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Childrens Accounts in UAE

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Childrens Accounts Interest Rates in
UAE

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Min Balance to Maintain

AED 0

Minimum Salary

AED 0

Features

  • ADIB Amwali account is an exclusive account for children
  • Can open Amwali account online through the ADIB Mobile app
  • Can get money from parents & family

Features

  • ADIB Amwali account is an exclusive account for children
  • Can open Amwali account online through the ADIB Mobile app
  • Can get money from parents & family
  • Track the balance on the app and create savings goals
  • Send money to others and make payments, withdraw cash, shop online and offline
  • Can add ADIB Amwali Account to Apple Pay
  • Can open multiple accounts
  • Children should be of below 18 years to be eligible for the ADIB Amwali Account

Benefits

  • Get AED 50 Welcome Bonus
  • Can win AED 50,000 cash on lucky draw on opening the ADIB Amwali Account
  • Can open an account online instantly through ADIB Mobile App
  • Can avail exclusive offers and deals on online shopping, entertainment, games, etc.
  • Parents can monitor the children’s account and set limits on the debit card

View details on bank page

Min Balance to Maintain

AED 0

Minimum Salary

AED 5K

Monthly Fee

AED 0

No

Features

  • Savings account with high rewards
  • The interest is calculated on the monthly average balance and credited to the account every month
  • UAE residents are eligible and non-residents with Visit visas or transit visas are eligible
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Features

  • Savings account with high rewards
  • The interest is calculated on the monthly average balance and credited to the account every month
  • UAE residents are eligible and non-residents with Visit visas or transit visas are eligible
  • The account holder must be 18 years old. Applicants who are below 18 years are eligible to open with a guardian
  • Chequebook is not offered on the account

Benefits

  • Get an interest rate of upto 0.50% per annum
  • Get 2% cashback on all the purchases made using the debit card at noon, noon Grocery, NowNow & Sivvi
  • Get 0.10% cashback on other purchases using the debit card
  • Earn Salaam Points on the purchases made using the card. Earn up to 2,000 points upon balance maintenance
  • Get free noon VIP membership for one year
  • Get 1 free international money transfer per month
  • Can open the account online

View details on bank page

Min Balance to Maintain

AED 3K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

No

Features

  • This is an Islamic account by nature.

Benefits

  • A chance in winning Quarterly Grand Cash Prize of AED 1 Million.
  • Get a chance to win Monthly Prize of Tesla Car
  • Every 2 weeks cash Prize of AED 50,000 is offered
  • Can be opened for minors as well< br> Can apply as the joint account

View details on bank page

Interest Rate

0.75%

No

Features

  • Can open the account in Parent’s name
  • An account to build a child’s future
  • High interest rate is provided

Features

  • Can open the account in Parent’s name
  • An account to build a child’s future
  • High interest rate is provided
  • Can get high offers and discounts
  • Available only in AED

Benefits

  • Can open the account online
  • High interest rate is provided which is credited monthly
  • Can open multiple accounts
  • Can get a supplementary debit card for the child
  • Can avail e-statements monthly
  • The maximum profit rate provided is 0.75% p.a.

View details on bank page

Min Balance to Maintain

AED 0

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

Features

  • This is an Islamic account by nature.
  • You can also avail free Shatir savings box, with this account.
  • This account will help children understand banking from a very young age.

Features

  • This is an Islamic account by nature.
  • You can also avail free Shatir savings box, with this account.
  • This account will help children understand banking from a very young age.

Benefits

  • Shaatir account can be availed in child’s name.
  • You can higher expected profits, according to higher profit rates.
  • This account also comes with specially designed welcome pack.
  • Avail exclusive discounts and offers with this account.
  • Avail Shaatir ATM Card and 24 hours Al Islami Phone Banking

View details on bank page

Min Balance to Maintain

AED 500

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

Features

  • This is an Islamic account by nature.
  • This account is specially made for the investment in your child’s future.

Benefits

  • With this account you can avail, standing orders from your parents.
  • You can avail monthly profits on your account.
  • Get SMS notifications on your account.
  • Avail free statements, in every 6 months.

View details on bank page

Min Balance to Maintain

AED 0

Minimum Salary

AED 5K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

Benefits

  • You can avail the choice of target savings and attractive returns.
  • You can avail liquidity with full withdrawal at anytime.
  • Avail the choice of regular monthly contribution, lump sum contribution or a choice of both.

Benefits

  • You can avail the choice of target savings and attractive returns.
  • You can avail liquidity with full withdrawal at anytime.
  • Avail the choice of regular monthly contribution, lump sum contribution or a choice of both.
  • Avail guaranteed capital with Mustaqbali plan term.
  • Avail the option of life insurance cover with this account.
  • Avail Mustaqbali card, which can be used at CBD ATMs.
  • Avail the plan starting from 5 years to 18 years.
  • There are no reward points on this account.

