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Savings Accounts in UAE

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Savings Accounts Interest Rates in
UAE

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CLEAR

Min Balance to Maintain

AED 0

Annual Fee

AED 0

Monthly Fee

AED 25

Relationship Manager

No

No

Features

  • There are 3 different types of ADCB Etihad Guest Savings Accounts provided - Aspire, Privilege Club, Excellency.
  • A minimum salary of AED 5000 - AED 20,000 or Total Relationship balance criteria of upto AED 500,000 is required depending upon the account variant.
  • Both UAE residents and non-residents are eligible for ADCB Etihad Guest Savings Privilege Club and Excellency. Only UAE Residents are eligible for ADCB Etihad Guest Aspire account.
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Features

  • There are 3 different types of ADCB Etihad Guest Savings Accounts provided - Aspire, Privilege Club, Excellency.
  • A minimum salary of AED 5000 - AED 20,000 or Total Relationship balance criteria of upto AED 500,000 is required depending upon the account variant.
  • Both UAE residents and non-residents are eligible for ADCB Etihad Guest Savings Privilege Club and Excellency. Only UAE Residents are eligible for ADCB Etihad Guest Aspire account.

Benefits

  • Earn 2- 4 Etihad Guest Miles(varies with the account variant) per AED 1000 on maintaining an average balance of AED 10,000 per month
  • Can earn 500 miles as first anniversary bonus
  • Can earn 500 miles on registering for the ADCB internet banking for the first time
  • Free Debit card is provided
  • Free E-statements can be availed
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Min Balance to Maintain

AED 0

Monthly Fee

AED 0

Relationship Manager

No

Yes

Features

  • This account is an Islamic account.
  • There is no minimum balance required for this account.
  • The profit rate varies depending upon the balance of the account.
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Features

  • This account is an Islamic account.
  • There is no minimum balance required for this account.
  • The profit rate varies depending upon the balance of the account.

Benefits

  • This account is specially designed for students.
  • This account comes with an ISIC prepaid card.
  • ISIC prepaid card provides the convenience to load balances on your card from your ADIB Account.
  • Avail free balance deposit and withdrawal at more than 700 ADIB ATMs.
  • You can avail a range of discounts in UAE and abroad.
  • You can avail services at more than 130 countries.
  • ISIC card comes with chip and pin technology.
  • There are no rewards on this account.
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Min Balance to Maintain

AED 3K

Minimum Salary

AED 7.5K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

Yes

Features

  • Get upto two free cash withdrawals and one free balance enquiry on non HSBC UAE Switch ATMs.
  • An HSBC Savings Account is the secure and flexible way to save for the things that are important to you.

Benefits

  • You will get a free international HSBC debit card along with this account with many features.
  • Avail high cash withdrawal limit of upto AED 8000 with this account.
  • Get six free over-the-counter transactions every month if done using AED.
  • Make use of the advantage of 24/7 banking through Internet Banking, Phone Banking, Mobile Banking and SMS alerts.
  • Avail 50 cash deposit machines around the UAE for instant credit into your account.
  • 53 cheque deposit machines at key locations in the UAE without requiring a card and PIN.
  • Discounts of up to 30% at over 400 restaurants, with the I Love Dining program.
  • Buy-1-Get-1-Free movie tickets at all VOX Cinemas in the UAE.
  • A free HSBC Entertainer App with over 8000 Buy-1-Get-1-Free offers.
  • HSBC Visa Cashback Credit Card that offers you up to 10% cashback on all your spends
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Min Balance to Maintain

AED 3K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

Yes

Features

  • This is an Islamic account by nature.

Benefits

  • This account is based on the principles of mudaraba.
  • Get a free debit card, along with your account.
  • Free online SMS banking along with phone and mobile banking.
  • There are no rewards for this account to avail.
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Min Balance to Maintain

AED 0

Minimum Salary

AED 0

Monthly Fee

AED 0

Relationship Manager

No

No

Features

  • Provides profits quarterly
  • An initial deposit of AED 100 is required

Benefits

  • Zero Balance Account
  • Can get SMS alerts on the transactions made using the account
  • Can a free debit or prepaid card on the account
  • Can get Life Takaful cover
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Min Balance to Maintain

AED 25K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

No

Benefits

  • Free Online Banking, Phone Banking and Mobile Banking options are available
  • Flexible tenure from one month to a year or more
  • You get the facility to pay Interest at the time of full withdrawal
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Benefits

  • Free Online Banking, Phone Banking and Mobile Banking options are available
  • Flexible tenure from one month to a year or more
  • You get the facility to pay Interest at the time of full withdrawal
  • Early redemption is possible, no penalty on full early termination
  • Competitive and flexible rates with no hidden charges are provided
  • Available against the deposit under lien
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Profit Rate

0.51%

Min Balance to Maintain

AED 3K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

Yes

Features

  • This account comes with an electron Visa debit card.
  • You can have instant overdraft facility with this account, by transferring a minimum salary of AED 3000.
  • This account comes with standing instructions.
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Features

  • This account comes with an electron Visa debit card.
  • You can have instant overdraft facility with this account, by transferring a minimum salary of AED 3000.
  • This account comes with standing instructions.
  • You can avail 24 hours banking services with this account.
  • The profit rate provided is up to 0.4%
  • This is a very simple account to maintain.
  • This is an Islamic account.

Benefits

  • You can expect quarterly profits with this account.
  • You can avail your monthly account statements, via postal mail.
  • You can shop safely online, with ADIB websecure.
  • Get free e-statements in your mailbox at no cost.
  • Avail ADIB phone banking, SMS banking and internet banking with this account.
  • Get unlimited teller transactions at over 80 branches across the UAE.
  • Ease your tensions with ADIB mobile banking app
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Min Balance to Maintain

AED 10K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

No

Benefits

  • Free Online Banking, Phone Banking and Mobile Banking options are available
  • Flexible tenure from one month to a year or more
  • You get the facility to pay Interest at the time of full withdrawal
Apply Now

Benefits

  • Free Online Banking, Phone Banking and Mobile Banking options are available
  • Flexible tenure from one month to a year or more
  • You get the facility to pay Interest at the time of full withdrawal
  • Early redemption is possible, no penalty on full early termination
  • Competitive and flexible rates with no hidden charges are provided
  • Available against the deposit under lien
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Min Balance to Maintain

AED 10K

Annual Fee

AED 0

Monthly Fee

AED 0

Relationship Manager

No

No

Benefits

  • Free Online Banking, Phone Banking and Mobile Banking options are available
  • Flexible tenure from one month to a year or more
  • You get the facility to pay Interest at the time of full withdrawal
Apply Now

Benefits

  • Free Online Banking, Phone Banking and Mobile Banking options are available
  • Flexible tenure from one month to a year or more
  • You get the facility to pay Interest at the time of full withdrawal
  • Early redemption is possible, no penalty on full early termination
  • Competitive and flexible rates with no hidden charges are provided
  • Available against the deposit under lien
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Min Balance to Maintain

AED 0

Monthly Fee

AED 0

Relationship Manager

No

Yes

Features

  • This is an Islamic account

Benefits

  • You can avail a special Darhoom Debit Card.
  • You can avail standing instructions for an easy convenience to help you save regularly.
  • Get the help of mobile app, to make your banking experience easier.
  • You can also get a higher expected profit rate.
  • There are no rewards on this account.
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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.

Frequently Asked Questions

⭐ 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.

⭐ 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).

⭐ 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.

⭐ 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

⭐ 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.

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