Savings Accounts in UAE

Features and Charges of Savings Accounts

There are a host of features to be taken into consideration while opening a savings account. Most importantly, you need to align these features and charges offered by different banks to your needs. Some of these features are:

• Debit card annual charges: Some banks offer free for life debit cards, while some offer it free for the first year only.
• Unlimited usage of ATMs (including partner ATMs): ATMs are where we withdraw most of our money from. Some banks offer unlimited ATM transactions. Even though the charges are minimal, they can add up to a big up over numerous withdrawals.
• Ease of access to the branch from your place of work or residence: Despite the surge of e-banking and mobile banking services, you might have to visit the branch on occasions. Ensure that you have one in your vicinity.
• Currencies permitted: Some banks offer savings account in the major foreign currencies. If that is your need then you must choose one appropriately.
• Charges for non-maintenance of minimum balance: Savings accounts usually carry a minimum balance requirement. In case of non-maintenance of the same, charges can be levied to your account. These can vary from bank to bank.
• Remittance charges: Expatriates have a primary need of sending or receiving money from their native countries. If you are regularly sending/receiving money overseas, then you must find a bank offering the best rates.
• Withdrawal limits: Deposits are usually unlimited; however, withdrawals can be capped by an amount or number of transactions by bank

These are some basic features/charges of savings accounts in UAE. There are numerous variants available, one suiting the need of each of us. Research well before opening an account.

Eligibility for Savings Accounts in UAE

Every bank has its own eligibility criteria which need to be checked individually. However, some basic requirements are as follows:

• You must be at least 18 years of age to open a savings account
• Most banks allow UAE residents and non-residents both to open the account.

Documents required for Savings Account in UAE

As is the case with eligibility, every bank can have its own requirement of documents to process your account application. Apart from the application form, some basic documents needed are:

• Original passport for verification along with a copy
• Copy of the visa
• Salary Certificate / reference letter (for salaried individuals)

Please refer to the list of documents required by the bank you wish to open your savings account with.

How to Choose and Compare the Savings Account in the UAE?

You should keep note of the below mentioned points when your selecting the best savings account in the UAE.

• Check for the interest rates. You can check interest rates offered by different banks and select the best you can get more benefited.
• Look out for the banking methods like online banking, mobile banking, internet banking.
• Some banks provide additional services on online banking and offline banking. Compare and select the best which suits your needs.
• Check for the bank reputation and the history of the bank. This is important so that you know where your money is being deposited safely.
• Check the complimentary features like free debit cards, credit cards, cheque books, movie tickets, airport lounge access, insurance facilities and others.
• Different banks offer different features to the customers. Compare with all the banks and choose the best as per your requirements.
• Check the security features of the bank like online security features so that you can avoid the risk of online banking scams
• Read all the bank's terms and conditions if you have any doubts consult the authorities. This is important so that you are not surprised by any additional charges or limitations in the future.

Types of Savings Accounts

The following are the types of savings accounts.
1. Basic savings Account
2. High yielding savings accounts
3. Childern Savings Account
4. Islamic Savings Account
5. Salary Savngs Account
6. Feature rich Account

• Basic savings accounts are general accounts which provide facility to deposit money to the customers. These accounts are easy to open and operate with much flexibility and they have a low rate of interest. They do not have minimum balance requirements on their account. Where there is frequent access to funds this type of account is good to use.
• High yielding savings accounts: This account has a high rate of interest compared to the basic savings account. It is suitable for long term savings where the depositor money will grow faster. There is a minimum balance requirement on these types of accounts and there are restrictions on the withdrawals.
• A Children’s Savings Account in the UAE helps parents secure their child’s future. With competitive interest rates, zero fees, and exclusive rewards, it encourages early saving habits while offering parental control over transactions and withdrawals.
• Islamic Savings Accounts in the UAE operate on Shariah principles, offering profit-sharing instead of interest. They ensure ethical banking, with features like competitive profit rates, flexible access, and compliance with Islamic values, making them ideal for conscious savers.
• Salary Savings Accounts in the UAE are designed for employees to receive salary transfers seamlessly. They offer zero balance requirements, exclusive perks like loan facilities, and discounts on banking services, providing a hassle-free solution for managing monthly finances.
• Feature rich savings accounts: There are extra features attached to this account where the depositor will get additional benefits apart from the savings account. Features like making investments through the bank account, purchasing and investing in the shares, linked investments and others.

Islamic Savings Accounts

Most banks also offer savings accounts under Islamic laws of banking approved by The Shariah and Supervisory Board. Some features of these accounts are:

• Most banks offer free debit cards, internet banking, phone banking, SMS-banking and mobile banking services.
• Most accounts are operated on the concept of Mudaraba. Your funds are invested in Shariah-compliant assets, and the profits/losses are shared between you and the bank.