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Key Fact Statement (KFS) – Current and Savings Account

Click here to open the KFS pdf document for signature

This product is a bank account for your transaction and savings needs. This KFS provides you with key product features, indicative information about the product and applicable profit, fee, and charges.

Product Information
 Current Account
Based on Shariah concept of Qard Hasan, an  interest free loan given by you to the Bank and is  available for withdrawal at all times. This account  will not earn any profit to you.
Savings Account (Mudaraba)
A profit-sharing partnership contract between, you as a capital provider (Rab-ul-Mal), and the Bank as a fund manager (Mudareb), in a joint investment.
Savings Account (Wakala)
An agreement where you authorise the Bank as your Wakil "agent", to invest your funds in Shariah approved activities for profit.
Shariah basis
Qard Hasan (Interest-free loan) Mudaraba Wakala
Applicable for
UAE residents UAE residents and non-residents and minors UAE residents and non-residents
Cheque book
Offered only on AED accounts Not offered Not offered
Account currency
AED, USD, GBP and other major currencies AED and USD (as available on each Product) AED and USD (as available on each Product)
Debit Card
Offered only on AED accounts Offered only on AED accounts Offered only on AED accounts (Not offered on e-Savings account)
Minimum average monthly balance
As per package specified
- AED 3,000 for individuals
As per package specified
- AED 3,000 for individuals
No minimum balance required
Profits eligibility
Not applicable A minimum average monthly balance of AED 5,000 must be maintained to qualify for profit earnings. A minimum average monthly balance of AED 5,000 must be maintained to qualify for profit earnings.

 

Expected Profit Rates
Current Account
Product Expected Profit Rate per Annum Basis of Profit Calculation Profit Payout Frequency
Current Account Not applicable Not applicable Not applicable
Savings Accounts (Mudaraba)
Investment Savings Account 0.35% Minimum Monthly Balance Actual realized profit on Investment Term Deposits and Savings Accounts will be paid latest by 28th of the month following each quarter or after the Emirates Islamic Asset Liabilities Committee (ALCO) meeting
Kunooz Millionaire Account 0.10% (stand a chance to win grand prizes and cash prizes) Minimum Monthly Balance

ALPHA Youth Account

0.25%

Minimum Monthly Balance

Super Savings Skywards

0.10% (earn 2000 Bonus miles on opening the account and up to 60,000 Skyward miles per year)- subject to meeting the required criteria

Minimum Monthly Balance

Super Savings Etihad Guest

0.10% (earn 2000 Bonus miles on opening the account and up to 60,000 Etihad guest miles per year)- subject to meeting the required criteria

Minimum Monthly Balance

High Value Salary** (for Priority Banking Customers)

Up to 0.40%

Quarterly Average Balance

Value** (for Advantage Banking Customers)

Up to 0.30%

Quarterly Average Balance

Special Investment Savings

0.50% (if quarterly average balance is more than AED 2,000,000) else no profit eligible.

Quarterly Average Balance

**Expected profit rates are indicative and reflective of the previous rates declared.
**Expected profit rates published for previous quarters are not guaranteed.

Savings Accounts(Wakala)
Product Expected Profit Rate per Annum Basis of Profit Calculation Profit Payout Frequency

e-Savings (Online only account)*

Enjoy 1.50% p.a. across all slabs for three months on AED and USD for new customers
Up to 1.50% on AED accounts
Up to 1.50% on AED accounts

Average Monthly Balance.

Actual realized profit will be paid on the 1st of the month following each quarter

Emarati Family Savings Account

Up to 0.75%

Average Monthly Balance. Actual realized profit will be paid monthly based on the average balances held in the Emirati Family Savings Accounts of all family members

Actual realized profit will be paid on the 1st of the month following each quarter

*There are no limits to transactions made on the account. In case of a withdrawal from your e-Savings Account during any month, profit will be paid on the basis of the prevalent Savings Account rate of that particular month.
Profit rates (where applicable) are subject to change. Please refer to the website for the declared profit rates.

Fees & Charges Product Packages for Individuals customers
Personal Banking Select Personal Banking Advantage Priority Banking Private Banking
Package Eligibility

Minimum monthly average relationship balance

AED 5,000

AED 100,000

AED 500,000

By Invitation

Minimum monthly salary transfer

AED 5,000

AED 20,000

AED 50,000

By Invitation

Fee & Charges (inclusive of VAT)

Fee for non-maintenance of balance

AED 26.25 p.m. (Minor accounts, customers transferring their salary, holding an active finance or on meeting the Salary transfer package criteria are not charged the fee for non-maintenance of required balance)

NIL

Account opening fee

FREE

 

Account closure (within 6 months)

AED105

 

Cheque book charge**

First cheque book free; thereafter AED 26.25 per cheque book

Free

Benefits on transferring your salary (Salary Transfer Package)***
Package Name One-time Welcome Bonus*** Accounts International Remittances Safe Deposits Lockers

Salary AED 5,000 - AED 24,999

AED100

NA

NA

NA

Advantage (salary AED 25,000 - 49,999)

AED 500

Free Current/STI Value Account & Free Kunooz Millionaire Account

1 Free International Remittance per month

20% discount on rental

Priority- Expats (salary AED 50,000 - 79,999)

AED 1,000

Free Current/High Value Salary Account & Free Kunooz Millionaire Account

2 Free International Remittance per month

25% discount on rental

Priority Plus - UAE Nationals (salary AED 50,000+)

AED 1,300

3 Free International Remittance per month

30% discount on rental

Priority Plus - Expats (salary AED 80,000+)

AED 1,300

3 Free International Remittance per month

30% discount on rental

**As per the mandate from Central Bank of the UAE, cheque books issued during the first 6 months of opening the account could be limited to 10 leaves depending on the Individual's rating with the credit bureau (AECB). Any non-executed payment instructions, including return cheques, will be reflected in the AECB report which will negatively affect the customer credit rating. Additionally, account may not be opened if there is a negative rating with the credit bureau (AECB).

***To qualify for any Package, you must have a mandatory Salary Transfer, activated Debit Card, High Value Salary Account/Current & Kunooz Millionaire Account, Online Banking and SMS alerts service. The enlisted products should be availed within 2 months of opening the account. The welcome bonus is applicable for customers who initiate their Salary Transfer to us and no finance products are availed by the customer within 2 calendar months of opening the account. If there are no salary credits for more than 3 consecutive months, the welcome bonus will be clawed back.

Note: Above outlines some of the important charges pertaining to accounts and the Special Features accounts. View the Accounts Terms and Conditions for further details. Please refer to the Schedule of Charges for the complete list.

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