saving account in uae
Savings Account in UAE offers the interest rates depending on the funds you have deposited in account. Rather than keeping money at home, you can now open a savings account.
NBD savings account
Features
Interest rate of 0.20% p.a
Up to 10 free teller transactions a month
For salaried, non-salaried and self-employed individuals
Up to 10 free teller transactions a month
No account opening fees
Documents
Original Emirates ID and copy
Copy of passport
Salary transfer letter (Recent 30 days)
Copy of appointment letter or contract
Copy of payslip
Minimum balance 5000AED
Minimum salary 5000AED
ADIB savings account
Minimum balance 5000AED
Minimum salary 5000AED
Rak savings account
Minimum balance 3000AED
Minimum salary 5000AED
ADCB savings account
Minimum balance 5000AED
minimum balance 5000AED
Al islami e savings account
Minimum balance 1000AED
Minimum balance 5000AED
CBD savings account
Minimum balance 5000AED
Minimum balance 5000AED
NEO savings account
Salary 5000AED
Minimum balance 3000AED
standard chartered savings account
Minimum balance 3000AED
Salary 5000AED
How To Choose a Savings Account
When opening a savings account it is important to think about your ultimate goals and determine which account will be the best for your life, before opening an account You should also check how much minimum balance you will have to maintain in the account, monthly charges, and all documents requirements so that you can use this account for long term.
Features and benefits of savings account
Some of the benefits of opening a savings account are as listed below,
- Save money regularly and get a good interest rate.
- When you open the account, take advantage of the free debit card.
- Get the advantage of internet banking for bill payments or other internal transactions.
How to earn profits from savings account?
To increase interest rates mean your savings can earn you more over the years, but only if you make sure your money is placed in the right account.The interest rate on savings accounts depends on various factors, the types of accounts and lender,for example, if you open a fixed savings account, you are offered a higher interest rate, but then Money has to be kept in it for one year and you cannot withdraw it, as other accounts have no such restrictions.
The interest rate are not fixed it can be flexible ,ups and down which means they are set for certain amount of time.
How to calculate interest in a savings account?
Calculating interest is: Interest = P * R * T
For example you have AED5000 in your saving account with 3.5 % interest rate per year.(APY vs interest rate)
P = Principal amount
R = Interest rate (usually per year, expressed as a decimal).
T = Number of time periods (mostly one-year time periods).
Interest =AED5000 * 0.035 * 1 which equal to AED175.
Can I Open a Savings Account Online?
Most of the bank allow to open saving account online in uae, but one thing you keep in mind the rate and term could be different to oppened account online and visiting branch .