Current Accounts in UAE
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Current Accounts Interest Rates in UAE
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CLEAR
Overview
- Joining bonus of AED 2000 is provided
- AED 25 worth Salaam Points can be earned monthly
- Free unlimited international transfers
Overview
- Joining bonus of AED 2000 is provided
- AED 25 worth Salaam Points can be earned monthly
- Free unlimited international transfers
- Free Debit Card is provided
- 30% OFF on dining at selected outlets
- Free cheque book is provided
AED 3K
AED 8K
AED 0
AED 0
No
Yes
Overview
- Unlimited Teller transactions for Free
- Free ADIB Visa Debit Card
- Free cheque book is provided
Overview
- Unlimited Teller transactions for Free
- Free ADIB Visa Debit Card
- Free cheque book is provided
- Instant overdraft facility is provided
- Free e-statements are provided
Overview
- Can avail in multiple currencies
- Get free chequebook
- Free debit card is provided
Overview
- Can avail in multiple currencies
- Get free chequebook
- Free debit card is provided
- 24/7 access to the account
AED 3K
AED 0
AED 0
No
Yes
Features
- This account requires pre approval.
Benefits
- Cheque book facility is available with this account.
- You can also avail monthly statement with Emirates NBD salary account.
- There is also overdraft facility with this account.
- You can also access ATMs in various countries outside the horizon of UAE.
- Standing order service is available with this account.
- Bill payment services are available at various branches.
- You can also avail the services of a relationship manager to provide you with sound financial decisions
- Avail account in foreign currency
- Free Debit card is provided
- Through Direct Remit can transfer funds to India, Pakistan, Philippines, Sri Lanka, Egypt, and the UK for free
- Easy fund transfer facility
- Can avail cardless transactions facility
Features
- Provides free Platinum Debit Card
- First Cheque book is free
- Get monthly e Statements on your registered email address
Features
- Provides free Platinum Debit Card
- First Cheque book is free
- Get monthly e Statements on your registered email address
- Enjoy access to Ajman Bank Mobile Application and internet banking
- You can expect quarterly profit rates.
Benefits
- Ajman bank provides 2 in 1 Account which is a combination of Savings and Current Account. This account provides you with a Debit card and Cheque book facility, and flexibility to earn profit on your deposits. You can get free access to online banking and mobile banking.
- Provides you a Minimum balance of AED 3,000
- UAE Nationals, and expatriates are eligible to apply Provides the benefit of Savings account and Current Account
- Get Debit Card and Cheque book facility
- Earn profit on your deposits
Features
- A minimum balance of AED 3000 is required
- Personal checking facilities for UAE residents
- Free online banking and phone banking facility is provided
Features
- A minimum balance of AED 3000 is required
- Personal checking facilities for UAE residents
- Free online banking and phone banking facility is provided
- Get SMS updates on account information
- Provided in multiple currencies
- A minimum salary of AED 5000 is needed
Benefits
- No minimum balance fees are levied if the salary is transferred
- Free international debit card is provided
- Get chequebook for free on AED account
- Get welcome bonus up to AED 1300
AED 500K
AED 0
AED 0
Yes
Yes
Features
- This account takes care of all your banking needs.
- This account is offered to UAE nationals and GCC nationals.
Benefits
- There will be a personal Samba Diamond officer for your service.
- With luxurious Samba Diamond centres, you can bank in private and peacefully.
- You can get free access to Samba conference rooms.
- There are no fees for money transfers, cheque books, safety deposit boxes, international cash withdrawals at ATMs and money transfers through pay cash.
- You can avail preferential exchange rates for foreign currencies.
- Exclusive offers at a variety of stores and brands around the world.
- There are no rewards on this account.
AED 100K
AED 15K
AED 0
AED 0
No
Yes
Overview
- Up to AED 2000 is provided as cashback on switching to HSBC
- No charges on cash withdrawal
- Free fund transfer to international accounts
Overview
- Up to AED 2000 is provided as cashback on switching to HSBC
- No charges on cash withdrawal
- Free fund transfer to international accounts
- 50% off on account opening processing fee
- Avalable in multiple currencies
AED 100K
AED 0
AED 10
Yes
Yes
Features
- This account takes care of all your banking needs.
- This account is offered to UAE nationals and GCC nationals.
Benefits
- There will be a personal Samba Gold officer for your service.
- With luxurious Samba Diamond centres, you can bank in private and peacefully.
- You can get free access to Samba conference rooms.
- There is a 50% discount on money transfers, cheque books, safety deposit boxes, international cash withdrawals at ATMs and money transfers through pay cash.
- You can avail preferential exchange rates for foreign currencies.
- Exclusive offers at a variety of stores and brands around the world.
AED 0
AED 0
AED 0
Yes
Yes
Overview
- Free cheque book is given
- Free ATM card is provided
- Can avail as joint account as well
Overview
- Free cheque book is given
- Free ATM card is provided
- Can avail as joint account as well
- Free cash withdrawal from ATM
- Monthly account statement is provided for free
- Can get access to the account anytime
What is a Current Account in Dubai, UAE
Current accounts are usually opened by business-owners to facilitate the banking needs of their businesses. Also known as a Checking account, it fulfils the business’s need of frequent money transfers to and from the account. While savings accounts are targeted at helping people save money, current accounts help businesses fulfil their transactional requirements.
