Commercial Bank of Dubai (CBD) offers an innovative banking solution known as the Esaver Account. This digital savings account not only eliminates the hassle of maintaining a minimum balance but also provides competitive interest rates. In this article, we will explain the features, benefits, and eligibility criteria of the CBD Esaver Account.
Commercial Bank of Dubai Esaver Account
The Esaver Account offered by the Commercial Bank of Dubai is a digital savings account designed to simplify your banking experience. It leverages the power of digital banking channels, allowing you to manage your finances from the comfort of your home or while on the go. Here’s what you need to know:
Commercial Bank of Dubai Esaver Account Features
- Instant Opening Online: One of the standout features of the Esaver Account is its instant online account opening. Say goodbye to lengthy paperwork and visits to the bank. You can open your Esaver Account with just a few clicks through CBD’s online banking platform.
- Attractive Interest Rates: When it comes to saving money, the interest rate matters. With the Esaver Account, you can earn up to 1.25% on your monthly average balances. This competitive interest rate ensures that your savings grow over time.
- Flexibility and Convenience: Flexibility is a cornerstone of the Esaver Account. You can check your account balance and statements online, giving you full control of your finances. Whether you prefer using CBD’s online banking, mobile banking, or ATM/CDM machines, managing your money has never been easier.
- Free of Charge: Unlike traditional bank accounts that often require you to maintain a minimum balance or incur account maintenance charges, the Esaver Account is free of such constraints. You can enjoy the benefits of this account without worrying about hidden fees.
Features and Benefits
- No minimum account balance or account maintenance charges.
- Up to 1.25% interest on your monthly average balances.
- 3 debits per month (transfers, payments, etc.) from the Esaver account.
- Check your Esaver account balance and statements online.
Commercial Bank of Dubai Esaver Account Interest Rates
The interest rates on the Esaver Account are tiered based on your monthly average balance:
| AED 0 – AED 24,999: | 0.50% interest rate % p.a. |
| AED 25,000 – AED 99,999: | 0.75% interest rate % p.a. |
| AED 100,000 – AED 999,999: | 1.00% interest rate % p.a. |
| AED 1,000,000 – AED 4,999,999: | 1.25% interest rate % p.a. |
| AED 5,000,000 and above: | 0.50% interest rate % p.a. |
Commercial Bank of Dubai Esaver Account Eligibility Criteria
To be eligible for the Esaver Account, you must be a UAE National or UAE resident and be at least 18 years of age. This inclusive eligibility criteria ensure that a wide range of individuals can benefit from this account.
How to Close Esaver Account?
Should you ever need to close your Esaver Account, the process is straightforward. Simply visit a CBD branch, where a representative will assist you in completing the account closure process.
FAQ
No, the Esaver Account is available exclusively to UAE Nationals and UAE residents.
You can make up to 3 debits per month from your Esaver Account, including transfers and payments.
You can conveniently check your Esaver account balance and statements online through CBD’s digital banking channels.
No, the Esaver Account is free of charge, with no minimum balance requirements or account maintenance charges.
If your monthly average balance exceeds AED 5,000,000, the interest rate will revert to 0.50% p.a.
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