FAB Elite Savings Account

Savings accounts offered by First Abu Dhabi bank (FAB) are one of the leading investment choices for UAE Nationals and residents. FAB Elite Savings Account, Personal Savings Account, Personal Call Account and iSave account are some of the popular savings accounts offered by FAB. You can enjoy competitive interest rates and complimentary debit cards with all FAB savings accounts.  

FAB Elite Savings Account is one of the most promising savings bank accounts a person can invest in. It offers various benefits, including no minimum balance requirement, free international remittance, a high cash withdrawal limit, etc. If you wish to know the features, benefits, eligibility criteria, required documents, and the application process for opening a FAB Elite Savings Account, this handy guide is for you. Let’s begin 

Top Reason to Choose FAB Elite Savings Account

FAB Elite Savings Account offers exclusive privileges and offers to all account holders. Listed below are the top reasons why FAB Elite Savings Account is a good choice for you:

(1) FAB Rewards: Every time you swipe your card, you can earn FAB rewards. The reward points are easy to redeem and can be used for paying utility bills, dining out, booking your next holiday or shopping. You can earn FAB rewards in the following ways:

  • Get 60 FAB reward points on every AED 100 you spend domestically.
  • Earn 120 FAB reward points on every AED 100 you spend internationally.
  • You can access FAB rewards anywhere and anytime with the FAB mobile app, online banking, or instantaneously in-store at participating locations.
  • You can redeem FAB rewards as products, cashback and experiences. 

(2) Debit Card Benefits: You get a complimentary elite world Mastercard debit card with your FAB Elite Savings Account. Following are some of its benefits:

  • Free cash withdrawals from any ATM in the UAE
  • Get four cash withdrawals per month from any ATM outside the UAE.
  • You can get insurance coverage for your debit card of up to USD 1,000 per year.
  • Cardholders can use the card seamlessly all across the world.
  • The daily cash withdrawal limit from ATM is 40,000, and the retail purchase transaction limit is AED 75,000.

(3) Instant Opening of the Account: FAB Elite Savings Account can easily be opened using the Policybazaar UAE website, FAB mobile app or other online channels. You just need to use your Emirates ID to get it opened in a few minutes.

Features & Benefits of FAB Elite Savings Account

FAB Elite Savings Account comes with a series of advantages making it an ideal choice for UAE residents. The below section lists some notable features and benefits of the FAB Elite Savings Account. Take a look:

  • Multi-Currency Account: FAB Elite Savings Account is a multi-currency account and is available in various currencies from all over the world in addition to UAE Dirhams.
  • International Remittance:  FAB Elite Savings Account holders can enjoy the first international remittance every month for free. This offer only applies to AED accounts, and only FAB-imposed charges are waived.
  • No Minimum Balance: Account holders are not required to maintain a minimum balance in this account.
  • Free Debit Card: FAB Elite Savings Accounts offers a free elite world MasterCard debit card to all accountholders to help them access funds on the go. 
  • High Cash Withdrawal Limit: The debit card holders get a high daily limit for cash withdrawals from ATMs, ranging up to AED 25,000 and purchase limits of up to AED 75,000.

Interest Rates for FAB Elite Savings Account

Two kinds of interest are applicable on FAB Elite Savings Account – debit balance rates and credit balance rates. Debit interest is the amount charged on overdraft accounts. Let’s take a look at the prevailing rates:

Interest Rates Applicable on Credit Balance

  • FAB offers competitive and tiered interest rates on the FAB Elite Savings Account balance. The schedule of interest charges provided on the FAB Elite Savings Account is listed in the table below:
Elite Savings Account Balance Basic Savings Rate (Annually) Effective Interest Rate (Annually) Additional Interest Rate (Annually)
Less or equivalent to AED 500K 0.02% 0.07% 0.05%
Less than AED 100K 0.02% 0.02% 0.00%
From AED 100K to AED 500K 0.02% 0.045% 0.025%
  • Account holders earn interest on a half-yearly basis.
  • The formula to calculate the interest rate on a credit balance is:

           Interest Rate = Minimum monthly balance x Applicable interest rate x Number of days / 360

Interest Rates Applicable on Debit Balance

  • The bank charges a flat 19% interest rate on the debit balance of the FAB Elite Savings Account.
  • Account holders are required to pay a minimum of AED 175 per month on debit balance or the equivalent in foreign currency.
  • The formula used for the calculation of interest on debit balance is:
    • Interest charged = Daily balance x 19% x Number of days / 360

