A Zero Balance account is a type of bank account that does not require the account holder to maintain a minimum balance. This type of account is ideal for individuals who do not want to maintain a high balance in their account and yet have access to basic banking services. In this guide, we will take a look at the banks in the UAE that allow zero balance accounts and the process of opening a zero balance account in the UAE.
Zero Balance Account In UAE
List of Banks in the UAE that Allows Zero Balance Accounts:
- Abu Dhabi Commercial Bank
- Dubai Islamic Bank
- Mashreq Bank
- Standard Chartered Bank
- HSBC Bank
- Emirates NBD
- Commercial Bank of Dubai
|Account Name||Interest Rate(p.a.)||Minimum Salary|
|ADIB Smart Banking Account||Profit on every dirham in the account||Both income and non-income based eligible|
|Commercial bank of Dubai(CBD) ESaver Account||1.50%||AED 5000|
|FAB iSave Account||2%||NA|
|RAK Bank Fast Saver Online Account||0.50%||NA|
|HSBC Esaver Account||0.10%||NA|
|Emirates NBD Liv. Account||1.5%||NA|
|Mashreq Happiness Account||NA||AED 10,000|
Requirements to Open a Zero Balance Account in the UAE
- Valid passport and visa
- Proof of residency in the UAE
- Original and copy of Emirates ID
- Proof of income (salary certificate, salary transfer letter, etc.)
- Original and copy of utility bills
How to Open a Zero Balance Account in UAE
- Choose a bank: Choose a bank from the list of banks that offer zero balance accounts.
- Gather the necessary documents: Collect all the required documents mentioned above.
- Visit the bank: Visit the nearest branch of the bank you have chosen.
- Fill out the application form: Fill out the application form and submit it along with the required documents.
- Provide additional information: Provide additional information as requested by the bank.
- Wait for approval: Wait for the bank to process your application and approve it.
- Complete the account opening process: Complete the account opening process by signing the necessary agreements and paying any applicable fees.
In conclusion, opening a zero balance account in the UAE is a simple and straightforward process. With the help of this guide, you can choose the right bank and complete the process with ease. Keep in mind that the requirements and procedures may vary slightly from bank to bank, so it is important to check with the bank for specific details.