As the name suggests, a Savings account is a deposit held at a bank that offers some interest (lesser than fixed deposits) and can be used for regular transactions. These accounts are the backbone of the working class of people, and they help them plan their finances while managing regular expenses.
Like any other financial product, a savings account comes with its own pros and cons. Here is an overview of what it offers:
You must talk to the loan advisor before deciding on which type of loans would best suit your needs.
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There are a host of features to be taken into consideration while opening a savings account. Most importantly, you need to align these features and charges offered by different banks to your needs. Some of these features are:
These are some basic features/charges of savings accounts in UAE. There are numerous variants available, one suiting the need of each of us. Research well before opening an account.
Every bank has its own eligibility criteria which need to be checked individually. However, some basic requirements are as follows:
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:
Please refer to the list of documents required by the bank you wish to open your savings account with.
Most banks also offer savings accounts under Islamic laws of banking approved by The Shariah and Supervisory Board. Some features of these accounts are:
A. This can vary from bank to bank. Most banks have a fixed amount of around AED 25 as non-maintenance charges.
A. Usually, banks offer transactions on their ATM’s free of cost for unlimited usage. However, some banks apply additional charges on using ATMs of other banks (partner ATM’s).
A. Yes, there is a minimum balance requirement for Islamic Savings account. Also, since it is usually based on the concept of Mudaraba; the more you save – the more you earn.
A. As an added incentive to urge people to save more money, many banks in the UAE have a monthly or quarterly lucky draw for people who exceed the minimum balance requirement. The terms and conditions of these rewards can vary with every ban
A. Yes. Many banks offer savings accounts specifically for children. While the account can be opened in their name, they can operate it only when they turn 18 years old. Till then you will be the authorized person to transact on their behalf. Many banks also waive the minimum balance requirement for such accounts.