Zero Balance Accounts in UAE | 2024 | Bankbychoice (2024)

October 9, 2023 By: Bankbychoice.com0 comments

Zero balance account opening online is now easier than you think. A zero-balance account in UAE is one that does not require you to keep a minimum balance at all times. Unlike a regular savings account, there are no penalties imposed on this account if your balance falls to zero. While the absence of minimum balance maintenance is the primary distinction between a standard and a zero-balance account.

Which bank is better for zero balance in Dubai and UAE?

Zero balance accounts are very useful because they are easy to maintain and there are no fees if the account is out of balance. In the UAE, there are several banks that provide Zero Balance Accounts. We have compiled a list of the best banks which provides zero balance account in UAE for your convenience.

Best Banks for Zero Balance Accounts in UAE

• Mashreq Happiness Account
• ADIB Smart Banking Account
• Commercial bank of Dubai(CBD) ESaver Account
• FAB iSave Account
• HSBC Esaver Account
• Emirates NBD Liv. Account

Best Zero Balance Accounts in UAE

Almost all top banks in the UAE are now providing a zero Balance account to their customers. Each one comes with its own set of instructions, benefits, conditions, and rules. The first and most important feature is that no minimum or average monthly balance is required.

Mashreq Happiness Account

• Can open the account instantly online
• Salary Transfer Accounts have access to online and mobile banking.
• The account has no monthly fees or a minimum balance requirement.
• Free first cheque book
• You will get a free debit card
• You can send money for free using Mashreq online banking or mobile banking.
• Get a welcome bonus worth up to AED 2000.
• Earn AED 25 in Salaam points for every 5 online transactions you complete each month.
• Salaam points can be used to purchase airline tickets or specific brands.

Mashreq Happiness account opening online

ADIB Smart Banking Account

This is one of the most popular and best zero balance accounts in UAE. Let us look at some of the key features of the ADIB Smart Banking Account:

• Can instantly open an account online
• A personalized debit card is available.
• Profit on each dirham in the account
• There are no fees for failing to keep the account balance up to date.
• Can use the smart banking mobile app to gain access to the account
• Applicant must be between the ages of 18 and 24 and have a minimum salary of AED 5000.
• You can earn money by referring friends.
• No Charge for withdrawal on ATM

Eligibility

Any UAE resident over the age of 18 can have this zero balance account opening in their name. Earning personnel should be paid at least AED 5000 per month. Zero balance account for housewife in UAE is possible under some conditions such as must have a valid ID and visa status. Only students 24 and under (with a student ID) are eligible for the non-income-based group.

Commercial bank of Dubai(CBD) ESaver Account

This is one of the zero balance savings accounts that offers some of the highest rates of interest on deposited funds, as well as a slew of other offers. Let us look at some of the key features of the CBD Esaver Account:

• No need to keep a minimum balance in the account.
• There is no maintenance fee.
• Average monthly balances earn up to 1.5% interest.
• Three debits (transfers, payments, etc.) from the Esaver account per month
  Customers can use CBD Online Banking.
• Minimum salary required – AED 5000.

Click to learn more about zero balance business bank account in uae

FAB iSave Account

The First Abu Dhabi band iSave Account is the one that provides some of the best in class deals on its zero balance savings account to account holders and is constantly introducing new, exciting things. Since it doesn’t require minimum salary, this could be considered as best zero balance account for housewife in UAE. This is one of the zero balance savings accounts that offers some of the highest rates of interest on deposited funds, as well as a slew of other offers. Let us look at some of the key benefits of the CBD Esaver Account:

• There is no minimum balance requirement for the account, nor are there any fees or penalties.
• The account also does not impose any restrictions on transactions or withdrawals.
• The interest on savings is calculated based on the account’s monthly average balance.
• People who already have an account with FAB can open an iSaver account through the bank’s mobile app or through net banking.
• Minimum salary required – 0 AED

Click to learn more about FAB zero balance account opening online in UAE

Things to check before getting a zero balance accounts in UAE

Key Benefits:

• No minimum balance requirement on the account
• No charges for maintaining an account
• 5 utility payments or 1 cash withdrawal is allowed per month
• AED & USD currencies are allowed
• A maximum interest rate of 0.50%(pa) is provided

HSBC Esaver Account

• Zero balance account for UAE residents
• No maintenance charges
• Can manage your money online
• Interest rate of up to 0.10% is provided on the account balance
• Can withdraw money easily from the account

Emirates NBD Liv. Account

• Using the Liv. app, you can open a bank account quickly.
• Interest rate of up to 1.5% (pa) based on account balance
• It offers an international debit card.
• You can save up to 50% on dining, entertainment, and leisure.
• The Liv. app allows you to manage your account and transactions.
• There are no ongoing maintenance costs.

ADCB Active Saver Account

ADCB Active Save Account proves to be an excellent option for both UAE Nationals and Residents who are considering the establishment of multiple distinct savings funds, each tailored to specific financial goals. Here are the key highlights of this zero balance account offered by ADCB:

• An individual can open up to 5 separate ADCB Active Accounts within the bank.
• There is no mandatory minimum balance requirement for this account.
• The account offers varying interest rates on deposits in different currencies, with interest rates on AED deposits going up to 0.75% per annum.
• Interest is computed based on the daily closing balance of the account and is disbursed to account holders on a monthly basis. Users have the option to select AED, USD, or GBP as the account’s currency.
• This particular account does not come with an ATM/debit card or checkbook.
• To get started, the account necessitates an initial deposit of AED 1000.

Click to learn more about ADCB zero balance account opening online in UAE

Compare Zero Balance Accounts in UAE

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Frequently Asked Questions

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