Current Account in Dubai, UAE

Current accounts are usually opened by business-owners to facilitate the banking needs of their businesses. Also known as a Checking account, it fulfils the business’s need of frequent money transfers to and from the account. While savings accounts are targeted at helping people save money, current accounts help businesses fulfil their transactional requirements.

Why open a Current Account?

If you are a business owner running an organization, then you would be aware of the high number of monetary transactions that happen every day. Whether it is sale or purchase of goods, salary payments or manufacture costs, you will find yourself writing a cheque or handing out cash. A current account is usually designed to help you with such transactions.

Types of Current Accounts

In UAE, banks offer a huge variety of current accounts. Certain banks might offer special accounts for certain businesses. For businesses, current accounts are the backbone of their financial transactions. Hence, it is advisable to look for options before opening an account. Broadly, three types of current accounts are available in UAE:

  • Regular Current Accounts: Most, if not all banks in UAE offer these accounts. With no frills attached, these accounts offer the basic features and services that constitute a current account.
  • Islamic Current Accounts: These accounts are compliant with the Shariah laws of Islamic banking.
  • Premium Current Accounts: If you are willing to maintain a higher balance, then most banks can offer a Premium current account with additional features to suit your specific business needs.

Current Accounts Interest Rates in UAE

Minimum Salary

Interest Rate

Loan Amount

Reducing Rate

Features of Current Accounts

There are a host of features to be taken into consideration while opening a savings account. Most importantly, you need to align these features offered by different banks to your needs. Some of these features are

  • Usually, there is no interest offered on the funds deposited in current accounts. However, some banks have started offering interest on these accounts.
  • The objective of a current account is to help you run your business efficiently.
  • No restrictions on the number of transactions.
  • Compared to savings accounts, they have a higher requirement of minimum balance to be maintained in the account.
  • Usually, banks allow overdraft facility on current acco

These are some basic features/charges of current accounts in UAE. There are numerous variants available, one suiting the need of each business. Research well before opening an account.

Current Account fees and charges

Some fees and charges associated with current accounts are:

  • Charges for non-maintenance of minimum balance: Usually, current accounts have a requirement of maintaining a certain minimum balance. In case you fail to maintain the same, then charges can be applied.
  • ATM usage charges: Some banks offer a limited number of ATM transactions free of cost, post which charges are applied.
  • Demand draft charges: Most banks charge a small fee for issuing demand drafts or payment orders.
  • Overdraft processing fee: One of the primary benefit of a current account is the facility of availing an overdraft. Some banks charge a nominal fee to set up this facility in your account. Overdraft interest rate must be checked before availing this facility.

Eligibility for Current Account in UAE

Every bank has its own eligibility criteria which needs to be checked individually. However, some basic requirements are as follows:

  • You must be at least 18 years of age to open a current account
  • You must be a UAE-resident to open a current account in UAE.

Documents required for Current Account in UAE

As is the case with eligibility, every bank can have its own requirement of documents to process your account application. Apart from the application form, some basic documents needed are:

  • Original passport for verification along with a copy
  • Copy of the residence visa
  • Emirates ID or a copy of the application
  • Salary Certificate / reference letter (for salaried individuals)
  • Income source proof (for self-employed professionals)
  • Proof of residence

Please refer to the list of documents required by the bank you wish to open your current account with.

Islamic Current Accounts

Most banks also offer current accounts under Islamic laws of banking approved by The Shariah and Supervisory Board. Most banks offer free debit cards, internet banking, phone banking, SMS-banking and mobile banking services. Usually, banks offer Islamic savings accounts in AED, GBP, EURO and USD.

Banks offering Current Accounts

Most banks offer current accounts with a plethora of services. Here is a look at a few of them:

  • HSBC: A premium current account is offered by HSBC called ‘Premier Account’. It has a requirement of a higher balance to be maintained in the account and comes with a host of features like a dedicated RM (Relationship Manager) and a global view of the account.
  • Emirates NBD: A regular current account by Emirates NBD has a low requirement of minimum balance along with the standard features of a current account.
  • Dubai Islamic Bank (DIB): DIB offers a Shariah compliant current account called ‘Al Islami Current Account’. Apart from the regular features of a current account, it offers free bill payment facility, free cheque book, debit card and a relatively low minimum balance requirement.


Q. Who can open a Current Account?

A. Anyone who fulfils the eligibility criteria mentioned above, can open a current account.

  • Individuals
  • Sole Proprietors
  • Partnerships
  • Joint Stock organizations
  • Limited Liability organizations

You must contact the bank and understand the eligibility criteria before applying.

Q. Are there any charges to close my Current Account?

A. Charges can vary with every bank. Most banks charge a nominal fee for account closure of account maintained for less than a year. Please check with the bank.

Q. Can I open a joint Current Account with my child who is a minor?

A. Most banks do not permit opening a joint current account with a minor. However, you may talk to the bank for options to meet your requirement.