Banking in the United Arab Emirates (UAE) has undergone rapid development over the past few decades, reflecting the country's emergence as a global financial centre. The UAE's banking sector comprises of a mix of domestic and international banks, offering a wide range of financial services to individuals, businesses, and investors. The country's robust regulatory environment, coupled with its strategic location and strong economic growth, has made it an attractive destination for global financial institutions. From traditional banking services like savings accounts, current accounts, fixed deposit accounts, and foreign currency accounts to more specialized services like wealth management and Islamic banking, the UAE's banking sector offers a range of options to meet the diverse financial needs of its customers. However, the features, requirements, and benefits of each account type may differ from bank to bank, so it is important to conduct thorough research before choosing an account that best suits your needs.
From traditional banking services like savings accounts, current accounts, fixed deposit accounts,and foreign currency accounts to more specialized services like wealth management and Islamic banking, the UAE's banking sector offers a range of options to meet the diverse financial needs of its customers. However, the features, requirements, and benefits of each account type may differ from bank to bank, so it is important to conduct thorough research before choosing an account that best suits your needs.
While it is not compulsory to have a bank account in the UAE, there are various reasons why having one can be beneficial. Having a bank account in the UAE can provide customers with convenient and secure access to a range of financial services, as well as opportunities to grow their wealth and achieve their financial goals.
Apart from simplifying financial management, having a bank account in the UAE offers access to a wide range of financial products and services, such as loans, credit cards, insurance, and investment opportunities. These services can help individuals and businesses manage their finances, achieve their financial goals, and grow their wealth. Moreover, a bank account is a requirement for several activities, such as renting an apartment, buying a car, or setting up a business. It provides a means of verifying an individual's or business's financial stability and creditworthiness.
There are several types of bank accounts available in the UAE, catering to the different financial needs of individuals and businesses. Some of the most common types of bank accounts in the UAE include:
In order to open a bank account in the UAE, customers are required to meet certain basic criteria and provide necessary documents.
It's important to note that the eligibility criteria may vary depending on the bank and the type of account you want to open. It's best to check with the bank directly to find out their specific requirements.
It's important to note that the specific requirements and procedures for opening a bank account may vary depending on the bank and the type of account. Some banks may also allow you to open an account online or through a mobile app. It's best to check with the bank directly to find out their specific procedures and requirements.
UAE banks are subject to strict regulatory standards and adhere to international banking standards, offering customers a safe and secure place to manage their funds. With the country's highly regulated and secure banking system, having a bank account in the UAE is crucial for individuals and businesses looking to manage their finances, access a range of financial services, and take advantage of the country's thriving economy.
SoulWallet assists you in comparing and finding bank accounts across various banks that are suitable for your needs, offering you an easy and hassle-free experience. The content is well-researched, structured, and unbiased, and the unique tools available on SoulWallet help you make informed financial decisions for your personal and business transactions. We at SoulWallet help you identify options to save money as well as enjoy avail the best features and perks on credit cards offered in the country.
