To conduct any type of monetary transaction in the UAE, you need a bank account. For expats a savings account is the best choice. Your salary gets directly deposited while you earn interest on the bank balance.
Most savings accounts come with many different perks. You get a free debit card and some banks also offer a free checkbook facility. If you need a credit card, pick one based on your spending and monthly income.
Who Can Open A Savings Account?
Expats with a valid UAE visas, Emiratis, and GCC nationals are eligible to open a savings account. Additionally, a recent change in the banking laws allows non-residents to qualify for savings accounts. You must meet the minimum age range, which is dependent on the bank. Some need you to be 21 years of age, while others accept 18 years old.
Students must provide a student identification card or any type of formal letter from the University. The non-income-based savings account is usually reserved for students who are 24 years or younger and housewives. Your visa status determines if you fall under this category.
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What Types Of Documents Are Required?
The most important documentation that all banks want is your Emirates ID. It must be valid as it proves that you have a residence visa. If you are in the process of getting your visa, you may give a copy of your Emirates ID registration form.
Proof of income is a crucial point when you want to open a bank account. For working professionals, you need to submit a salary certificate. If you are self-employed, provide proof of income, which is usually a bank statement for the past three months.
Non-residents need to furnish the latest utility bill for proof of address. You also need a reference letter from your home country’s bank. A statement for no less than six months is compulsory along with a declaration of source of income.
How To Open The Savings Account?
Banks in the UAE provide different ways for account setup. Go directly to the bank. Apply online by filling out the form and uploading the documents. Some even allow you to set up a bank account via the phone.
The easiest way for tech-savvy UAE residents is through a banking app like the one First Abu Dhabi Bank offers. Just download the app, and sign up for the savings account you want. Fill in your details and then scan the front and back of your Emirates ID. Finally, take a selfie and press submit. Once your application is approved you can start using your new savings account.
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Summary:
To open a savings account at any UAE bank you must meet the minimum age requirement and earn a minimum of Dhs. 3,000 to Dhs. 5,000. Non-residents are eligible for a savings account, but the documentation is often strenuous. It is best to research savings accounts to understand the minimum balance requirement, the interest rate offered, and other value-added benefits.