Enjoy unlimited online transfers and bill payments*
1% p.a expected profit rate across all slabs for three months on AED and 0.9% on USD for new customers
Profits paid out quarterly
*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 will be paid based on average balances if there are no debits in e-Savings account.
Profit is distributed on Calendar Quarterly basis.
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.
Deposit Slab - AED | Range in AED | Expected profit rates for AED | Expected Profit Rates for USD |
---|---|---|---|
e-Savings 5K | 5K to 50K | 0.40% p.a. | 0.20% p.a. |
e-Savings 50K | 50K to 3.5 Million | 0.60% p.a. | 0.40% p.a. |
e-Savings 3.5 Million | 3.5 Million up to 25 Million | 0.80% p.a. | 0.60% p.a. |
*For more than AED 25 Million, expected profit rate is 0.80% | *For more than AED 25 Million, expected profit rate is 0.60% |
For existing customers, to open an e-Saving Account, simply:
E-Savings Account is offered to EI customers via online banking. Customer can earn higher expected profit rates. Customer can operate the account through online. The account is based on Sharia 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% 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.
Under this new features of e-Savings, there will be 2 (two) ways to calculate the profit:
Profit will be paid based on Average Balances if there are no debits in e-Savings account, or,
Effective 1st April 2017, profit will be paid based on Average Balances if there is 1 or more than 1 debit transactions. However, Profit Rate applicable will be prevailing Savings Rate declared by the bank.
Profit is distributed on Calendar Quarterly basis where calculation for expected profit rate is based on profit rate slab.
Deposit Slab - AED | Range in AED | Expected profit rates for AED | Expected Profit Rates for USD |
---|---|---|---|
e-Savings 5K | 5K to 50K | 0.40% p.a. | 0.20% p.a. |
e-Savings 50K | 50K to 3.5 Million | 0.60% p.a. | 0.40% p.a. |
e-Savings 3.5 Million | 3.5 Million up to 25 Million | 0.80% p.a. | 0.60% p.a. |
*For more than AED 25 Million, expected profit rate is 0.80% | *For more than AED 25 Million, expected profit rate is 0.60% |
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. However please note that for any 1 debit transaction or more, prevalent Savings Profit rate will be applicable on monthly Average Balance effective 1st April 2017.
Customer requires to have Bank NET ID for e-Savings Account. Existing Customers with Bank NET ID can simply login and open the accounts.
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.
The limits would be the same as set by you for your online profile. You can change the transfer limit though online banking. Currently the maximum transfer limit allowed online are:
Transaction Type | Amount (AED) |
---|---|
Utility Bill Payments (e.g. Etisalat) | 15,000 |
Credit Card Transactions | 50,000 |
Telegraphic Transfers | 100,000 |
Transfer to Own Accounts | 300,000 |
Account to Account Transfers | 100,000 |