The banking sector in the United Arab Emirates provides multiple zero balance account choices through which customers can keep their accounts without facing minimum balance obligations. A zero balance account provides significant advantages to residents who just moved to the UAE and to young professionals who need an account with no fees.
The article details the zero balance account offerings in the UAE including their advantages and requirements and answers common questions about these accounts.
What is a Zero Balance Account?
Savings account holders do not need to maintain any minimum average balance when they choose a zero balance account. Zero balance accounts serve as alternative savings tools which let customers maintain an active account status without penalties even when their balance remains low.
Top Zero Balance Account Options in the UAE
ADCB Hayyak Zero Balance Account
Abu Dhabi Commercial Bank (ADCB) operates the Hayyak Zero Balance Account that provides standard savings features as well as additional benefits.
Key Benefits
- Increased Savings: The profit rates on ADCB Hayyak Zero Balance Accounts rank among the highest offered by all ADCB Bank accounts in the UAE thus enabling large-scale interest accumulation on saved funds.
- No Minimum Balance Requirement: Even when your account balance reaches zero you will not incur any charges because ADCB Hayyak Zero Balance Account does not have a minimum balance requirement.
- Online Accessibility: You can start this account through ADCB Personal Internet Banking platform and access it instantly from any place where you have internet connectivity.
- Multiple Accounts: Each customer can create a maximum of five Active Saver Accounts/Zero Balance Accounts which help you achieve various financial objectives simultaneously.
Eligibility Criteria
- Must be at least 21 years old and reside within the UAE
- The account can only be opened by the customer (not by a third party)
- Initial deposit of AED 1,000 is required (this amount may change at the bank’s discretion)
Interest Rates: The ADCB Hayyak Zero Balance Account provides depositors with interest rates that reach up to 0.15% for earning returns.
ADCB Active Saver Account
ADCB provides the Active Saver Account to customers who want to earn competitive interest rates that boost their financial goal achievement speed.
Key Benefits
- Quick online account opening through ADCB Personal Internet Banking
- Tiered interest rates with daily calculation and monthly payment
- Available in multiple currencies: AED, USD, and GBP
- Ability to pay credit card bills, transfer funds, and redeem TouchPoints
- 24/7 online accessibility for account management
- Easy fund transfers
Interest Rates
- Up to 2.25% per annum on AED accounts
- Up to 2.00% per annum on USD accounts
- Rates also available for GBP accounts
Eligibility Criteria
- UAE nationals and residents with valid visas only
- Must be 21 years old or above
- Must already have an ADCB Current or Savings Account
- Cannot be opened as a joint account or for a minor
Initial Deposit Requirement: An account holder needs to make an initial deposit of AED 1,000 / USD 1,000 / GBP 1,000 based on their selected currency.
How to Open a Zero Balance Account Online in the UAE
The ADCB Hayyak Zero Balance Account requires online application exclusively through ADCB Personal Internet Banking:
- Log in to ADCB Personal Internet Banking
- Click ‘Open New Account’ on the left side of the page
- Choose your preferred account from the drop-down menu
- Complete the online application to have your account number automatically generated
Opening an ADCB Active Saver Account
Via ADCB Mobile Banking App
- Log in to the ADCB Mobile Banking App
- Click on ‘Open Now’ under ‘Need an additional account?’ below the Account Summary
- Click on ADCB and proceed with your preferred Active Saver Account
Via ADCB Personal Internet Banking
- Log in to ADCB Personal Internet Banking
- Click on ‘Open New Account’ on the left navigation bar
- Select ‘Active Saver AED’, ‘Active Saver USD’, or ‘Active Saver GBP’ from the drop-down menu
- Complete the online application form to generate your account number
Other application methods
- Call the 24-hour contact center at 600 50 2030
- SMS ‘ACTIVE’ to 2626 from your registered mobile number
- Visit any ADCB branch in person
Managing Your Zero Balance Account
- The account can only be operated through ADCB Internet Banking
- Account information may be communicated via email, ADCB Mobile SMS alerts, or other channels deemed appropriate by ADCB
- Deposits can be made through account-to-account transfers or electronic means like telegraphic transfers
- Bills can be paid through ADCB Internet Banking using your credit card
- Cash withdrawals and transfers are available at ADCB branches
- Account statements can be accessed through ADCB Internet Banking, and monthly e-statements are sent to the registered email address
Frequently Asked Questions (FAQs)
General Questions About Zero Balance Accounts
What is the main advantage of a zero balance account?
