UAE Bank Accounts (FAQ)

By using our search filter, you can choose the account type which you want to apply like Current account, Savings account, Salary account and compare the accounts based on features like interest rate, minimum balance, currencies and features offered.

Points to Consider before taking final decision

• 1. Islamic or Conventional Accounts

  Banks offer Sharia Compliant account. You can select Islamic Banking features from the filter box. These accounts are formed based on the Islamic faith. Banks work on profit rate in Islamic Banking while conventional banking works on Interest rates. Our filter will show you the Sharia Compliant Bank Accounts in current, Savings, student or fixed deposit accounts category.

• 2. Minimum Balance Maintenance

  Most bank requires a minimum balance/deposit amount to be maintained in the account. If minimum balance is not maintained, then the bank can charge you a fee. Banks have the discretion to waive off this requirement, which is possible in the case if you are taking any other product from the bank like Mortgage, Personal Finance etc.

• 3. Types of Accounts

  Banks offer different types of Accounts as per the need of the customer.

• 4.Current Account

  If you want to open a salary account, then you should look for a current account which comes with cheque-book and other net banking option to pay your utility bills.

• 5. Saving Account

  If you want to open the account for savings, then you should go for Savings account. You can also opt for Fixed Deposits for a fixed period if you have long-term saving plans, which offer better profit rates then savings account.

• 6. Priority Account

  Priority account can either be a current account or savings account. With priority account comes priority services like dedicated RM, Free extra chequebooks, discounts on interest rates of other products if you are holding priority account. But priority account comes with a price, to have a priority account either you need to keep a high minimum balance or there is high minimum salary transfer requirement. It usually comes with free priority debit or credit card.

• 7. Interest Rates

  Salary Account/Current Account does not offer any interest on the balance you keep in account. But you can keep a savings accounts, Priority account or FD’s (fixed deposits) to earn interest on the deposits you keep it in.

• 8. Foreign Currency/ Other Currency accounts

  Almost all major banks offer different currency accounts. There is an option in the application form itself if you want other currency accounts. Major currencies account offered are USD account, British Pound account and Euro account. Bank charges Conversion fees while transferring funds from AED account to other currency account or vice versa. There is a fee charged to withdraw cash or make any deposit.

• 9. Rewards

  Most of the banks don’t offer rewards, but some has started offering in the form of points which can be redeemed into shopping vouchers, waiver of annual charges. These rewards can be earned by depositing any amount in your account, some banks offer a joining bonus as a reward if you transfer your salary to them.

• 10. IBAN Number

  IBAN stands for “International Bank Account Number”. It is a unique number which is provided to each account number, IBAN is required to make or receive payments in UAE as well as outside UAE.

• 11. Online Banking

  Most banks use comprehensive security measures to safeguard client interests.