MINIMUM SALARY
AED 0.00
MINIMUM BALANCE
AED 0.00
MINIMUM DEPOSIT
AED 0.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 2.00
Transaction Charges Abroad
ATM2.00
Non-Bank ATM21.00
Interest/Return
Nil
Minimum Balance
AED 0.00
Minimum Deposit
AED 0.00
Monthly Min Balance Fee
AED 0.00
Features
on First Abu Dhabi Bank (FAB) site
MINIMUM SALARY
AED 0.00
MINIMUM BALANCE
AED 3000.00
MINIMUM DEPOSIT
AED 0.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 2.00
Transaction Charges Abroad
ATM2.00
Non-Bank ATM21.00
Interest/Return
Nil
Minimum Balance
AED 3000.00
Minimum Deposit
AED 0.00
Monthly Min Balance Fee
AED 25.00
Features
on First Abu Dhabi Bank (FAB) site
MINIMUM SALARY
AED 5000.00
MINIMUM BALANCE
AED 0.00
MINIMUM DEPOSIT
AED 0.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 2.00
Transaction Charges Abroad
ATM2.00
Non-Bank ATM20.00
Interest/Return
Nil
Minimum Balance
AED 0.00
Minimum Deposit
AED 0.00
Monthly Min Balance Fee
AED 25.00
Features
Reward/Deposit Features
Unmatched rewards on Debit Card with 1% cashback on purchases
MINIMUM SALARY
AED 5000.00
MINIMUM BALANCE
AED 0.00
MINIMUM DEPOSIT
AED 0.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 2.00
Transaction Charges Abroad
ATM2.00
Non-Bank ATM20.00
Interest/Return
Nil
Minimum Balance
AED 0.00
Minimum Deposit
AED 0.00
Monthly Min Balance Fee
AED 25.00
Features
Joining Offers
Free banking with Al Masraf fees waived (T&Cs apply)
Reward/Deposit Features
Unmatched rewards on Debit Card with 1% cashback on purchases
MINIMUM SALARY
AED 5000.00
MINIMUM BALANCE
AED 3000.00
MINIMUM DEPOSIT
AED 0.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 0.00
Transaction Charges Abroad
ATM0.00
Non-Bank ATM20.00
Interest/Return
Nil
Minimum Balance
AED 3000.00
Minimum Deposit
AED 0.00
Monthly Min Balance Fee
AED 0.00
Features
Reward/Deposit Features
Earn 1 Air Mile for every AED 4 spend on your card and redeem for flights, hotels and retail vouchers.
MINIMUM SALARY
AED 15000.00
MINIMUM BALANCE
AED 100000.00
MINIMUM DEPOSIT
AED 0.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 0.00
Transaction Charges Abroad
ATM0.00
Non-Bank ATM20.00
Interest/Return
Nil
Minimum Balance
AED 100000.00
Minimum Deposit
AED 0.00
Monthly Min Balance Fee
AED 0.00
Features
Joining Offers
Get AED 1,500 when you open an Advance account. You could also be eligible for up to AED 2,100 cashback
MINIMUM SALARY
AED 40000.00
MINIMUM BALANCE
AED 350000.00
MINIMUM DEPOSIT
AED 0.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 0.00
Transaction Charges Abroad
ATM0.00
Non-Bank ATM0.00
Interest/Return
Nil
Minimum Balance
AED 350000.00
Minimum Deposit
AED 0.00
Monthly Min Balance Fee
AED 0.00
Features
Joining Offers
MINIMUM SALARY
AED 0.00
MINIMUM BALANCE
AED 750000.00
MINIMUM DEPOSIT
AED 750000.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 0.00
Transaction Charges Abroad
ATM0.00
Non-Bank ATM0.00
Interest/Return
Nil
Minimum Balance
AED 750000.00
Minimum Deposit
AED 750000.00
Monthly Min Balance Fee
AED 0.00
Features
Joining Offers
Join Citigold and get up to AED 16,000 upon maintaining your initial funding balance for 90 days, and meeting the investment or insurance criteria.
Reward/Deposit Features
Funding Reward:
Citigold: AED 4,000- Open and fund a Citigold Account with a minimum of USD 200,000 within 90 days of account opening date and maintain a total relationship balance at or above USD 200,000 for all times.
Citigold Private Client:AED 10,000- Open and fund a Citigold Private Account with a minimum of USD 10,00,000 within 90 days of account opening date and maintain a total relationship balance at or above USD 10,00,000 for all times.
Additional Reward:
AED 3,000 - Customer must be an active Citibank UAE Primary Credit Card holder at the time of opening a Citigold or Citigold Private account
Bonus Reward:
AED 2,500 - Customer must have qualified for the funding reward and in addition , purchased a total of atleast USD 10,000 worth of investments or life insurance products by the end of the funding period
Profiling and Mutual fund Account Opening Reward:
AED 500 - Open a Citigold or a Citigold Private account, Open a Mutual fund account and complete investor profiling.