Why open a Current Account?
If you are a business owner running an organization, then you would be aware of the high number of monetary transactions that happen every day. Whether it is sale or purchase of goods, salary payments or manufacture costs, you will find yourself writing a cheque or handing out cash. A current account is usually designed to help you with such transactions.
Types of Current Accounts
In UAE, banks offer a huge variety of current accounts. Certain banks might offer special accounts for certain businesses. For businesses, current accounts are the backbone of their financial transactions. Hence, it is advisable to look for options before opening an account. Broadly, three types of current accounts are available in UAE:
- Regular Current Accounts: Most, if not all banks in UAE offer these accounts. With no frills attached, these accounts offer the basic features and services that constitute a current account.
- Islamic Current Accounts: These accounts are compliant with the Shariah laws of Islamic banking.
- Premium Current Accounts: If you are willing to maintain a higher balance, then most banks can offer a Premium current account with additional features to suit your specific business needs.
Features of Current 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 offered by different banks to your needs. Some of these features are
- Usually, there is no interest offered on the funds deposited in current accounts. However, some banks have started offering interest on these accounts.
- The objective of a current account is to help you run your business efficiently.
- No restrictions on the number of transactions.
- Compared to savings accounts, they have a higher requirement of minimum balance to be maintained in the account.
- Usually, banks allow overdraft facility on current acco
These are some basic features/charges of current accounts in UAE. There are numerous variants available, one suiting the need of each business. Research well before opening an account.
Current Account fees and charges
Some fees and charges associated with current accounts are:
- Charges for non-maintenance of minimum balance: Usually, current accounts have a requirement of maintaining a certain minimum balance. In case you fail to maintain the same, then charges can be applied.
- ATM usage charges: Some banks offer a limited number of ATM transactions free of cost, post which charges are applied.
- Demand draft charges: Most banks charge a small fee for issuing demand drafts or payment orders.
- Overdraft processing fee: One of the primary benefit of a current account is the facility of availing an overdraft. Some banks charge a nominal fee to set up this facility in your account. Overdraft interest rate must be checked before availing this facility.
Eligibility for Current Account in UAE
Every bank has its own eligibility criteria which needs to be checked individually. However, some basic requirements are as follows:
- You must be at least 18 years of age to open a current account
- You must be a UAE-resident to open a current account in UAE.
Documents required for Current 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 residence visa
- Emirates ID or a copy of the application
- Salary Certificate / reference letter (for salaried individuals)
- Income source proof (for self-employed professionals)
- Proof of residence
Please refer to the list of documents required by the bank you wish to open your current account with.
Islamic Current Accounts
Most banks also offer current accounts under Islamic laws of banking approved by The Shariah and Supervisory Board. Most banks offer free debit cards, internet banking, phone banking, SMS-banking and mobile banking services. Usually, banks offer Islamic savings accounts in AED, GBP, EURO and USD.
Banks offering Current Accounts
Most banks offer current accounts with a plethora of services. Here is a look at a few of them:
- HSBC: A premium current account is offered by HSBC called ‘Premier Account’. It has a requirement of a higher balance to be maintained in the account and comes with a host of features like a dedicated RM (Relationship Manager) and a global view of the account.
- Emirates NBD: A regular current account by Emirates NBD has a low requirement of minimum balance along with the standard features of a current account.
- Dubai Islamic Bank (DIB): DIB offers a Shariah compliant current account called ‘Al Islami Current Account’. Apart from the regular features of a current account, it offers free bill payment facility, free cheque book, debit card and a relatively low minimum balance requirement.
- ADIB: ADIB Bank presents the ADIB Current Account, providing you with unparalleled flexibility to apply for cheque books, conveniently pay bills, effortlessly transfer salary funds, and withdraw cash without any charges at over 500 ADIB ATMs throughout the UAE.
ADIB Salary Cashback Offer - Get a one-time bonus of 50% of your monthly salary back when you transfer your finance (personal or home finance) and salary to ADIB and obtain one of the ADIB Covered Cards, such as Emirates Skywards, Etihad Guest, Etisalat Gold, Platinum & Signature, or Cashback cards. T&Cs Apply. The offer is valid up until 31st July 2023.
Frequently Asked Questions
⭐ Who can open a Current Account?
A. Anyone who fulfils the eligibility criteria mentioned above, can open a current account.
- Individuals
- Sole Proprietors
- Partnerships
- Joint Stock organizations
- Limited Liability organizations
You must contact the bank and understand the eligibility criteria before applying.
⭐ Are there any charges to close my Current Account?
A. Charges can vary with every bank. Most banks charge a nominal fee for account closure of account maintained for less than a year. Please check with the bank.
⭐ Can I open a joint Current Account with my child who is a minor?
A. Most banks do not permit opening a joint current account with a minor. However, you may talk to the bank for options to meet your requirement.