Benefits of Corporate Salary Accounts

Salary accounts in the UAE offer a wide range of benefits for the account holders. The employers open these accounts for their employees to facilitate easy transfer. Every employee gets a separate salary account that they need to operate on their own. 

Salary accounts provide certain benefits like free debit cards and no minimum balance requirements.

Let us go through the benefits of having salary accounts with the eligibility criteria and the process of opening one. In addition, you can also go through the top five salary accounts in the UAE with their features and benefits to better understand how they benefit the employees.

Who Can Open a Corporate Salary Account?

Businesses tie-up with the banks to open salary accounts for their employees. These businesses then transfer the salary amount every month into the respective salary accounts. Just any individual cannot open a salary account. 

Here are the eligibility criteria for opening a corporate salary account.

• The applicant must be a UAE resident
• The applicant must be a salaried employee
• The applicant must be 21 years of age or above
• A minimum salary required as mentioned by the concerned bank

Benefits of Using a Corporate Salary Account

Here are the significant benefits of using a corporate salary account in the UAE.

1. Low Minimum Balance Required

Most banks in the UAE offer corporate salary accounts with low minimum balance requirements. However, they come with an average minimum salary requirement of AED 5,000 for the account holders.

2. Online Banking Services

The corporate salary account holders in the UAE get free internet banking services to get easy access to their funds. These online services help them make convenient bill payments, fund transfers, etc., in just a few clicks. 

3. Phone Banking Facility

Most banks in the UAE provide salary account holders with mobile apps. These apps are compatible with multiple devices, including Android and iOS. With these mobile apps, the salary account holders can have all the online banking facilities right at their fingertips.

4. Free Cheque Book

Various banks in the UAE provide account holders with a free first chequebook when opening a corporate salary account with them. 

5. Free Debit Card

The account holders get a free debit card with their salary accounts in the UAE. These debit cards help them withdraw money from the ATMs and make easier purchases on retail outlets.

6. Loan and Credit Card Offers

With a specific amount of salary transfers, the salary account holders in the UAE get some additional benefits like attractive credit cards offers, the easy application process for different kinds of loans. 

7. Fulltime Help and Support

The banks in the UAE provide round-the-clock help and assistance for the salary account holders. The salary account holders can get in contact with their bank anytime to seek help. 

Now that you know what a salary account is and its benefits let us go ahead and check out a few popular salary accounts with their features and benefits.

Documents Required to Open a Corporate Salary Account in UAE

Only salaried employees can open a salary account through their employer. Here is the list of essential documents required to open a Salary Account in the UAE.

• Emirates Identification Card 
• Original Passport 
• A copy of Passport with residency visa
• Salary Transfer letter/Salary Certificate
• Salary Slips/Offer Letter from the Employer

How to Open a Salary Account in the UAE?

Here are the three simple steps for opening a salary account in the UAE.

1. Visit the Branch

To open a salary account, the applicant needs to visit the bank’s branch and fill out the application form.

2. Submit Your Documents

Next, they need to submit the application form with all the essential documents like their company’s salary certificate, the offer letter, Emirates ID, etc.

3. Wait for the Approval

Once done, the applicants need to wait for the application approval. It usually takes the bank to approve the application within two business days. However, the duration is different for all the banks.

Top 4 Corporate Salary Account Examples 

Here is the list of best corporate salary accounts in the UAE with their benefits and features.

1. ADIB Current Account

ADIB Current Account is one of the best corporate salary accounts in the UAE. In this account, the bank considers the deposits as non-profit bearing liabilities. The bank account offers attractive features with a convenient account opening process.

Features and Benefits of ADIB Current Account

• Minimum salary requirement of AED 8,000
• The minimum balance to maintain is AED 3,000
• Standing Instructions Facility
• Free-electron Visa debit card
• Full-time banking services
• No monthly fee
• The account can be opened in multiple currencies, including AED, USD, EUR, and GBP
• No profit rate

• Free monthly online and offline account statements
• ADIB WebSecure facility to easily shop online
• Internet Banking, SMS Banking, and Phone Banking
• Unlimited teller transactions at more than 80 branches across the UAE
• ADIB salary bonus program on transferring the salary every month

Note: ADIB salary bonus program offers free first online local or international transfer per month. In addition, it makes the account holder eligible for monthly lucky draws to win 24 times of salary.

2. FAB Etihad Guest Account

FAB Etihad Guest Account is a bank account that you can use as a corporate salary account. It offers a wide range of benefits and features to enable account holders to manage their finances more efficiently. The exclusive benefits of this salary account include the Etihad Guest Miles for the account holders. 

Features and Benefits of FAB Etihad Guest Account

• Minimum salary requirement of AED 10,000
• No minimum balance to maintain
• Attractive amount of Etihad Guest Miles on account balance maintained
• The account can be opened by UAE residents only
• Free Debit Card
• Free Chequebook
• Free first four local fund transfers per month
• Free first international fund transfer per month
• Etihad Guest Miles on every transaction made

Etihad Guest Miles Benefits for Account Holders

• Earn 500 bonus Etihad Guest Miles on first salary transfer
• Earn 4 miles on every AED 10 spent on Etihad bookings 
• Earn 2.5 miles on every AED 10 spent on international purchases
• Earn 2 miles on every AED 10 spent on local purchases
• Earn 1.5 Etihad Guest Miles per AED 1000 on maintaining balance in the account

3. Standard Chartered Salary Account

Standard Chartered Salary Account allows account holders to use online banking services for free to help them manage their finances with great ease. It also offers a full-time helpline for the account holders to find answers to their queries in no time.

Features and Benefits of Standard Chartered Salary Account

• Minimum salary requirement of AED 5,000
• No minimum balance requirement
• No monthly fee
• Available in multiple currencies, including AED, GBP, USD, and Euro
• Online and Mobile Banking Services
• Rewarding credit card with the account
• Full-time access to funds using Standard Chartered Debit Card

4. Mashreq Happiness Account

Mashreq Happiness Account is one of the best salary accounts in the UAE that offers an attractive joining bonus based on its minimum salary requirement. In addition, it provides Salami Points benefits for the account holders who pay their bills using the salary account.

Features and Benefits of Mashreq Happiness Account

• No minimum balance requirement
• No Monthly or Annual Fee
• Minimum salary requirement of AED 10,000
• Joining bonus of up to AED 2,000
• Both UAE nationals and expats can open this account
• Free Salami Points on utility bill payments

Joining Bonus Benefits

• AED 2000 for a minimum salary of AED 50,000 or more
• AED 1000 for a minimum salary of AED 25,000 or more
• AED 500 for a minimum salary of AED 10,000

Note: The joining bonus will be debited from the account if the salary transfer stops within one year of account opening or after the joining bonus is credited.

Conclusion

The banks in the UAE have a simple account opening process for salary accounts. All you need to do is get the required authorization from your employer. With all the outstanding benefits of a salary account, there is one drawback you need to keep in mind. You do not get to perform your own research when it comes to opening a salary account. You need to open a salary account with the bank that your employer has chosen. 

Therefore, if you need more banking benefits, you can always consider opening a savings account of your own, depending upon your financial needs. This helps you manage your finances in your own ways and earn more profits on your savings.