Terms related to which customers are eligible for this offer:
1. Customers that have closed any Citibank account where they were a single or joint account holder within 12 months immediately preceding the date of opening the new Citigold/Citigold Private Client Account are not eligible for the reward
2. For joint accounts, only one reward will be given to the Primary Account Holder
3. This offer is applicable only for UAE residents
4. Offer is NOT applicable for US persons
5. Offer is NOT applicable for Citibank staff (Including Non-Employees)
Terms related to what eligible customers must do to qualify for this offer:
6. The Campaign is valid for all new customers who open Citigold (CG) /Citigold Private Client (CPC) relationship bank accounts from September 1st 2023 to December 31st 2023.
7. Initial Funding: Once a CG account is opened, the customer must have Total Relationship Balance of USD 200,000 (or equivalent in other currencies) or more in their CG relationship within 90 days of opening the bank account. Likewise, the customer must have Total Relationship Balance of USD 1,000,000 (or equivalent in other currencies) or more under CPC relationship, within 90 days of opening the bank account. Total Relationship Balance is the sum of balance in deposits, investments (clients equity only, leverage component not included) or insurance policy values.
8. In order for a customer to qualify for CG Funding Reward, once initial funding has taken place, customer must maintain their relationship balance of USD 200,000 (or equivalent in other currencies) or more in their CG relationship for a period for 90 consecutive days at all times. Likewise, for a customer to qualify for CPC Funding Reward, once initial funding has taken place, customer must maintain their relationship balance of USD 1,000,000 (or equivalent in other currencies) or more in their CPC relationship for a period of 90 consecutive days at all times. The 90 consecutive days in which customer maintains required Total Relationship Balance is defined as Funding Period. For the avoidance of doubt, the Funding Period has to start no later than 90 days from account opening date. For the purpose of calculating reward, the lowest daily balance maintained for the 90 days will be taken
9.Funds transferred from Citibank UAE accounts will NOT be counted towards TRB calculation for offer fulfilment. Any funds that a customer received from another Citibank UAE account will be deducted from the TRB calculation for Funding Offer reward. For example, if a customer opened an account in September 1st, 2023, funded the account on January 10th, 2023 and maintained a TRB of $250,000 until April 10th, 2023, BUT $150,000 of the $250,000 came from a transfer from another Citibank UAE account, the customer’s TRB would be calculated to be only $100,000 and the customer would NOT qualify for the offer.
10. To earn the Bonus Reward, the customer must qualify for Funding Reward as mentioned in above clauses, and additionally have purchased at least $10,000 worth of investment products or life insurance products by the end of the Funding Period.
11. The account should be in good standing at the time of reward credit
12. Customer qualifying under this offer cannot concurrently qualify under any other offer related to CG/CPC account relationship.
Other Terms related to this offer:
13. The Funding and Bonus Rewards would be credited to customer’s bank account within 30 working days of customer fulfilling the qualification criteria
14. Citibank reserves the right to change / modify the campaign anytime
15. Citibank Terms and Conditions apply which can be read at https://www.citibank.ae/TnC . They are subject to change and are available upon request
16. All offers are made available on a best-effort basis and at the sole discretion of Citibank, N.A. UAE
17. In no event shall Citibank, any of its affiliates, or any of their officers, directors, employees or agents be liable for any loss, damage or expense arising out of or otherwise related to this offer
18. By inquiring about our services, offers or products, the customer will be authorizing our representatives to approach on contact details including the telephone/mobile number
19. If the required balance is not maintained (For Citigold USD 200,000 and/or Citigold Private Client USD 1,000,000) for 4 months, the account may be closed or downgraded by Citibank in compliance with the applicable terms and conditions
20. The products and services mentioned on this website are not offered to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey, Jersey, Monaco, San Marino, Vatican, The Isle of Man or the UK. This page is not, and should not be construed as, an offer, invitation or solicitation to buy or sell any of the products and services mentioned herein to such individuals
21. The Consumer has the right to acquire separately one of proposed bundled Products and or Services and forgo the favourable terms
Offer Terms and Conditions (for Investment Account Opening & Profiling & Reward):
1. The offer is valid for all new customers who open Citigold (CG) /Citigold Private Client (CPC) relationship bank accounts during the period from September1st 2023 to December 31st 2023. (both dates included) (“Offer Period”).
