E-Savings Account

E-Savings Account is offered to Emirates Islamic customers via online banking. Customer can operate the account online and earn higher expected profit rates. The account is based on Shariah structure of Wakala.

It is offered in AED and USD.

One e-Savings Account per Currency.

No minimum balance requirement. Fall below fee is applicable on total customer relationship balance of AED 3,000.

No cheque book or ATM Card is issued. Transactions cannot be done through branches. Account can only be accessed through Online Banking.

Yes. If you are enrolled for the SMS Alert service.

Yes, we have. New account customer to the bank will get 1.50% p.a. expected profit rate across all slabs for the whole amount (capped at AED 25 million), for the first 3 months including the month of account opening.

Average balance is the sum of your daily closing balances for a given month divided by number of days in a month.

Yes. You will be eligible to earn the expected profit regardless of number of debits/withdrawals in your e-Savings Account.

Customers require to have Bank NET ID for e-Savings Account. Existing customers with Bank NET ID can simply login and open their account.
New customers can open an Account with EIB and obtain Bank NET ID to open e-Savings Account.

Transactions on e-Savings Accounts can be made through online. You can use the existing payment options available online for payments. You can pay bills, transfer funds to your accounts or to other external accounts. You can request for TT/MC etc.

• Conventional Bank is a financial body which receives money from the depositors against fixed rate of interest and it offers liquidity to borrowers against interest. And it is governed by conventional banking laws.
• Islamic Bank is a financial body which executes commercial contracts likes sale, leasing, construction and are governed by Islamic Banking laws which allow for financial bodies to carry on commercial activities for profitable purposes.

• In Conventional Banking, Savings Account and Fixed Deposit (FD) are a special type of Savings Account that pays a predetermined interest over a predetermined period of time. The depositors from conventional banks receive Interest from their investments in the form of predetermined interest rates irrespective of bank’s performance.

• In Islamic Banking, bank depositors receive their returns depending solely on the bank’s performance. Unlike Conventional Banks, an Islamic Bank acts as an intermediary between the depositor and the financee. As such, Islamic banks declare their profits on a monthly basis as part of their risk sharing scheme “Mudaraba Scheme”.

• Interest is certain amount of return from specific sum of money invested over predetermined period of time. This is not permissible as per Shariah.
• Profit is an undetermined return from specific sum of money invested over a predetermined period of time and it may vary from month to month, directly depending on how the bank performs. This is permissible as per Shariah.