Bank accounts provide valuable services to users and facilitate personal and business transactions, adding ease to life. Sometimes, one doesn't have any money, and at that point, one may wonder about an online bank account opening with a zero balance account in UAE. Yes, you read it right. It is not a possibility but a reality in the UAE. The cherry on top is its easy and straightforward process of opening an account.
Bank accounts provide valuable services to users and facilitate personal and business transactions, adding ease to life. Sometimes, one doesn't have any money, and at that point, one may wonder about an online bank account opening with a zero balance account in UAE. Yes, you read it right. It is not a possibility but a reality in the UAE. The cherry on top is its easy and straightforward process of opening an account.
A zero-balance account in the UAE, as the name indicates, allows individuals to maintain a bank account without the obligation of maintaining a minimum balance. In the UAE, several financial institutions have recognised the importance of these accounts in enhancing financial convenience.
With the surge in popularity, zero balance accounts have become essential in enhancing access to banking services for a wide array of residents and expatriates in the country.
Here are the eligibility criteria to open an online bank account opening with zero balance in UAE -
The following is the list of documents required to open an online bank account opening with zero balance in UAE -—
Individuals get high and competitive fixed interest rates on their deposits of up to 0.10%. This percentage is applicable on the entire balance and paid into the account on monthly basis.
Customers have the option to top up their savings via lump sum deposits or recurring monthly payments.
Bank account holders are not required to maintain any minimum balance to keep their accounts active.
The bank does not charge any fee for holding a bank account. It is totally no minimum salary zero balance account.
Individuals have the option to deposit their money via three different ways- online money transfers, telegraphic transfers, and cheque deposit machines
Customers can transfer their money locally and internationally in multiple currencies.
The bank allows customers to withdraw their money through online banking and telegraphic transfers.
Zero balance accounts work like just any other bank account. You can initiate transactions, credit and debit money using a debit card/ATM/cheque, or make use of it for online purchases, paying your utility bills, and others — just like any other account.
The only difference is in the minimum balance fees. As there’s no minimum balance requirement with such accounts, no charges are levied even if your account has no money in it.
Banks usually levy considerable charges on a monthly/yearly basis if a stipulated minimum balance is not maintained. However, with a zero-balance account in the UAE, you never have to worry about the same.
Technology has made everything easy and convenient for people, and it is easy to get things done. You can apply for a online bank account opening with zero balance in UAE -by following these steps.
Choose any bank that has no requirement of a minimum amount in the account
Before choosing an online bank account opening with zero balance in UAE, keep these factors in focus.
Individuals can opt for any of the following no-minimum balance accounts in the UAE:
The HSBC E-Saver account is available for residents of the UAE, including both salaried and non-salaried individuals. As an individual, you can open a zero-balance account online in the UAE. It's worth mentioning that holders of the HSBC E-Saver account cannot obtain a chequebook or a debit card.
Let’s look into the primary benefits of having an HSBC E-Saver account in the UAE —
For Non-HSBC Sole Account Applicants
For Non-HSBC Joint Account Applicants
Abu Dhabi Islamic Bank offers a Smart Banking account for all individuals aged above 18 years. It allows residents to open a zero-balance account in UAE, irrespective of their employment status. No matter if you are a salaried employee, it is best bank to open a zero-balance salary account for a homemaker or even a self-employed individual; this ADIB account offers you the convenience of effective financial management by keeping your money safe in the bank account.
Bonus Credit Upon Salary Transfer
Customers can enjoy salary bonus if they transfer their salaries to an ADIB account it can also act as a Zero balance salary account.
Attractive Profit Rates
ADIB offers competitive interest rates on savings.
Enjoy Offers and Discounts on Smart deals.
Individuals can avail of more than 1500 deals and exclusive discounts via the Smart Deals application.
Free Money Transfer
Customers can make 1 free domestic and international transfer every month.
For Income-based Applicants
For non-income-based applicants
Emirates NBD Liv. bank account levels up your financial management knowledge by teaching you smarter money control. Using this account is easy and convenient as it has a friendly user-interface.
Smart Savings Individuals can save smart with the easy automated savings feature.
Zero Paperwork
There is no need for paperwork. Individuals can seamlessly access banking facilities online without any hassle.
Competitive Interest Rates
Bank account holders can earn up to 2% interest rates annually and track their progress on the bank’s app conveniently.