2. Customers are eligible to receive AED 500 cashback on their retail account if they open a new Mutual Fund Account or Securities Brokerage Account with Citibank N.A. UAE and complete their investor profile during the Offer Period and have Knowledge and Experience in Mutual Funds category which is indicated and confirmed by them to Citibank N.A. UAE as part of the investor profile.
3. The offer will be at individual Customer Identification Number. If the customer opens more than one Mutual Fund Account with Citibank N.A. UAE under single or joint relationships, this offer is applicable only once per customer on the last opened Mutual Fund Account during the Offer Period
4. The cashback will be credited to the customer’s Citibank bank account on 15th of the subsequent month in which mutual fund account or Securities Brokerage Account was opened
5. Systematic Investment Plan (SIP) transactions are excluded from this offer.
6. Customers need to have an active Mutual Fund Account or Securities Brokerage Account with Citibank UAE, a valid investor profile, Knowledge and Experience in Mutual Funds category which is indicated and confirmed by them to Citibank at the time of us crediting the cash back to customer’s Citibank bank account
7. In addition to the above, General Terms & Conditions available on www.citibank.ae that governs the Mutual Fund Account, the Securities Brokerage Accounts and the Investment Services apply to this offer.
8. Customers are expected to have read and understood the above terms and conditions and the General Banking Terms & Conditions document available on www.citibank.ae at the time of signing the account opening documents
9. These terms and conditions are subject to any applicable laws and regulations, including any regulations governing the Mutual Fund Account or the Securities Brokerage Account.
10. The Consumer has the right to acquire separately one of proposed bundled Products and or Services and forgo the favourable terms
MINIMUM SALARY
AED 3000.00
MINIMUM BALANCE
AED 0.00
MINIMUM DEPOSIT
AED 0.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 2.00
Transaction Charges Abroad
ATM2.00
Non-Bank ATM21.00
Interest/Return
1.30 %
Minimum Balance
AED 0.00
Minimum Deposit
AED 0.00
Monthly Min Balance Fee
AED 0.00
Features
iSave is an online account with the following features:
Band Balance Band Balance >AED 500,000 to AED 5,000,000 will earn upto 1.3% to 1.68% per year
Band Balance >AED 5000,000 will earn upto 1.68% and less
Reward/Deposit Features
Conditions
on First Abu Dhabi Bank (FAB) site
MINIMUM SALARY
AED 5000.00
MINIMUM BALANCE
AED 3000.00
MINIMUM DEPOSIT
AED 0.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 2.00
Transaction Charges Abroad
ATM20.00
Non-Bank ATM20.00
Interest/Return
1.10 %
Minimum Balance
AED 3000.00
Minimum Deposit
AED 0.00
Monthly Min Balance Fee
AED 25.00
Features
Quick Remit:
Free transfers to India, Pakistan, instant transfer and 24/7 available
Instant loan:
Designed as an exclusive benefit for customers who use Neo as their Salary account. Mashreq Neo customers can now fast track their wish list with Neo Instant loans. To find your eligibility , Click on the menu button and then the loans button, post you log in to your Neo app.
Mashreq Millionaire:
Purchase Mashreq Millionaire Certificates to participate in our monthly and quarterly lucky draws. Each certificate is valued at only AED 1,000. The more you purchase, the better your chances of qualifying for all prizes, including the grand prize of AED 1,000,000!
Pay Bills
Etisalat, Du, DEWA, SEWA, Salik, school fees, international mobile connections and 100 other partners. Let us know and we will handle everything for you. No extra cost.
