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Bank Accounts in UAE

By visiting your local bank in UAE, you can open any type of bank account including - current, fixed deposit, Islamic, and saving bank account. They all have a different purpose and you can consult your bank’s staff to find the one that best suits your requirements.

Current Account

If you are a businessman, then your business definitely needs a current account since you will be doing a large number of transactions daily basis. Not only are you charged less for transactions in a current account but you also get a better interest. Though you need to maintain a minimum balance in the account. If you are unable to keep this minimum balance, the bank can charge a penalty on you.

You require a number of documents to open a current bank account but banks in Dubai, Sharjah, Abu Dhabi, and other Emirates can easily help you with it. Banks in UAE have excellent schemes and customer care for current bank account holders to manage their accounts.

Fixed Deposit Account

When you have surplus income, you can put it in a fixed deposit account in Abu Dhabi, Dubai or other UAE Emirates to get a higher rate of interest and better savings. The difference between fixed deposit and other accounts is that, i this one, your money stays put for fixed amount of time. You get higher interest rate for this account as compared to others. The interest rate is fixed and differs from one bank to another. If you take money out of this account before its maturity date, you have to pay a penalty for it.

You can open fixed deposit bank accounts in Dubai, Abu Dhabi, and other UAE Emirates. If you are in UAE, then you can also avail a loan against this type of account.

Islamic Account

Islamic bank account is a special type of bank account only present in Islamic countries like UAE. It is based on the principles of Islamic law. As you might know, collecting interest is not considered a good practice in Islam. According to Islam, money has no intrinsic value, so in Islamic bank accounts in Sharjah you deal in profit and loss. However, it doesn’t involve any high risks.

All banks in UAE have an option to open Islamic account. There are many banks in Dubai, Abu Dhabi, Sharjah, and other Emirates that will guide you through the process and help you understand how the entire account opening process can be done.

Savings Account

Savings account is an interest-bearing account. Though you don’t get an interest as high as a fixed deposit bank account. Most people prefer a savings account for their salary account because you can withdraw money anytime. You can access your savings account in Abu Dhabi through a bank or online through net banking. Having a savings account is beneficial because it allows you to keep a liquid investment. It is safe with the bank and you have to worry about it.

These are only a few types of bank accounts available in Dubai, Sharjah, Abu Dhabi, and other UAE Emirates. You can use the listings on Storat to get the nearest bank in your area.