Establishment of a Digital Bank Account

Banks have begun to offer the option of opening a digital bank account instantly to make financial transactions even more convenient. So anything can now be done online, from opening a bank account to handling it. You are just a click away from reaching out to our experts at Dhanguard. We will assist you with the whole process of opening digital bank account in UAE.

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Open Digital Bank Account Online in UAE, Dubai

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.

How to open digital bank account instantly?

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.

What is the process to open digital bank account?

The steps to open a digital bank account are as follows-

  1. Visit the website of the concerned bank you want to open an account at;
  2. Select the type of account you want to open;
  3. Fill in the basic details that are asked such as Name, age, job, contact details, type of account and other relevant details;
  4. You can be asked to submit documents online;
  5. Once you have submitted the scanned documents your account will be opened instantly.

What are the requirements to open Digital Bank account?

The requirements to open Digital Bank Account are as follows-

Residency

You have to be the residence of the United Arab Emirates for opening a digital bank account.

Age Criteria

The minimum age limit for opening a digital bank account is 18 years and above

What is the Eligibility Criteria to open digital bank account in UAE?

The eligibility criteria to open digital bank account are as follows-

Eligibility Criteria to open digital bank account

If you are Income based

  • Minimum monthly income of AED 5000
  • Salaried/Business Owners/Partners
  • Account for personal use only

Non-Income based

  • House wives (with house wife visa status)
  • Students (with their Student ID) and aged below 24
  • Account for personal use only

What are the Documents Required to open Digital Bank Account in UAE?

The Required Documents are as follows-

  1. Original Passport
  2. Valid Emirates ID (for UAE Nationals & Residents)
  3. Valid UAE residence visa

Reference Documents required (optional)

  1. Banking Service Agreement
  2. Terms and Conditions

What are the advantages of opening a digital bank account in UAE?

Digital Bank Account opening is not only a simple task but also includes several other benefits such as-

  • One can open the account at their convenience; 
  • You can examine each and every account type and pick the right one without any problem;
  • You can open a digital bank account instantly and start availing the offered services;
  • There is no requirement of paperwork;
  • This process provides you with high discounts and offers compared to an offline account opening;
  • You can maintain your account easily through the mobile application;
  • You can easily perform functions such as checking balance, transfers, pay bills, etc.
  • You can earn high rewards as well as bonus
  • There are fewer requirements to be eligible for opening bank bank digitally

What are the offers on opening digital bank account?

The offers that are applicable on opening digital bank account are as follows-

  • Free debit cards are provided;
  • Exclusive discounts on entertainment, dining, shopping, etc.;
  • Exclusive rewards which can be redeemed for various reimbursements;
  • Exclusive benefits on travel, lifestyle, etc.;
  • Free international/domestic transfers.

What are the things to be considered while opening digital bank account?

Points to be noted while opening a digital bank account are as follows-

  • Understand the terms and conditions of account like the initial deposit, minimum balance that is required to be maintained, withdrawal limits, etc.
  • Not all the banks will ask for the same particulars on the e-form for opening of account. So you should have all the details and documents in-hand;
  • Before getting started with the account opening process make sure you have scanned all the required documents.

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.   

How to choose a right bank account?

To select the right bank account, you need to look out for the following points-

Account type

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.

Fees

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.

Interest rate

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.

ATM services

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

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.

Other charges

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.

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