View details on bank page

Min Balance to Maintain

AED 3K

Monthly Fee

AED 0

Relationship Manager

No

Benefits

  • This account is available to children and joint account holders.
  • Avail a free international debit card with this account.
  • Interest is paid monthly on this account.

Benefits

  • This account is available to children and joint account holders.
  • Avail a free international debit card with this account.
  • Interest is paid monthly on this account.
  • Avail unlimited withdrawals with this account.
  • The rate paid to you by the bank is 2.10% per annum.

View details on bank page

Min Balance to Maintain

AED 3K

Yes

Features

  • A minimum balance of AED 3000 is required
  • Can access the account in AED and USD
  • The account is based on the Islamic structure of Mudaraba

Features

  • A minimum balance of AED 3000 is required
  • Can access the account in AED and USD
  • The account is based on the Islamic structure of Mudaraba

Benefits

  • Provides profit of up to 1.80%
  • Provides free debit card
  • Provides online banking and phone banking facilities
  • Can get SMS alerts on every transaction made on the account

View details on bank page

Min Balance to Maintain

AED 3K

Minimum Salary

AED 5K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

Yes

Features

  • Both Residents and Non-Residents are eligible

Benefits

  • Get free net banking, mobile banking and telebanking services globally
  • Can use the debit card anywhere in the world
  • Even Non-Residents are eligible for the savings account

View details on bank page

Childrens Account

Children are future of the world and one of the greatest gifts you can give them is to prepare them to be responsible and empowered adults around money. With children having an increasing exposure to the world, their dreams and aspirations know no bounds. Saving for their future can ensure that you provide them with the launch pad to help them fulfil their dreams.

While children must be encouraged to operate their accounts by depositing money whenever they save, the banking laws in UAE make it mandatory for such accounts to be opened jointly with a guardian. However, good financial habits cultivated at a younger age go a long way in making children financially responsible adults.

What Types of Childrens Accounts Are There?

In UAE, banks offer a huge variety of children’s accounts. It might seem confusing, but having a clear perspective of your financial needs and goals can help you select one that best suits your needs. Accounts can vary based on the interest rate offered, minimum balance requirement, charges for services and many other factors. It is important that you understand the schedule of charges and services before opening an account.

Banks offering Children’s account in UAE

Here is a look at a few banks that offer children’s account in UAE:

  • Dubai Islamic Bank (DIB) – Shaatir Savings Account
  • Commercial Bank International (CBI) – CBI Saver Account
  • Sharjah Islamic Bank - Sharjah Islamic Bank Hassalati Account
  • Commercial Bank of Dubai (CBD) - CBD Mustaqbali Saving Scheme
  • Emirates Islamic – Emirates Islamic Kunooz Savings Account
  • Emirates Islamic – Emirates Islamic Investment Savings Account
  • Emirates NBD – Emirates NBD Early Saver Account

Features of Childrens account?

In UAE, banks having realized the power of investing in our future generations, offer savings accounts specifically targeted towards children below the age of 18. Usually these accounts have the following features:

  • Most banks have no or very low minimum balance requirement
  • Usually banks provide better benefits for children’s accounts
  • These accounts are operated by the guardian of the child
  • Some banks offer debit cards for these accounts which might have restricted access
  • Some banks offer a Takaful life cover for the guardian with the child being the beneficiary
  • These accounts might be offered in foreign currencies too

Apart from the features listed above, the basic features of a savings account are applicable to these accounts as well. 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.

Fees and Charges

Various different terms may be included in a Childrens Account:

  • 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.
  • Charges for non-maintenance of minimum balance : Children’s accounts usually carry a small 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.
  • Withdrawal limits : Deposits are usually unlimited; however, withdrawals can be capped by an amount or number of transactions by banks.

Eligibility for Childrens Accounts in UAE

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

  • These accounts can be opened by children below the age of 18 with a guardian.
  • Most banks allow UAE and non-UAE nationals both to open the account.

Documents required for Childrens 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 (of the guardian and child)
  • Copy of the visa (of the guardian)
  • Valid Emirates ID (of the guardian and child)

Please refer to the list of documents required by the bank you wish to open the children’s account with.

Islamic Childrens Accounts

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

  • 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.
  • Most banks offer free debit cards, internet banking, phone banking, SMS-banking and mobile banking services.
  • Some banks offer special ATM cards for children (balance enquiry facility only)
  • Usually, banks offer Islamic savings accounts in AED and USD.

Frequently Asked Questions

⭐ Can my child do any transaction in the account?

A. No. Till your child reaches 18 years of age, he/she cannot do any transactions on the account. As a guardian, you will have to perform all banking related activities yourself.

⭐ What if I want my child to use a debit card to withdraw money at times?

A. Some banks offer debit cards to children after the age of 15. You can also limit the amount of withdrawal on the card to avoid overspending. Please check with the bank before opening the account.

⭐ What happens to the account when my child turns 18?

A. Usually, the account is automatically de-activated once the child reaches the age of 18 years. Customers have to visit the branch in order to convert the same account to a normal savings account.

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