What is a Current Account?
A Current Account is a non-interest bearing checking account with a ATM Card and cheque book facilities.

What am I offered when I open a UAB Current Account?
You will be issued with a FREE ATM card, which can be used at all UAB and UAE SWITCH ATMs and if you require, a personalized cheque book can be issued at a nominal charge of AED 25.

Who can open this type of account?
Individuals above 21 years of age who are resident in the UAE. Non resident individuals cannot open a Current Account.
A UAE company registered as a sole proprietorship, L.L.C. Free Zone establishment, general partnership, public or private shareholding, limited partnership or club, association or society.

Do I receive interest on a UAB Current Account?
A UAB Current Account is a non interest bearing account. But if you wish to enjoy interest on your account balance, you can open a Savings account (for individuals only).

What currencies can a UAB Current Account be opened in?
UAB Current Accounts are available in AED, US Dollars, Euro and Pound Sterling (GBP) currencies. Other currencies are available on special request.

When will ledger fees be charged?
If the average monthly balance falls below the minimum average balance, a ledger fee will be charged.

When are statements issued?
Statements are issued on a monthly basis.

What facilities does a Current Account give me?
A UAB Current Account allows you to apply for a Credit Card, overdraft, loans and cash secured facility as per the bank’s credit approval.

Can a cheque book be issued to a customer who does not maintain the minimum balance requirement?
Yes, we can issue a cheque book to customers who do not maintain the minimum balance requirement, as long as any issued cheques are covered by the account balance and cheque book charges maintained.

What currencies are cheque books issued in?
As standard, we will issue your cheque book in AED currency.

What is a UAB Savings Account?
A UAB Savings Account is an interest bearing non checking account where no debit balances, such as loans or overdrafts are permitted. You are issued a free ATM card, which can be used at all UAB and UAE SWITCH ATMs (issued in AED currency only). A quarterly statement is issued to customers who are issued with a passbook.

Who can open this account?
Any resident or non resident individual, including minors can open a UAB Savings Account.

Is a company eligible to open this account?
No, a company is not eligible to open this Account. Companies are permitted to open a current or Deposit accounts.

Do I have the option of a non interest facility?
Though the UAB Savings Account is an interest bearing account, you do have the option to select a non interest bearing facility.

Can a minor open and operate this account?
Yes, a minor can open and operate this account. For further details, please contact any of our branches.

In what currencies can I open a UAB Savings Account?
UAB Savings Accounts are available in UAE DIRHAMS, USD, and GBP currencies. Euro and other currencies may be available on request.

When are statements issued?
Statements are issued on a monthly basis.

How is interest calculated?
Interest is accrued and calculated on the account’s minimum monthly balance and applied half yearly in June and December. If interest payable is less than AED 10/-, then no interest is paid.

Do I receive a cheque book?
No, cheque books are not issued on UAB Savings Accounts.

Are there any ledger fees or a minimum balance requirement?
The minimum average monthly balance for a UAB Savings Account is AED 3,000. If the minimum average monthly balance is not maintained, a ledger fee will be charged as per the current tariff rate sheet.