First Abu Dhabi Bank (FAB) offers the FAB iSave Account, which provides some of the best savings rates in the UAE. With an interest rate of 5.25% per year, the FAB iSave Account is a highly attractive option for both new and existing customers.
If you already have an account with FAB, you can easily open an iSave Account using the FAB Mobile app or Online Banking.
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Features and Benefits of FAB iSave Account
Here are the key features of this online savings account:
High Interest Rate: Earn 5.25% per year on new funds deposited between May 1, and September 30.
Instant Account Opening: Open your iSave Account instantly using the FAB Mobile app or FAB Online Banking.
Currency: The account is available in AED, the local currency of the UAE.
No Minimum Balance: Enjoy the flexibility of having zero balance or no minimum balance requirement.
Unlimited Withdrawals: Make withdrawals anytime without any restrictions on the number of transactions.
Eligibility Criteria for FAB iSave Account or Zero Balance Account
To open a FAB iSave Account, applicants need to meet specific eligibility criteria. Here are the key requirements:
Average Monthly Balance: The average monthly balance maintained in the account is crucial in determining both the eligibility and the interest rate offered on the FAB iSave Account.
Minimum Age: Applicants must be at least 18 years old to qualify for opening a FAB iSave Account, in line with general FAB savings account requirements.
Employment Status: The account is open to salaried individuals, self-employed individuals, and non-salaried individuals.
Nationality: Only individual customers and UAE residents with a valid Emirates ID are eligible for the iSave account.
Documents Requirements for FAB iSave Zero Balance Account
To apply for the FAB iSave Account, applicants must provide specific documents that verify their identity, income, and residency. Here are the required documents:
The interest rates for the FAB iSave Account vary based on your account balance:
Balance Less Than AED 500,000: Up to 2.465% per year
Balance Between AED 500,000 and Less Than AED 5,000,000: 2.465% to 3.251% per year
Balance Equal to or Greater Than AED 5,000,000: Up to 3.251% per year
Special Campaign Rates
5.25% per year: Valid on new funds for individual customers from 1 May 2023 to 30 September.
4% per year: Valid on new funds for individual customers from 1 July 2022 to 30 April 2023.
Conditions
Eligibility Calculation: Based on the average monthly balance.
Base Balance for 5.25% Rate: The overall balance at the customer level as of 30 April 2023 is considered the base balance for the 5.25% interest rate.
Differential Interest Amount: Applied within 45 days from the campaign’s extension end date (30 September) for the extension months (June, July, August, and September).
Prevailing Interest Rate for Existing Funds: Existing funds until 30 June 2022 are subject to the prevailing interest rate, applied monthly.
I'm Haris Ali. I am resident of United Arab Emirates. I've been working with identification documents in UAE for over 8 years. I've gained valuable experience from working with various government authorities in the region, especially with documents like the Emirates ID.
In my free time, I enjoy playing cricket and exploring new destinations around the world.
