Savings Account in Dubai, UAE

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.

Why open a Savings account?

Like any other financial product, a savings account comes with its own pros and cons. Here is an overview of what it offers:

  • Liquidity: While cash is undoubtedly the most liquid form of money, it must be safeguarded from theft, mutilation and other possible causes of a loss. A savings account offers the next best form of liquidity today.
  • Helps saving money: Every time you have some money to spare, you can deposit it in your savings account and slowly build wealth.
  • Ease of access: Banks in UAE, have a good network of branches and ATM’s which help you access your funds 24 hours of the day as per your requirement.
  • Low Interest rates: As compared to the other financial tools, savings accounts offer lower interest rates.
  • Increase in spending: The ease of access and liquidity of funds can result in a temptation to spend. This needs to be guarded against.

You must talk to the loan advisor before deciding on which type of loans would best suit your needs.

Savings Accounts Interest Rates in UAE

Minimum Salary

Interest Rate

Loan Amount

Reducing Rate

Features and Charges of Savings 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 and charges offered by different banks to your needs. Some of these features are:

  • Debit card annual charges: Some banks offer free for life debit cards, while some offer it free for the first year only.
  • Unlimited usage of ATMs (including partner ATMs): ATMs are where we withdraw most of our money from. Some banks offer unlimited ATM transactions. Even though the charges are minimal, they can add up to a big up over numerous withdrawals.
  • Ease of access to the branch from your place of work or residence: Despite the surge of e-banking and mobile banking services, you might have to visit the branch on occasions. Ensure that you have one in your vicinity.
  • Currencies permitted: Some banks offer savings account in the major foreign currencies. If that is your need then you must choose one appropriately.
  • Charges for non-maintenance of minimum balance: Savings accounts usually carry a minimum balance requirement. In case of non-maintenance of the same, charges can be levied to your account. These can vary from bank to bank.
  • Remittance charges: Expatriates have a primary need of sending or receiving money from their native countries. If you are regularly sending/receiving money overseas, then you must find a bank offering the best rates.
  • Withdrawal limits: Deposits are usually unlimited; however, withdrawals can be capped by an amount or number of transactions by bank

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.

Eligibility for Savings Accounts in UAE

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

  • You must be at least 18 years of age to open a savings account
  • Most banks allow UAE residents and non-residents both to open the account.

Documents required for Savings 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 visa
  • Salary Certificate / reference letter (for salaried individuals)

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

Islamic Savings Accounts

Most banks also offer savings accounts under Islamic laws of banking approved by The Shariah and Supervisory Board. Some features of these accounts are:

  • Most banks offer free debit cards, internet banking, phone banking, SMS-banking and mobile banking services.
  • Most accounts are operated on the concept of Mudaraba. Your funds are invested in Shariah-compliant assets, and the profits/losses are shared between you and the bank.


Q. What are the charges for non-maintenance of minimum balance?

A. This can vary from bank to bank. Most banks have a fixed amount of around AED 25 as non-maintenance charges.

Q. Will I be charged for ATM transactions?

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).

Q. Is there minimum balance requirement for Islamic Savings Accounts?

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.

Q. I have heard about rewards associated with Savings Accounts in UAE. What are those?

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

Q. Can I open a Savings Accounts for my 10-year old child?

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.