. Savings accounts help account holders keep their funds safe and earn attractive interest rates on the same. These accounts come with a wide range of benefits like low minimum balance requirement, free chequebook and debit card, no monthly fees, online banking and much more.
- Current Account: Current accounts can be of great help if you make multiple transactions on a daily basis. These accounts are mostly opened by businesses and corporate customers as they offer benefits like unlimited withdrawals, free local and international transfers, free first chequebook, etc.
- Fixed Deposit: People who intend to lock their funds for a long time and earn higher interest rates opt for fixed deposits. Fixed deposit accounts offer flexible tenures for the account holders that they can choose based on their financial preferences. Fixed deposit accounts offer benefits like profit paid monthly/on maturity, free pre-withdrawals, etc.
- Salary Account: Salary accounts are opened by employers for their salaried employees. These are the most suitable bank accounts that people working in the UAE can open. Salary accounts offer benefits like no minimum balance requirement, low minimum salary requirement, online/mobile banking, etc.
- Business Accounts: As the name suggests, business accounts are for businesses to help them differentiate their personal and professional expenses. These accounts are opened specially to carry out business transactions. These bank accounts can be opened in different currencies based on the financial needs of the account holder.
People working in the UAE are eligible to open any type of bank account. Keep reading to learn the common benefits you can get when opening a bank account in the UAE.
Main Reasons for Opening a Bank Account When Working in the UAE
Here are the main reasons for opening a bank account when working in the UAE.
- Make Life Easier: Bank accounts in the UAE offer attractive features and benefits for the account holders to help them have easy access to their funds. For instance, if you open a bank account, you can pay your utility bills online using the online banking facility or offline by simply writing a cheque. This saves you from waiting in a queue for a long time to make payments at the window.
The best part is that you do not even need to visit the bank’s branch to open a bank account. Most banks in the UAE enable applicants to open a bank account online in just a few clicks. All they need to do is fill in the online application form and provide the necessary documents.
- Keep the Funds Safe: People used to keep their money locked in the safe or stashed under the mattresses previously. An event of fire or theft was enough to take away their savings of life. However, that is not the case with bank accounts. Banks in the UAE keep your funds safe in your preferred type of bank account. With online/mobile banking, you can have easy access to your funds. You need not visit the bank every time you need to make a transaction or use your funds for any other purpose.
- Earn Profits: Bank accounts in the UAE not only help you deposit your funds but also provide reasonable interest on the same. The account holders need to maintain a minimum average balance in the account to earn competitive interest and grow their savings.
Now that you know why you need to open a bank account when you are working in the UAE, let us go ahead and check out how you can open one for yourself without any hassle.
How to Open a Bank Account in the UAE?
Here are the simple ways of opening a bank account in the UAE.
- Open a Bank Account Online: Most banks in the UAE allow the account holders to open a bank account online by visiting their official website or logging into their online banking portal. All the applicants need to do is fill out the application form available on the website/portal and submit it with all the essential documents to complete the account opening application.
- Open a Bank Account Offline: The applicants who do not have access to the internet can visit the nearest branch of their preferred bank and submit the application form with all the required documents. Once done, the assigned bank representative will verify the details and open a bank account within two business days.
- Open a Bank Account via Phone: With a few banks in the UAE, the applicants can also open a bank account by calling the customer’s helpline number.
Banks in the UAE have specific eligibility criteria for the applicants who want to open a bank account with them. Based on the criteria, the applicants need to meet certain parameters like age limit, minimum monthly salary requirement, residential status, etc. before applying for a bank account.
Make sure you meet all the requirements for the bank account you choose to open. You can also visit our website and check out the available bank account options based on your financial preferences.