Banks in the UAE provide a variety of accounts for their clients, including savings, current, salary, etc. Certain banks have special restrictions for savings or current accounts, such as a minimum monthly balance and a minimum salary to open accounts.
Employers in the UAE can open salary accounts for their employees thanks to the banks. In the UAE, a bank account must be opened with a minimum salary of AED 3,000. For most banks, it typically falls between AED 3,000 and AED 10,000. This blog will explain the minimum salary to open a bank account in the UAE.
What is the Minimum Salary Requirement to Open a Bank Account in Dubai, UAE?
The minimum salary needed to create a bank account in Dubai, United Arab Emirates, varies depending on the bank, However, it is usually around AED 3,000. It's essential to remember that many banks provide new customers with sign-up bonuses and other advantages if they qualify and satisfy their account requirements. To find out if your preferred bank has any deals, it is worthwhile to check with them.
Types of Bank Accounts in the UAE:
Different types of bank accounts are available to meet the diverse needs of customers. Here are some common types of bank accounts available in the UAE:
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Savings Account: An interest-bearing savings account is intended for people who desire to save money. Compared to other account types, it often has lower minimum balance restrictions and provides simple access to funds.
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Current Account: An existing account is transactional for daily banking purposes. It enables check writing, payments, and money transfers for account holders.
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Fixed Deposit Account: Fixed Deposit Accounts offer higher interest rates than regular savings accounts. Customers must deposit a sizeable sum for a fixed period, typically three months to many years.
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Salary Account: Employers frequently offer salary accounts for employees to deposit their paychecks. A debit card, an overdraft facility, and access to personal loans are commonly included perks.
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Non-Resident Account: Non-resident accounts are designed for people who do not live in the United Arab Emirates but want a bank account there. Expats and foreigners frequently utilize these accounts.
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Offshore Account: A few banks in the UAE provide offshore accounts, which can benefit foreign customers by offering advantages like asset protection, privacy, and tax planning.
It's vital to remember that each bank may have different requirements and unique features for these accounts. Consider your financial objectives, the services you need, and any associated fees when choosing a bank account in the UAE. Additionally, before opening the selected account, read the terms and conditions.
Salary Accounts
Many banks offer exceptional salary accounts for employees whose salaries are transferred directly to the bank. These accounts often have lower minimum salary requirements and may include additional benefits like credit cards, overdraft facilities, etc.
What to keep in mind before opening a Bank Account in Dubai?
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Even though you'll frequently be charged for each withdrawal if you've recently moved to the UAE, getting any cash you require from nearby ATMs should be simple. They can cost up to AED 25.
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It is simpler to shop using a credit or debit card, and merchants in the UAE accept a variety of card brands, including Visa, Mastercard, American Express, and China Union Pay. On the other hand, it's advisable to use cash for some transactions, such as quick taxi rides or modest purchases.
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Many businesses may give you a little cash advance to cover living expenses and essentials like your home's rental deposit.
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You may open an account with a bank in the UAE before you arrive. However, the minimum balance requirements for these accounts are substantial. Therefore, waiting to open a bank account until you are in the UAE and have received your resident visa's passport stamp makes sense.
Documents Needed to Open a Bank Account in the United Arab Emirates
The list of documentation you must provide when opening a salary account with any bank in the United Arab Emirates is provided below.
Required Documents:
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Emirates Identification Card Original Passport (for reasons of verification)
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A duplicate of the passport page with the resident visa
Any of the following papers
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Letter of Appointment Salary Slips
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Salary Certificate and Salary Transfer Letter
Best Salary Bank Accounts with Minimum Salary Requirements
Here is the list of significant salary accounts in the UAE with their features, benefits and minimum salary requirements.
Emirates NBD Salary Account-AED 3,000
Customers of Emirates NBD can choose from a variety of bank accounts. The bank's salary account has an AED 3,000 minimum salary requirement for account holders.
Benefits and Features
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The Emirates NBD Salary Account can be opened and used in several currencies, including AED, USD, GBP, and others.
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Online Banking: Emirates NBD provides its clients with a mobile and online banking site that enables them to open a bank account and access their information with only a few mouse clicks.
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Simple Transfers: Through online and mobile banking platforms, Emirates NBD Salary Account holders can easily send money.
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All nationals and foreigners living in the UAE are eligible to open an Emirates NBD Salary Account.
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Emirates NBD Salary Accounts are required to maintain a minimum monthly balance of AED 3,000.
ADIB Current Account-AED 3,000
The minimum wage requirement for an ADIB Current Account is AED 3,000, although there is no minimum balance requirement for account holders.
Benefits and Features
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Online Banking: ADIB provides its clients with an online and mobile banking site that enables them to open a bank account and quickly access their account information.
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E-Statements: To make it simple for account holders to keep track of their finances, ADIB Current Account offers a free monthly e-statement.
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Simple Transfers: ADIB Current Account holders can send money quickly and easily using online and mobile banking platforms.
