A Know How Guide to Open a Zero Balance Saving Account in UAE

By Sakshi Srivastava - 09 Nov 2021 Last Updated: 01 Dec 2021
A Know How Guide to Open a Zero Balance Saving Account in UAE

The savings account in any bank across the world is one of the most prevalent types of accounts opened by the general public as a personal account. The goal of a savings account, as its name suggests, is to encourage account holders to deposit and save money. To keep customers interested in the activity, other perks are offered on deposited money, such as providing interest on their savings. However, all basic savings accounts require customers to keep a specific minimum sum on hand at all times. This minimum amount in the UAE starts at AED 2500 and can go up or down depending on the banks. A zero-balance savings account, on the other hand, is an option that many Banks now provide. To open a savings account in the UAE, you must meet a few requirements, including a minimum wage and the ability to maintain a minimum amount. Few banks even charge exorbitant penalties for failing to maintain a minimum balance. Banks in the UAE, on the other hand, began offering accounts with no minimum balance requirement. A zero-balance account is a type of account that has no balance.

Saving Account vs Zero Balance Savings Account

A zero-balance account differs on only a few basic pointers from a normal account when it comes to the heart of it. The first and most noticeable distinction is that you are not required to maintain a minimum or average monthly balance. The number of transactions is a possible second difference. While the number of transactions you can do from a savings account is limited, it is considerably more limited in case of zero balance accounts. In addition, if account customers exceed the transaction limit, banks may apply penalties. Penalties might range from small fines to the conversion of a no-balance account into a regular savings account.

Almost all of the UAE's main banks now offer zero-balance accounts to its customers. Each one comes with its own set of instructions, benefits, terms, and conditions. A list of all the finest savings bank accounts with no minimum balance available in the UAE.

ADIB Smart Banking Account

This is one of the most popular and greatest zero balance savings accounts in the United Arab Emirates. In addition to providing a wide selection of advantages and services, the bank's application appears to change themes based on your customised bank debit card - enough to keep account holders hooked on the account and the bank. Let's have a look at some of the key features of ADBI's Smart Banking Account:

  • One of the best zero balance account in UAE
  • Can open an account online, instantly
  • Can get a personalized debit card
  • No charges on non-maintenance of the account balance
  • Get profit on every dirham available in the account
  • No charges on ATM withdrawals at ADIB, UAE
  • Can access the account using the smart banking mobile app
  • Applicant must be 18 – 24 yrs student or should have a minimum salary of AED 5000
  • Even non-income-based individuals like housewives (with housewife visa status) are eligible
  • Provides high discounts and offers on dining, entertainment, shopping, etc.
  • Can get reward on referring friends
  • One free transfer per month to other banks anywhere in the world

Commercial bank of Dubai (CBD) E-Saver Account

This is one of the zero balance savings accounts that pays some of the best interest rates on deposited funds, as well as a slew of other perks. Let's take a closer look at the advantages and requirements for opening an ESaver Account with the Commercial Bank of Dubai.

  • Need not maintain minimum balance in the account
  • Zero maintenance charge
  • Monthly average balances pull in up to 1.5% interest
  • Three debits per month (transfers, payments, etc) from Esaver account
  • It provides CBD Online Banking for customers
  • Minimum salary requirement AED 5000
  • UAE Nationals and Expats are eligible

ADCB Active Saver Account

The Active Save Account from ADCB can be a fantastic alternative for UAE Nationals and Residents if they plan to open numerous independent saving funds, each for a different set of aims, thanks to its intriguing features and offers. The following are the key features of ADCB's zero balance account:

  • No minimum balance requirement
  • Interest rate of up to 0.60%(p.a.) is provided on the account balance
  • Up to 5 accounts can be opened per person
  • UAE Nationals and Residents of age 21 years and above
  • Only existing ADCB current account or savings account holders are eligible
  • An initial deposit of AED 1000 is required

FAB iSave Account

The First Abu Dhabi band iSave Account is a zero balance savings account that gives some of the best in class deals to account holders and constantly adding new, exciting features every now and then. For example, the bank is offering existing and new customers a 1.94 percent interest rate until June 30, 2021. The rest of this account's features are as follows:

  • One of the Zero balance savings account in UAE
  • Can get up to 1.68%(pa) interest rate on the balance maintained in the account
  • No account opening charges
  • No monthly fees
  • No withdrawal limitations

RAK Bank Fast Saver Online Account

For this account, the bank offers two currency options: AED and USD. The account holders' interest rates for both of these currencies are different. When opening a Fast Saver Account with RAK Bank, all applicants are able to choose their currencies without any additional requirements or conditions. This zero-balance savings account has the following features:

  • No minimum balance requirement on the account
  • No charges for maintaining an account
  • 5 utility payments or 1 cash withdrawal is allowed per month
  • A maximum interest rate of 0.50%(pa) is provided

HSBC Esaver Account

  • Zero balance account for UAE residents
  • Can manage your money online
  • No maintenance charges
  • Interest rate of up to 0.10% is provided on the account balance
  • Can withdraw money easily from the account

Emirates NBD Liv. Account

  • Can open a bank account quickly using Liv. app
  • Provides 1.5%(pa) interest rate
  • Provides an international debit card
  • Can get up to 50% off on dining, entertainment and leisure
  • Can manage your account and transactions using the Liv. app
  • No maintenance charges involved

Mashreq Happiness Account

  • Can open the account online instantly
  • Salary Transfer Account
  • Get Online Banking and Mobile Banking facilities
  • No monthly fee or minimum balance requirement on the account
  • Get first cheque book for free
  • Get free debit card
  • Can avail free remittance through Mashreq online banking or mobile banking
  • Get up to AED 2000 welcome bonus
  • Earn AED 25 worth Salaam points on making 5 online transactions monthly
  • Salaam points can be redeemed for travel tickets or at selected brands

Documents Required to open a Zero Balance Bank Account

Following documents are reqiured to open a Zero Balance Bank Account in UAE-

Conclusion

It is a common saying that cash is king, but keeping cash in your wallet idly is not a good idea when there are various banks that offer interest on cash. However, if you do not keep a minimum balance in your account, you will be charged. Banks levy fees if the account's minimum balance is not maintained. Zero balance accounts are extremely useful to folks who do not save in a bank account. Understanding their customers' demands, banks in the UAE offer a variety of zero balance accounts. Customers of business banking can also open zero balance accounts.

Open business bank account online in Dubai, UAE. Compare and apply for business bank account from leading banks with Dhanguard.

By Sakshi Srivastava

09-Nov, 2021

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