Zero Balance Account in UAE: Zero Balance Account, as the name suggests, is a type of bank account that does not require you to maintain a minimum balance. This means that you can open and operate the account without worrying about meeting any minimum balance criteria. This customer-centric approach has gained popularity in the UAE, attracting both residents and expatriates who seek more flexibility in managing their finances.
Features and Benefits of Zero Balance Account in UAE
- Instant Account Opening: Zero balance accounts typically offer a straightforward and quick account opening process, often accessible online.
- Personalized Debit Card: Account holders may receive a personalized debit card, enhancing the overall banking experience.
- No Maintenance Charges: The absence of maintenance charges makes zero balance accounts cost-effective and attractive to customers.
- Interest Rates on Balance: Although the account balance may be zero, some banks offer attractive interest rates on the funds available in the account.
- Accessible Mobile Banking: Zero balance accounts often come with mobile banking features, providing convenience and flexibility to customers.
- Special Offers and Discounts: Some banks provide special discounts and offers on dining, entertainment, shopping, and more for zero balance account holders.
- International Transactions: Certain zero balance accounts allow international transactions, making them ideal for customers who frequently travel or conduct global business.
| Bank Name | Interest Rate (p.a.) | Minimum Salary |
|---|---|---|
| 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 |
Please note that the interest rates and eligibility criteria are subject to change.
List of Banks Offering Zero Balance Account in UAE
ADIB Smart Banking Zero Balance Account
The ADIB Smart Banking Account is among the best zero balance accounts in the UAE. Customers can open this account online, instantly, making the process hassle-free. Account holders enjoy a personalized debit card and incur no charges for non-maintenance of the account balance. Additionally, the account offers attractive profits on every dirham available in the account. ADIB customers can also benefit from fee-free ATM withdrawals within the UAE. This account is available to individuals aged 18 to 24 years, students, and those with a minimum salary of AED 5000. Even non-income based individuals, such as housewives (with housewife visa status), are eligible. Moreover, account holders can access high discounts and offers on dining, entertainment, shopping, and more. Referring friends to open an account also rewards customers with additional benefits.
Commercial Bank of Dubai (CBD) ESaver Zero Balance Account
The Commercial Bank of Dubai (CBD) ESaver Account allows customers to operate an account without maintaining a minimum balance. Account holders enjoy zero maintenance charges and can earn up to 1.5% interest on their monthly average balances. While there is a limit of three debits per month, customers can avail of CBD Online Banking for convenient transactions. To be eligible for this account, customers must have a minimum salary of AED 5000, and it is open to both UAE nationals and expatriates.
Mashreq Happiness Zero Balance Account
The Mashreq Happiness Account offers a seamless online account opening process. It serves as a salary transfer account and comes with Online Banking and Mobile Banking facilities. Account holders enjoy the benefit of no monthly fees or minimum balance requirements. Additionally, customers receive their first cheque book and debit card for free. The account also provides free remittance through Mashreq online banking or mobile banking. New account holders can even receive up to AED 2000 as a welcome bonus. Making five online transactions monthly earns customers AED 25 worth of Salaam points, which can be redeemed for travel tickets or at selected brands.
FAB iSave Zero Balance Account
The FAB iSave Account is another attractive zero balance savings account in the UAE. Customers can earn up to 2% (pa) interest on their account balance from February 1, 2022, to April 30, 2022. The account opening process incurs no charges or monthly fees, and there are no withdrawal limitations.
RAK Bank Fast Saver Online Zero Balance Account
The RAK Bank Fast Saver Online Account stands out with its no minimum balance requirement and no charges for maintaining the account. Account holders can make five utility payments or one cash withdrawal per month without any fees. The account provides a maximum interest rate of 0.50% (pa) and allows transactions in both AED and USD currencies.
HSBC ESaver Zero Balance Account
The HSBC ESaver Account is tailored for UAE residents who prefer managing their money online. Customers enjoy the benefits of zero maintenance charges and an interest rate of up to 0.10% on their account balance. The account also provides easy access to withdrawals, making it convenient for account holders to handle their finances.
Emirates NBD Liv. Zero Balance Account
The Emirates NBD Liv. Account allows customers to open a bank account quickly using the Liv. app. Account holders can earn up to 1.5% (pa) interest on their account balance. The account comes with an international debit card and provides up to 50% off on dining, entertainment, and leisure activities. Managing account transactions is made simple through the Liv. app, and there are no maintenance charges involved.
Zero balance accounts have revolutionized the banking landscape in the UAE by offering unparalleled flexibility to customers. These accounts provide an excellent option for individuals who do not wish to be bound by the constraints of maintaining a minimum balance. With various banks vying to offer the best features and benefits, customers now have the opportunity to choose an account that aligns perfectly with their financial needs and lifestyle.
FAQ
No, there are no charges for non-maintenance of the ADIB Smart Banking Account.
Yes, both UAE nationals and expatriates are eligible to open a Commercial Bank of Dubai (CBD) ESaver Account.
The Mashreq Happiness Account is open to individuals with a salary transfer account and has no minimum balance requirement.
No, there are no withdrawal limitations for the FAB iSave Account.
Yes, the RAK Bank Fast Saver Online Account allows transactions in both AED and USD currencies.
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