Last Updated on 15 December 2025
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ADIB Banoon Children’s Savings Account
Banoon Children’s Savings Account
Features
- Children’s savings account in AED for children under 18, opened and controlled by a parent or legal guardian.
- Free Darhoom prepaid card for the child when the account is opened (usage controlled by the parent’s funding and limits).
- No minimum monthly balance requirement and no fall-below fees on the account.
- Profit-earning savings account, with profit calculated monthly on the balance and credited quarterly.
- Free teller withdrawals at any ADIB branch for this children’s savings account.
- Option to set standing instructions from the parent’s ADIB account for automatic monthly savings.
- Free SMS alerts to the parent for account activity and important updates.
- Initial deposit of AED 1,000 required to open the account.
- Shari’ah-compliant structure based on Mudaraba, where the bank manages funds and shares profit with the customer.
- The profit rate varies depends, on the balance of the account.
- No monthly or annual maintenance fees on the Banoon Children’s Savings Account.
- This account can be opened in AED, GBP and EUR.
- No minimum monthly balance requirement and no fall-below charges.
- Free teller cash withdrawals at ADIB branches for this account.
- Standard bank fees may apply for certain services (for example, replacement cards, international ATM use on the prepaid card, or foreign currency transactions) as per the bank’s general tariff schedule.
Required Documents
- Parent’s valid passport or valid national ID, as required by UAE regulations.
- Child’s valid passport or valid ID, depending on nationality and age.
- Parent’s Emirates ID for UAE nationals and UAE residents.
- Child’s Emirates ID for UAE nationals and UAE residents, where issued.
- Valid UAE residence visa copy for expatriate parent and/or child, if applicable.
- Initial deposit of AED 1,000 to open the Banoon Children’s Savings Account.
- Proof of legal guardianship where applicable, in line with bank policy and UAE law.
Main Benefits
- You can open a dedicated children’s savings account in AED to help your child start saving early while keeping full parental control.
- Your child receives a Darhoom prepaid card, allowing supervised spending and basic money-management learning, while you control top-ups.
- You earn expected profit on the pooled account balance, calculated monthly and credited quarterly, giving your child a structured Islamic savings option.
- You do not need to maintain a minimum monthly balance and pay no account maintenance fees, making it suitable for irregular or smaller savings.
- Standing instructions allow you to automate monthly savings from your main account, helping you build your child’s savings consistently.
- Free teller withdrawals and SMS alerts help you monitor and access funds easily for education or other child-related expenses.
Frequently Asked Questions
Q. What is the ADIB Banoon Children’s Savings Account?
A. It is a Shari’ah-compliant children’s savings account in AED for minors under 18 in the UAE, opened and managed by a parent or legal guardian, with profit paid on savings and a linked Darhoom prepaid card.
Q. Who can open a Banoon Children’s Savings Account in the UAE?
A. A parent or legal guardian can open the account on behalf of a child who is under 18 years old, subject to standard identification and residency checks.
Q. What is the minimum initial deposit to open the account?
A. You need an initial deposit of AED 1,000 to open the Banoon Children’s Savings Account.
Q. Is there a minimum monthly balance or fall-below fee?
A. No, there is no minimum monthly balance requirement and no fall-below charge for this children’s savings account.
Q. Do you need to maintain a certain balance to earn profit?
A. Yes, the account must maintain an average balance (as per the bank’s criteria) to be eligible for profit distribution on the savings.
Q. How is profit on the Banoon Children’s Savings Account calculated and credited?
A. Profit is calculated monthly based on the applicable Mudaraba profit-sharing parameters and the account balance, and it is credited to the account on a quarterly basis.
Q. Are there any monthly or annual maintenance fees on this children’s account?
A. No, there are no monthly or annual maintenance fees charged on the Banoon Children’s Savings Account.
Q. Does the child receive a card to use the account?
A. Yes, the child is issued a free Darhoom prepaid card, which can be loaded by the parent to allow controlled spending and ATM or POS usage in line with card limits.
Q. Can you set up automatic savings for your child?
A. Yes, you can set up standing instructions from your main ADIB account so that a fixed amount is automatically transferred each month to the Banoon Children’s Savings Account.
Q. Is the ADIB Banoon Children’s Savings Account Shari’ah-compliant?
A. Yes, the account is structured under the Mudaraba model, where the bank acts as investment manager and shares profit with the account holder according to pre-agreed ratios, in line with Islamic banking principles.
Q. Can this children’s account be used as a long-term education savings plan?
A. The account is designed to help you build savings over time for your child’s future needs, such as education or other expenses, through profit-earning deposits and automatic monthly savings options.
Q. What documents are required to open a Banoon account in the UAE?
A. You will typically need the parent’s and child’s passports or IDs, Emirates IDs for UAE nationals/residents, any required residence visa copies for expatriates, proof of guardianship where needed, and the opening deposit of AED 1,000.
Q. Can the parent monitor and control the Darhoom prepaid card?
A. Yes, the parent controls funding of the Darhoom card and can monitor usage through account statements and alerts, ensuring spending remains within agreed limits for the child.
Q. How can you withdraw money from the Banoon Children’s Savings Account?
A. You can withdraw funds via free teller withdrawals at ADIB branches, and the child can use the Darhoom prepaid card for purchases or ATM withdrawals within the set limits.
ADIB
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