Online bank account opening with Zero balance in UAE

Online bank account opening with Zero balance in UAE

Online Bank Account Opening With Zero-Balance In UAE

Before now, for most banks, opening a bank account in the United Arab Emirates requires you to meet certain requirements and criteria, like a minimum balance, before you can own an account with them. That is, you can withdraw your entire balance.Some banks will even charge you for not maintaining a minimum balance.

However, some banks in the United Arab Emirate have started allowing account opening with a zero minimum balance with their different package banking programs, which means you can withdraw all your money and empty your account totally. These kinds of accounts are called “Zero minimum balance accounts.”

Even though it’s now common in most banks in the UAE, not all banks offer people such account opening services, so we are going to reveal to you banks in the UAE that open a zero-balance account and the packages through which you can be allowed to open it.

The Online Zero account has not only made banking less expensive and affordable for people, it has made it easy and swift.

Check the procedures involved in opening a normal bank account and you will see that it’s not easy at all, but with an online minimum zero account, you can open and manage a bank account in your bedroom and start banking, instead of booking an appointment with the bank, which might not be as smooth as planned.

The internet has made things very easy, and banking is not exempt. The introduction of these made it possible for many more people to own a bank account, which is a very important thing, but due to the cost, people would rather keep their money at home and bear the risk.

E-saver Account

1. Bank: Commercial Bank Of Dubai

Online bank account opening with Zero balance in UAE

Features of the CBD Esaver Account

1.No maintenance cost.

2.1.5% monthly interest on the average balance.

3. The smallest monthly incomePrior requirements are AED 5000.

4. Banking via mobile and online

5. Non-indigenes and non-residents of the UAE are allowed.

6. It only allows you to debit your account three times per monthly.

7. There is no minimum balance.

8. Excellent customer service

9.Customer service is available 24 hours a day, seven days a week.

10. Good banking experience.

Eligibility: 18 years and above, and must be a citizen or resident of the United Arab Emirates.

i-Saver Account

2. Bank: First Abu Dhabi Bank

 

Features of the FAB iSave Account

1. Account creation and registration are free of charge.

2. No monthly banking fees

3. There is no maximum withdrawal limit.

4. You can earn up to 2% interest on balances held from February to April 30.

5. A good opening in customer service

6. a savings account

7. There is no minimum balance.

8. Transactions that are completed quickly and online

Eligibility: 18 years and above and must be a citizen or resident of the United Arab Emirates.

Happiness Account

3. Bank: Mashrek Bank

Features of Mashrek Bank’s Happiness Account

1. Banking services via mobile and online.

2. There are no monthly fees.

3. Account creation and registration are both free.

4. Debit cards are being issued free of charge to new customers.

5. Customers are given free cheque books.

6. There is no required minimum balance.

7. New customers can receive a welcome bonus of up to AED 2000.

8. With only five transactions per month, you can earn a Salem score of up to AED 5.

9. Your earned Salem score is redeemable for traveling tickets or at a picked company.

10. You can make it your salary account.

Eligibility: 18 years and above and must be a citizen or resident of the United Arab Emirates.

Fast Saver Online Account

4. Bank:Rak Bank

Features of Rak Bank’s Fast Saver Online Account

1. There is no minimum balance.

2. Only five payments per month are permitted.

3. Only one withdrawal per month at rates of up to 0.5%

4.Zero AED for account maintenance.

5.US dollars are permitted.

6. Easy online registration and account creation

Eligibility: Must be 18 years old or older and a UAE citizen or resident.

Liv Account

5. Bank: Emirates NBD

Features of an Emirate NBD Liv Account

1. Provides up to 1.5% interest depending on account balance.

2. Services for mobile and internet banking

3. There are no maintenance fees.

4. You can get an international debit card.

5. Account creation and registration for mobile apps.

6. Transaction is completed quickly.

7. No fees and simple withdrawal.

Eligibility: Must be 18 years old or older and a UAE citizen or resident.

Smart Banking Account

6. Bank: ADIB

Online bank account opening with Zero balance in UAE

Features of an ADIB Smart Banking Account

1.Easy online account creation and registration

2. There are no maintenance fees or charges.

3. There is no charge for ATM cash withdrawals.

4. You get interest on any amount available in your account.

5. To own an account with ADIB, you have to be between the age brackets of 18-24 and have a monthly income of at least AED 5000 or even more.

6. You will receive a referral bonus for each person you refer who registers for an account.

7. Full-time housewives and non-working people are free to open accounts.

8. You can transfer money with ease to any part of the world.

9. Provide substantial discounts on entertainment, online shopping, and other services.

10. Mobile and internet banking services are available.

11. One free cash transfer to any country on the planet per month.

Eligibility: 18 years and above and must be a citizen or resident of the United Arab Emirates.

HSBC E-saver Account

7. Bank: HSBC Bank

Online bank account opening with Zero balance in UAE

Features of an HSBC Esaver account

  1. Services for online and mobile banking
  2. Simple withdrawal from a bank or ATM.
  3.  There are no maintenance fees.
  4. No fees will be charged for opening an account.
  5. Earn up to 0.1% interest on your account balance.
  6.  New customers receive a free ATM card.

Eligibility: 18 years and above and must be a citizen or resident of the United Arab Emirates.

The Benefits and Drawbacks of Opening an Online Zero Account in the UAE

Like people often say, there’s always a bad side to a good story or vis-a-vis. Opening an online zero account is good because of the ease and flexibility. But do you know it has its own advantages and disadvantages? Yeah, it has.

Let’s check them out.

-Advantages:

  • Ease of account opening
  • Online and mobile banking
  • Low or no-cost maintenance fees and charges
  • Simple and inexpensive free withdrawals
  • Flexibility and ease of management.

Disadvantages:

  • Limited monthly transactions; not recommended for cooperative organizations.
  • Several bank limitations

Conclusion

Online bank account opening with Zero balance in UAE

These banking packages and banks offer you online zero-balance account opening, which means you open an account with them for free and without depositing any funds to keep the account running, plus you can withdraw all your money or empty your account completely.

You just have to visit their site or download their apps on the play-store or app-store, sign up by filling in the required documents, and you can start banking on the go.

However, the main reason why some people, mostly middle-class and rich people, don’t open this kind of account is that it’s not actually made for investment saving; rather, it’s for personal use and not suitable for people who save more.

The online zero minimum balance account is good and flexible. Another good thing is that some of these banks allow foreigners and non-indigence of the United Arab Emirates to own an account.

So, which one do you think suits your taste? We would like to know.

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