Interest Rates Applicable on Credit Balance of Other Currencies Account

The normal interest rates applicable for the other currencies are given below:

Currency Flat Rate (per annum)
USD 0.005%
AUD 0.015%
CAD 0.015%
EUR 0.000%
GBP 0.015%

Eligibility Criteria to Open FAB Elite Savings Account

Before applying for FAB Elite Savings Account, you are required to qualify the eligibility criteria mentioned in the section below:

  • Applicant must have a relationship balance equivalent to AED 500,000, a salary transfer of AED 50,000 or a mortgage of AED 2,500,000.
  • Applicant must be 18 years old or above to apply for FAB Elite Savings Account.

Documents Required to Open FAB Elite Savings Account

Keep the following documents handy when applying for the FAB Elite Savings account:

  • The completed bank account application form
  • A copy of a valid resident visa, passport and Emirates ID. The original documents must be presented to the bank.
  • Income proof in form of bank statements, salary slips or salary certificate

Note: Some other mandatory documents may be required by the bank on a case-by-case basis.

How to Open a FAB Elite Savings Account?

You can select any of the following modes to apply for the FAB Elite Savings Account:

  • Policybazaar UAE: The easiest way to send an application for your FAB Elite Savings Account is via Policybazaar.ae. Go to the banking section of our website and fill out the lead form to get to the quotes page. Choose the account you wish to apply for and fill send in the applications. An executive will call you within 24 hours to help you set up your account. 
  • FAB Mobile App: You can download the FAB mobile app via Google Store, App Store or AppGallery. Alternatively, you can scan the QR code given on the bank's official website and use the download link to install the app. Once downloaded, use your Emirates ID to register your account and apply for the FAB Elite Savings Account. 
  • Via FAB’s Website: You can also apply for the FAB Elite Savings Account through the online website of the bank. Visit the official FAB website and fill out the lead form. You can then relax and wait for a bank representative to contact you and assist you in opening the bank account. An executive should connect with you within 24 hours.
  • Other Methods: Applicants can also visit the nearest FAB branch and apply for the FAB Elite Savings Account. Applicants can also dial the official number of the bank and submit their account opening request.

Fees and Charges on FAB Elite Savings Account

Check the fees and charges applicable to FAB Elite Savings Account in the given table:

Account Services Fees and Charges 
Minimum balance requirement Nil
Low balance charge Nil
Account closure fee AED 105
Teller services 6 free per month, AED 10 afterwards
Release or clearance letter AED 52.50
Standing instructions set-up fee AED 52.50
Statement of account Free within the agreed cycle AED 26.25 outside the cycle
Telegraphic transfer in AED  AED 5.25 (four free per month)
Telegraphic transfer in euro, USD and AUD AED 105
Telegraphic transfer except for AED, EURO, USD and AUD AED 84
Manager’s cheque/ demand draft AED 31.50
Penalty fee charged on insufficient funds  AED 25

Fees and Charges on the elite world MasterCard debit card that comes with your FAB Elite Savings Account:

Debit Card Services Fees and Charges
Issuing fee (for the primary card) Free
Replacement of lost or stolen card AED 26.25
Own ATM fees Free
Fees for using an ATM outside the UAE As per the host country system ( 4 free uses per month)
Fees for using other bank's ATMs in the UAE AED 2.10 (4 free uses per month)
Processing fee for foreign currency transactions added to the foreign exchange rate 2.1% of transaction value
Copy of sales receipt AED 26.25
What is the minimum balance requirement for Elite Savings Account?

Elite Savings Account is a zero balance account thus, it is not required to maintain any minimum balance on the account.

Do I need to pay any fees for availing of e-statements of my FAB Elite Savings Account?

You will get free e-statements as per the agreed cycle. The account holder can get additional statements outside the cycle with a small fee of AED 26.25.

Do I have to pay fees to open or close FAB Elite Savings Account?

You do not have to pay any fees for opening FAB Elite Savings Account. The account holder has to pay AED 105 to the bank for the closure of an account.

What is the difference between interest on credit balance and interest on debit balance?

Interest on the credit balance is earned by the account holder for maintaining a certain account balance. On the other hand, interest on your debit balance is charged by the bank if your account is overdrawn or goes into arrears.

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