Early Learning About Money Management
The liv. account is specifically curated for children and teenagers
Access to Free Cheque Book
On-demand cheque book facility is available for Emirates NBD Liv. Account holders. Those who earn more than AED 10,000 per month receive a free cheque book for one year.
Easy and Quick Payments
With this account, individuals can simply add beneficiaries and make instant money transfers.
24/7 Customer Service Support
The customer support team is available round the clock for relevant assistance.
Ensures Security
The bank guarantees multi-layered authentication for transactions and accounts.
The Commercial Bank of Dubai (CBD) ESaver saving account in UAE allows customers to open their accounts in a few minutes. This account helps in earning high returns with ease and flexibility. The following are the key features and benefits of this zero-balance account in the UAE :
Zero Maintenance
The bank does not ask for maintaining a minimum account balance or does not charge any maintenance fee to keep the account active.
Attractive Interest Rates
Customers can earn up to 1.25% interest rates on their monthly average balances.
Online Banking Convenience
Individuals can access their bank accounts, fetch associated information, and even download monthly statements swiftly with the online banking service.
Instant Account Opening
Existing CBD customers can instantly open an Esaver account through the online banking channel.
Easy Money Transfers and Payments
The bank allows up to 3 debits every month with this account.
FAB iSave Account is one of the best zero balance accounts in the UAE. Individuals who hold an account earn higher interest rates on their savings over the years. The following table lists all the features and benefits of the zero-balance account in the UAE:
Zero Maintenance
FAB iSave account is a zero-balance account in the UAE, which means customers are not required to maintain a minimum balance to keep their account active.
Unlimited Withdrawals
Individuals can make unlimited cash withdrawals with this bank account.
Currency
The FAB iSave bank account is available in AED currency.
Attractive Interest Rates
Customers can earn an interest rate of 5.25% per year on new funds. (It is applicable on funds deposited from 1st May 2023 to 31st December 2023.
Instant Account Opening
Applicants can quickly open bank accounts via the online banking service.
Prompt Customer Service Support
The customer support team is available round the clock for assistance.
The RAKBANK Fast Saver Online account is a zero-balance account, which helps customers to gain high interest in their savings. Check out the features and benefits of using the zero-balance account in the UAE below:
Availability of Currency
The account is available in USD and AED currency.
Zero Maintenance
Customers are not required to pay any fee even if they do not have any amount in their accounts. No minimum salary zero balance account.
Issuance of Debit Card
RAKBANK offers a complimentary debit card upon opening an account.
Online Monthly Statement
Individuals can easily get their monthly bank statements online on their registered email ID.
Ease of Transaction :
A zero balance account not only secures your savings but also provides you the ease of transaction in the UAE. You can make a limited number of withdrawal transactions on your account but the deposit limit on this account is usually decent. Though it is more stringent about the withdrawals than the current account, its liquidity is much better than other deposit accounts.
Keeping track of the transaction:
One of the many benefits of a zero-balance account in UAE is that you can keep an eye on your transactions and regularly consider your expenditure. This allows you to save more money on your savings account.
Offers from bank
Banks in UAE offer a variety of offers on opening a savings account. As a smart customer, you should carefully compare the best savings account offers on various banks before settling for it.
Interest Rate
The most significant benefit of a Zero balance account is that it provides a decent interest rate on your savings. Though the interest rate is less than a fixed deposit account, it still betters the interest rate offered on other accounts. The interest rates on savings accounts in the UAE vary according to the banks. You may find it useful to compare the bank offers and interest rates.
Conclusion
The valuable opportunity of a 0-balance account in UAE is a step towards the financial stability of users. Before choosing any bank, gather all the information related to fees and other relevant charges so you don’t have to face any problems later. It is also important that the bank you select is reliable, in a suitable location and provides favourable conditions to its customers.
Yes, expats can open zero balance accounts in the UAE provided they have relevant ID proof.
As per the definition, zero balance accounts don’t require you to maintain any minimum balance. However, a few banks and financial institutions may ask you to transfer your salary to your account to keep it a zero balance one.
Some of the top zero balance accounts across the UAE are CBD Esaver Account FAB iSave Account RAKBANK Fast Saver Online Account HSBC e-Saver Account
Yes, some banks allow minors to have zero balance accounts along with their guardians.
No, salary transfer is not mandatory. It entirely depends on the bank you choose.
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