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All UAE citizens and foreigners living abroad can open an ADIB Current Account.
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Debit Card: Account holders of ADIB Current Accounts are provided with a debit card at no cost.
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Chequebook: ADIB Current Account customers receive a free chequebook with their accounts.
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Teller Transactions: With an ADIB Current Account, users can make infinite free teller transactions.
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Instant Overdraft: Account holders of ADIB Current Accounts can access an instant overdraft facility if they require money immediately.
Salary Account with Standard Chartered-AED 3,000
The minimum monthly salary requirement for a Standard Chartered Salary Account is AED 3,000. The bank account's best feature is that users are not subject to minimum balance requirements.
Benefits and Features
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Debit Card: Standard Chartered Salary Account customers receive a debit card free.
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Chequebook: Standard Chartered Salary Account customers are given a free cheque book.
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Online Banking: Standard Chartered Salary Account holders can go into the online banking and mobile banking portals at any time to access their banking information.
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Transferring money is simple for Standard Chartered Salary Account holders thanks to online and mobile banking services.
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All UAE citizens and foreigners abroad can open a Standard Chartered Bank account.
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Various Currencies, AED, USD, GBP, and other currencies can be used to open and manage Standard Chartered Salary Accounts.
RAKBANK RAKmore Salary Transfer Account-AED 5,000
Another well-known salary bank account in the UAE is the RAKBANK RAKmore Salary Transfer Account, which has an AED 5,000 minimum salary requirement for applicants.
Benefits and Features
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Credit Card: Depending on their eligibility, RAKBANK RAKmore Salary Transfer Account customers may receive a complimentary credit card.
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Chequebook: The RAKBANK RAKmore Salary Transfer Account provides its users with a complimentary chequebook.
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Online Banking: By connecting to online and mobile banking portals, RAKBANK RAKmore Salary Transfer Account users can access their banking information anytime.
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Simple transactions: RAKBANK RAKmore Salary Transfer Account owners can perform simple fund transactions through online and mobile banking platforms.
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Domestic Transfers: RAKBANK RAKmore Salary Transfer Account holders can send money home for free using their bank account.
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Cash Withdrawals: RAKBANK RAKmore Salary Transfer Account customers are entitled to three free withdrawals of cash per month from ATMs that are not affiliated with RAKBANK.
FAB One Account: 10,000 AED
One of the top salary bank accounts that First Abu Dhabi Bank offers is the FAB One Account. The minimum salary required for the bank account is AED 10,000 per month.
Benefits and Features
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Online Banking: FAB provides its clients a mobile and online banking facility to open a bank account and quickly access their information. Current banking users can also open an FAB Bank Account through their mobile banking app.
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Debit Card: FAB One Account provides customers with a free debit card.
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No Monthly Fee: The FAB One Account does not charge a monthly fee if the account holder fails to keep their pay account at a minimum average amount.
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FAB Stars: Owners of an FAB One Account can accrue a tempting number of FAB Stars on transactions made using their pay account.
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Airport Lounge Access: Holders of FAB One Accounts are granted free access to the best airport lounges in the Middle East.
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Cash Withdrawals: FAB One Account holders are entitled to three free cash withdrawals per month from ATMs that are not affiliated with FAB.
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Purchase Protection: Holders of FAB One Accounts are entitled to benefits for purchase protection against the loss, theft, or damage of goods purchased with their FAB debit card.
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For non-salaried candidates, the FAB One Account has a minimum monthly deposit requirement of AED 10,000.
ADCB Current Account-AED 5,000
AED 5,000 is the required minimum wage for an ADCB Current Account. The bank account offers many benefits, including allowing account holders to accumulate TouchPoints while spending less overall.
Benefits and Features
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All UAE citizens and foreigners living abroad can open an ADCB Current Account.
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Debit Card: ADCB Current Account customers receive a debit card free.
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Chequebook: Account holders of ADCB Current Account are provided with a complimentary chequebook.
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Initial Deposit: To start an ADCB Current Account, you must make an initial deposit of AED 5,000.
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Online Banking: By logging into the online and mobile banking portals, you can obtain information about your ADCB Current Account.
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ADCB Current Account customers can receive a free e-statement each month to stay on top of their money.
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Simple Transfers: ADCB Current Account holders can send money quickly and easily using online and mobile banking.
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ADCB Current Account customers with an average monthly balance of AED 10,000 can earn touchpoints.
Why Choose Us
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Conclusion
Banks in the UAE provide a variety of accounts for their clients, including savings, current, salary, etc. Understanding the minimum salary requirements for bank accounts in the UAE is essential for a smooth financial journey in the region. When selecting a bank account in the UAE, consider your financial goals, the services you require, and any applicable fees. Read the terms and conditions before opening the chosen account, as well. With various options and banks catering to different needs, choosing the right bank and account type to suit your financial goals is vital. Dhanguard is here to provide expert guidance and support to individuals and businesses seeking financial success in Dubai and the UAE.
