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Key Fact Statement (KFS) – Current and Savings Accounts
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(Mudarba) | |||
| 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 | |
|
Child Savings 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 tp 0.40% |
Quarterly Average Balance |
|
|
Value ** (for Advantage Banking Customers) |
Up tp 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 |
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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