Joining Offers
Early Bird Cashback Offer for AED 350.
AED 35 - Purchase 3 Mashreq Millionaires Certificates +
AED 65 - Debit Card Spends AED 3000 +
AED 75 - Quick Remit of AED 3000 +
AED 75 - Motor Insurance AED 100 - Term Life or Critical Insurance Plan
Reward/Deposit Features
Cashback on purchases:
With MashreqPay get 5% cashback on all your spends each month. Simply tap your smartphone on the POS terminal during checkout to make contactless, cashless & secure payments in a jiffy. This service works at all NFC enabled Terminals in UAE and abroad across all android devices.
•Register your Mashreq Credit or Debit Card on MashreqPay and make 1 transaction to get your Joining Bonus of AED 25 guaranteed cashback.
•You are eligible for a 2% cashback of up to AED 50 for the first 10 transactions and an additional 5% cashback of up to AED 50 for more than 10 transactions in a calendar month.
•Opt in for free coupons from your favorite stores. You will get the coupons for redemption once you reach the required spends.
on Mashreq Neo Accounts site
MINIMUM SALARY
AED 5000.00
MINIMUM BALANCE
AED 3000.00
MINIMUM DEPOSIT
AED 3000.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 0.00
Transaction Charges Abroad
ATM0.00
Non-Bank ATM0.00
Interest/Return
Nil
Minimum Balance
AED 3000.00
Minimum Deposit
AED 3000.00
Monthly Min Balance Fee
AED 10.00
Features
Joining Offers
Enjoy a limited-time offer of up to AED 5,000* cashback
Earn joining bonus based on your transferred salary - applicable for accounts with first salary credited on or after 09 June 2024.
Monthly Salary AED 5,000 - 9,999 - Joining Bonus AED 200, Additional Bonus in first 90days AED50, Total AED250
Monthly Salary AED 10,000 - 19,999 - Joining Bonus AED 500, Additional Bonus in first 90days AED2 50, Total AED 750
Monthly Salary AED 20,000 - 49,999 - Joining Bonus AED 1,000, Additional Bonus in first 90days AED 500, Total AED 1500
Monthly Salary AED 50,000 and above - Joining Bonus AED 2,500, Additional Bonus in first 90days AED 1,000, Total AED 3,550
The above bonus applies to all the customers holding NEO Current Account and NEO Savings Account.
Refer your friends to Mashreq NEO and get up to AED 1,000
Get up to AED 300* when you use Quick Remit in the first 90 days to send money to over 40 countries
Reward/Deposit Features
Enjoy 5% cashback, up to AED 200 on your debit card** when you shop in the first 90 days. **Add your debit card to any digital wallet (Apple Pay, Google Pay, Samsung Pay) to avail cashback
THINGS TO BE AWARE OF
Maintain AED 3,000 or transfer AED 5,000 salary
Non Residents and G3 nationalities cannot avail this account
on Mashreq Neo Accounts site
MINIMUM SALARY
AED 0.00
MINIMUM BALANCE
AED 3000.00
MINIMUM DEPOSIT
AED 3000.00
Transaction Charges in UAE
ATM 0.00
Non-Bank ATM 0.00
Transaction Charges Abroad
ATM0.00
Non-Bank ATM0.00
Interest/Return
Nil
Minimum Balance
AED 3000.00
Minimum Deposit
AED 3000.00
Monthly Min Balance Fee
AED 25.00
Features
on Mashreq Neo Accounts site
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FABCashback Credit Card
Minimum Salary AED 0
MINIMUM BALANCE 3.50%
MINIMUM DEPOSIT 3.50%
Please fill in the details to receive a call back with more details about this product
FABCashback Credit Card
Minimum Salary AED 5,000
MINIMUM BALANCE 3.50%
MINIMUM DEPOSIT 3.50%
Please fill in the details to receive a call back with more details about this product
