Opening a savings account in the UAE requires you to meet requirements such as minimum wage and minimum balance maintenance requirements. Few banks charge even high fees for not maintaining a minimum balance. However, UAE banks are starting to provide accounts without having to maintain a minimum balance. This type of account is called a zero-balance account.
There are many banks in the United Arab Emirates, both local banks and branches of large international companies. They offer unique benefits regarding interest rates, minimum balances, monthly fees, personal manager, and remittance fees. If your company doesn’t have a lot of capital and you are looking for a zero-balance bank account option in the UAE, you can choose some of them. Of course, you won’t find a bank that allows a zero-balance current account in the United Arab Emirates. Still, some banks offer the option of an account with almost zero balance in the United Arab Emirates. Bank packages with deficient minimum balance levels are often referred to as “zero balance account in the UAE.” However, even for this account, there should be some minimum cash flow to keep it running.
Things to check before getting a zero-balance account
- Zero maintenance account
- No initial deposit required
- No monthly transactions required
- Minimum wage
- New bank customers can open accounts
Here are a few banks which offer zero-balance features and facilities:
Dubai Commercial Bank E-Saver Account
- No maintenance of minimum balance in your account
- Zero maintenance fee
- Monthly average balance can bring up to 1.5% interest
- Three debits (transfers, payments, etc.) from your E-saver account each month
- It provides customers with CBD online banking
- Minimum wage requirement AED 5000
- UAE nationals and expatriates are eligible
FAB I-Save Account
One of the UAE Zero Balance Savings Accounts You can get interest rates up to 3% (pa) on the remaining balance in your account, No account opening fee, No monthly fee, and no withdrawal limit.
ADIB Smart Bank Account
- One of the best zero balance accounts in the UAE.
- You can open an account online.
- Get a personalized debit card
- No charge for maintaining account balance
- Monetize all available Dirhams in your account
- No fees for ATM withdrawals from ADIB
- UAE Account can be accessed using the Smart Bank mobile app
- Applicants must be students 18 to 24 years old or have a minimum salary of AED 5000.
- Even non-income individuals, such as housewives (with housewife visa status) are eligible
- Provide high discounts and provide dining, entertainment, shopping, and other benefits.
- Refer a friend for reward Free monthly transfers to other banks around the world
ADCB Active Saver Account
- No minimum balance required
- Account balances offer interest rates up to 2% (annual interest rate)
- Up to 5 accounts per person
- UAE nationals and residents aged 21 and over
- Only existing ADCB current or savings account holders are eligible
- For this account, an initial deposit of AED 1000 is required
HSBC E-saver Account
- Zero balance account for UAE residents
- You can manage your funds online
- Account balance offers up to 1.5% interest rate
- Easily withdraw money from your account
RAK Bank Fast Savings Online Account
- No minimum balance required
- Keep Account Free
- Allow five utility payments or one cash withdrawal per month
- The highest interest rate is 1.75% (pa)
UAE NBD Liv Account
- You can use Liv to open a bank account quickly.
- Application Offer 2% (pa) interest rate
- Provide International Debit Card
- Enjoy up to 50% off dining, entertainment and leisure deals
- You can use Liv to manage your accounts and transactions.
- Application No maintenance costs involved