Comparison Between Current Accounts in Dubai and UAE

Businesses and trades need to do a huge amount of daily transactions, which cannot be fulfilled by a normal savings account. To resolve this issue, banks offer current accounts in UAE that provides unlimited transaction limit. The current accounts are specific bank accounts with no transaction limits and suitable for individuals requiring huge daily transactions. These accounts do not offer interest but provide overdraft and chequebook facilities depending on the bank.

Almost all the banks in UAE offer current accounts with their own benefits and services. With so many banks providing these accounts, it becomes confusing for customers to choose the best option suiting their needs. This article highlights the list of popular current accounts in UAE with their features and benefits and will help you to choose the best one. 

Top 5 Banks with Best Deals in Current Accounts in UAE

After a comprehensive research, PolicyBazaar brings you the list of top five banks with current accounts in UAE that offer unique services and features.

1. ADCB Current Account - ADCB current account accepts multiple currencies and requires a minimum deposit of AED 5,000 or USD 1,500. The account holders are entitled to free e-statement and chequebook facilities and can easily access the account using ADCB mobile application or online banking. 
2. ADIB Current Account - Abu Dhabi Islamic Bank Current Account is an Islamic bank account based on the principle of ‘Qard Hasan’. The account requires a nominal initial deposit of AED 3,000 and comes with a free visa debit card and overdraft facility for instant access to funds. An individual can also manage ADIB Current Account using digital banking platforms.
3. Ajman Bank Current Account - Ajman Bank offers a Sharia-compliant current account in UAE and accepts multiple currencies, including AED, GBP, USD and EUR. The account comes with a free of cost debit card, chequebook facility, free quarterly statements and teller transactions.
4. Standard Chartered Bank Current Account - Standard Chartered Bank requires a minimum deposit of AED 10,000 and an average monthly balance of AED 3,000 or more. The current account accepts multiple international currencies like AED, USD, EUR, GPB and offers unlimited transaction limits. The bank also issues a globally accepted debit card and provides e-statements regularly. The account can be managed online via Standard Chartered Bank net banking.
5. Citibank Current Account - Citibank Current Account offers a personalised chequebook and globally accepted debit card to access the funds. The daily withdrawals, however, are limited to AED 10,000. The account can be managed via online banking and mobile application anytime and anywhere. The Citibank Current Account accepts multiple currencies like AED, USD, GBP and EUR.

Compare Top Current Accounts in Dubai and UAE 

The table lists down the popular current accounts in UAE with their features and benefits.

How to select the best current account in the UAE?

Choosing a current account can be rather confusing if you don’t consider the features and benefits. An individual must go through all the benefits, terms and conditions, etc. before selecting a current account. Given below is a checklist that can help you in choosing the best current account in UAE - 

• Initial Deposit - Certain banks may require a minimum initial deposit to open a current account. The initial deposits can range from AED 5,000 to 25,000 depending on the bank. Choose the bank according to your initial deposit potential.
• Multiple Currencies Accepted - An individual requiring frequent remittance and foreign transactions should go for a current account accepting multiple currencies. This makes the remittance process easy and time-saving.
• Monthly Average Balance - Banks in UAE generally have an average monthly balance criterion and charge a fall below fee if the amount goes below AED 3000 or 5000 depending on the bank. Consider this while choosing an account. 
• Banking Services and Facilities - Banks offering current accounts in UAE offer additional services like free debit cards, chequebook and overdraft facilities. Availing such benefits can be an added advantage while using your current account.

Frequently Asked Questions

Q1: Do the current accounts in UAE have a minimum initial deposit criterion?

Ans: Yes, the current accounts in UAE have a minimum initial deposit criterion that usually ranges from AED 5,000 to 25,000.

Q2: Is there any salary requirement to open a current account in UAE?

Ans: Certain banks may ask for a minimum salary requirement to open a current account in UAE. However, this criterion differs from bank to bank.

Q3: Will I get a debit card or credit card on my current account in the UAE?

Ans: Each bank offers different facilities on the current account. Some banks provide debit cards to access the funds, while some banks give credit cards.

Q4: Is there any account closure charge if I wish to close my current account in the UAE?

Ans: The bank may charge a nominal amount while closing a bank account within one year. These charges vary from bank to bank.