Even though cash is considered as king, idle cash in the wallet is not recommended when there are several banks providing some interest rate on the cash. But this little profit comes with charges when you don’t maintain a minimum balance in the account. Banks charges some fees on non-maintenance of the minimum balance in the account. Not all the banks charge fees, there are few banks that provide Zero Balance accounts in UAE.
A: There are no processing fees to get the zero balance account.
A: You can open a zero balance account online on no charges involved.
A: The minimum initial deposit varies with each bank which starts from AED 1 and there are banks with no requirement of initial deposit.
A: Yes, banks charge some fees if you are closing your account within one year of activation.
A: Yes, you can get SMS alerts on each and every transaction made.
A: There are no charges if you withdraw from the same ATM.
A: No, few banks doesn’t provide interest on the zero balance accounts.
A: Yes, you can get make international purchases using your money in the zero balance account.
A: The charges on the statement of account starts from AED 25 which varies with each bank. Few banks provide the statement of account for free.
A: No, only UAE Residents with a valid Emirates ID are eligible to get a zero balance account.
A:No, the account holder must be 18 years old to apply for a zero balance account.
A: The interest rates are calculated on the basis of the minimum balance maintained in the account.
A: Yes, debit card can be used outside UAE but foreign transaction fees are added.