The primary advantage is that you don’t need to maintain a minimum balance, which helps you avoid penalty charges while still enjoying the benefits of a savings account.
Are there any hidden charges with zero balance accounts?
While zero balance accounts typically don’t have minimum balance requirements, other transaction fees may apply. It’s advisable to check the specific terms and conditions with your bank.
Can expatriates open zero balance accounts in the UAE?
Yes, expatriates with valid UAE residency visas can open zero balance accounts at eligible banks.
ADCB Hayyak Zero Balance Account FAQs
How do I deposit funds in my ADCB Hayyak Zero Balance Account?
You can deposit funds via account-to-account transfers or electronic methods like telegraphic transfers through ADCB Internet Banking.
How do withdrawals work for ADCB Hayyak Zero Balance Accounts?
You can pay utility bills through ADCB Internet Banking using your credit card. Cash withdrawals and transfers are available at ADCB branches.
How can I check my ADCB Hayyak Zero Balance Account statements?
Account statements can be accessed through ADCB Internet Banking. ADCB also sends monthly e-statements to your registered email address.
What is the process for deactivating an ADCB Hayyak Zero Balance Account?
You can close your account by sending an email from your registered address to the ADCB Personal Internet Banking mailbox, indicating your wish to close the account. Ensure there is no balance in the account at the time of closure. Alternatively, you can visit any ADCB branch.
Is it possible to transfer an ADCB Zero Balance Account?
ADCB Hayyak Zero Balance Accounts cannot be transferred, negotiated, or pledged to any other party.
Can the terms and conditions of the Zero Balance Account be changed by ADCB?
Yes, the bank may modify or amend the terms and conditions at any time at its discretion. Changes will be communicated via the official bank website and/or by email.
Can my salary be transferred to ADCB’s Zero Balance Account?
Requirements may vary by applicant. It’s advisable to confirm with the bank regarding the availability of salary transfers.
Are there any transaction fees?
Transaction fees may vary based on factors such as salary, age, and other criteria. Verify the exact transaction fees with the bank.
ADCB Active Saver Account FAQs
What is the minimum initial deposit required to open the Active Saver Account?
A minimum initial deposit of AED 1,000 / USD 1,000 / GBP 1,000 is required, depending on the currency of your account.
What is the monthly minimum balance requirement for the Active Saver Account?
The Active Saver Account does not have a minimum balance requirement or monthly fees, allowing for more savings.
How is interest calculated and paid?
Interest is calculated daily on the closing account balance and paid monthly based on the balance tier and the corresponding interest rate.
Is there a fee for additional account statements?
Yes, additional statements of account outside the normal cycle will be charged as per the Schedule of Fees.
Is there a monthly fee for the Active Saver Account?
A monthly fee will be applicable if the respective segment-wise relationship balance criteria is not met (as per Schedule of Fees).
UAE residents can benefit from the flexible banking solution Zero balance accounts because they remove the need for minimum account balances and charge no penalties. The ADCB Hayyak Zero Balance Account along with the ADCB Active Saver Account provides UAE residents with competitive interest rates and online banking accessibility and financial benefits for their goal achievement.
The evolving banking sector of the UAE will produce additional zero balance options which will improve customer selection and banking flexibility for residents. People should analyze interest rates together with transaction fees and online accessibility and customer service quality before selecting their ideal account to achieve maximum benefits.
