Digital banking simplifies a customer's job and provides banking services in a simple manner. Several banks in the UAE provide Digital Bank Accounts, which allow users to open a bank account online without ever visiting a bank.
The Benefits of Digital Bank Accounts in the UAE
Having a bank account is a most important thing in one’s financial administration. In the digital era, financial transactions has become easier. Earlier banks only offered internet banking services where account holders can use their account online and accomplish some functions such as checking of balances, online transfer of funds etc.
Presently, to make financial transactions even more comfortable, banks have started to offer an option to open a digital bank account instantly. So right from opening a bank account to manage it everything can be done online now.
Opening a bank account can be done in numerous ways like one can visit the bank with proper documents or can apply through mobile or on the website of the concerned bank and open it instantly.
Online account opening is the modest way of getting started with a digital bank account. Most of the famous banks offers online account opening facility. Any account applicant wants to be ready with the type of account they wants to get with some basic documents that is required to be submitted online. The type of digital bank account can be a savings account or a current account.
The steps to open a digital bank account are as follows-
The requirements to open Digital Bank Account are as follows-
You have to be the residence of the United Arab Emirates for opening a digital bank account.
The minimum age limit for opening a digital bank account is 18 years and above
The eligibility criteria to open digital bank account are as follows-
The Required Documents are as follows-
Reference Documents required (optional)
Digital Bank Account opening is not only a simple task but also includes several other benefits such as-
The offers that are applicable on opening digital bank account are as follows-
Points to be noted while opening a digital bank account are as follows-
Banks in the UAE have made it comfortable for their customers to maintain an account but also in the opening process. Instant digital account opening is a good facility which comes with a huge range of benefits. But also ensure you are aware of the terms and conditions that are added to the account.
To select the right bank account, you need to look out for the following points-
Select an account as per your requirements. Different bank accounts have different perks and benefits. So, you have to decide on the type of account you looking for and decide which service will benefit you the most before selecting a bank account.
Limited banks levy a fee to maintain your bank account. There are many fees imposed such as low balance fees, overdraft fees, ATM withdrawal fees and many more which the bank levies on its customers and it differs from one bank to another. So while picking a bank account recognize the fees levied and opt for the one that is sensible for you.
Check if the account you select is paying you any interest. Particularly if you are going to get a savings bank account it is necessary to compare interest rates of different bank.
Most of the banks provides services of ATM cards to withdraw cash from their accounts. You have to check the domestic as well as international cash withdrawal fees that will be charged on the transactions. Generally, banks offers free cash withdrawal at their ATM only. See through the ATM fees and the places where it is located.
Online banking is convenient anytime. If you don’t wish to visit banks to transfer funds or to check your account balance, pay bills and get free e-statements. Some of the banks also offers free internal payments on online transfers. Know which banks offer the best internet banking facilities. Similarly, check if there is a mobile application available for the bank you have selected. Thus, it will be easy for you to access your bank account information through mobile application.
You will be imposed a certain amount of fee if you extract the amount from your bank account on a regular basis. Go through if there is any extra fees charged on digital banking. Meanwhile most of the banks issues a free cheque book for the first time, but you will have to pay the relevant charges for the next ones. Limited banks charges you if your debit card is lost or stolen.
Apart from the aforementioned features, a good bank will have advantages such as uniform policies, progressive administration, coordinated system, mobilization of savings and many more. You should not overlook the reputation of cash. The bank account is certainly essential to keep the cash protected. It will aid you in accessing your money in any unpredicted condition. Henceforth, we at Dhanguard will compare all the obtainable options and will assist you with the one that best suits you.
The services that can be availed are request for cheque book, you can activate your card, set PIN using the digital Banking.
Customers who use digital banking frequently uses features such as loyalty programs and discounts through their mobile application. It is also said they will open their accounts with banks that offers these relevant features.
Yes, you can update your address and emirates ID using Digital banking.
Generally, there is no fees levied up on opening your account through digital banking. You just need to register using user id and password.