Zero Balance Accounts in UAE

Zero Balance  in UAE

Things to check before getting a zero balance account

  • Account with zero maintenance charge
  • No initial deposit requirement
  • No monthly transactions requirement
  • No/Low minimum salary criterion
  • New-to-bank customers are allowed to open an account

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.

SOME COMPARISONS ARE BELOW

SOME COMPARISONS ARE BELOW

Account ADIB ADIB Smart Account CBD bank img CBD E-Saver Account Emirates NBD Liv Account img Emirates NBD Liv Account HSBC eSaver Account img HSBC eSaver Account Mashreq Neo img Mashreq Neo ADCB Active Saver Account img ADCB Active Saver Account RAKBank Fast Saver Account img RAKBank Fast Saver Account CBD Now Account img CBD Now Account
No Maintenance Charges
No Initial deposit
No Minimum transactions per month
No Minimum Salary Required
Max Interest Rate(p.a.)
No need of existing account
Can be applied Online?

ADIB Smart Account

No Maintenance Charges
Max Interest Rate up to 1.6%
No Initial deposit
No Minimum transactions per month
No Minimum Salary Required
No need of existing account
Can be applied Online?

CBD E-Saver Account

No Maintenance Charges
Max Interest Rate up to 1.5%
No Initial deposit
No Minimum transactions per month
Minimum Salary Required
Must have an existing account
Can be applied Online?

Emirates NBD Liv Account

No Maintenance Charges
Max Interest Rate up to 2.0%
No Initial deposit
Minimum transaction is required (p.m)
No Minimum Salary Required
No need of existing account
Can be applied Online?

ADCB Active Saver

No Maintenance Charges
Max Interest Rate up to 1%
Initial deposit required
No Minimum transactions per month
No Minimum Salary Required
Must have an existing account
Can be applied Online?

RAKBank Fast Saver Account

No Maintenance Charges
Max Interest Rate up to 1.75%
No Initial deposit
No Minimum transactions per month
No Minimum Salary Required
Must have an existing account
Can't be applied Online

HSBC eSaver Account

No Maintenance Charges
Max Interest Rate up to 1.2%
Initial deposit required
No Minimum transactions per month
Minimum Salary Required
No need of existing account
Can be applied Online?

CBD Now Account

No Maintenance Charges
Max Interest Rate up to 1.75%
No Initial deposit
No Minimum transactions per month
Minimum Salary Required
Must have an existing account
Can be applied Online?

Mashreq Neo

No Maintenance Charges
Max Interest Rate up to 0%
No Initial deposit
No Minimum transactions per month
Minimum Salary Required
No need of existing account
Can be applied Online?

Frequently Asked Questions

Q: What is the processing fees to get a zero balance account?

A: There are no processing fees to get the zero balance account.

Q: Are there any additional charges levied on opening the account online?

A: You can open a zero balance account online on no charges involved.

Q: What is the minimum initial amount to be deposited?

A: The minimum initial deposit varies with each bank which starts from AED 1 and there are banks with no requirement of initial deposit.

Q: Are there any charges on account closure?

A: Yes, banks charge some fees if you are closing your account within one year of activation.

Q: Do I get notified on my transactions?

A: Yes, you can get SMS alerts on each and every transaction made.

Q: Are there any charges levied on ATM withdrawals?

A: There are no charges if you withdraw from the same ATM.

Q: Are interest rates provided at all the banks?

A: No, few banks doesn’t provide interest on the zero balance accounts.

Q: Can I avail zero balance account services on international purchases?

A: Yes, you can get make international purchases using your money in the zero balance account.

Q: What are the charges to get a statement of 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.

Q: Are Non-Residents eligible to open a zero balance account?

A: No, only UAE Residents with a valid Emirates ID are eligible to get a zero balance account.

Q: Are minors eligible to get a zero balance account?

A:No, the account holder must be 18 years old to apply for a zero balance account.

Q: On what basis the interest rates are calculated?

A: The interest rates are calculated on the basis of the minimum balance maintained in the account.

Q: Can I use the free debit card provided, outside UAE?

A: Yes, debit card can be used outside UAE but foreign transaction fees are added.