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.

Comparing Zero Balance Accounts

Comparing Zero Balance Account

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?

Key Features of Zero Balance Accounts in UAE

ADIB Smart Banking Account

Key Features

  • No charges on non-maintenance of minimum account balance
  • Free Debit and Credit cards are provided
  • Earn profit on every dirham saved
  • Can avail cardless cash withdrawal facility
  • Get dining, travel, etc., discounts on smartdeals app
  • Free domestic and international money transfer facility

To be aware of

  • Applicant must be 18-24 yrs student or should have a minimum salary of AED 5000

CBD Esaver Account

Key Features

  • No account maintenance charges
  • Interest rate up to 1.5%(p.a.) is provided

To be aware of

  • Should be an existing CBD customer
  • Minimum salary of AED 5000 is required
  • More than 3 debits (pm) will lose interest rate

Emirates NBD Liv. Account

Key Features

  • Interest rate of 2% is provided
  • 50% off on dining, entertainment, etc.,
  • Free Debit Card is provided

To be aware of

  • Monthly average balance should be minimum AED 1500 (or) should transfer salary of AED 4000 (or) minimum AED 500(p.m.) should be spent on the account

HSBC Esaver Account

Key Features

  • Interest rate of 1.5%(p.a.) is provided
  • No monthly maintenance charges

To be aware of

  • Balance in the account should not be zero for 3 consecutive months
  • Minimum salary of AED 7500 is required

Mashreq Neo Current Account

Key Features

  • Provides up to AED 100 as joining benefit
  • Provides free debit card and cheque book
  • Provides 1% cashback on salary transfer to the account

To be aware of

  • No interest is provided
  • A minimum salary of AED 5000 is required
  • Can avail joining benefit on making initial deposit of AED 1000

ADCB Active Saver Account

Key Features

  • Provides up to 1% interest rate on the account balance
  • No monthly fees

To be aware of

  • Must be an existing ADCB customer
  • An initial deposit of AED 1000 is required

RAK Bank Fast Saver Account

Key Features

  • Provides interest up to 1.75% on the account balance
  • No account maintenance charges

To be aware of

  • Cannot open an account online
  • Must be an existing RAKBank customer

CBD Now Live Account

Key Features

  • Free debit card is provided
  • Get high discount on dining, entertainment and much more

To be aware of

  • No profits are provided
  • A minimum salary of AED 10,000 is required

Frequently Asked Questions

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: What is the processing fee for 0 balance account opening in UAE?

A: There are no processing fees to open a 0 balance account in UAE.

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.