Savings Account FAQs l Savings Account UAE l Frequently Asked Questions UAB l UAB Accounts l Customer Care l UAB l United Arab Bank

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What is a UAB Saving 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.

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