UAB Current Account

With exclusive features & benefits, the United Arab Bank Current Account is amongst the suitable bank accounts for both organizations and individuals.

The account holder can avail facilities such as free cheque book, ATM card, monthly statements, withdrawals, and much more with this bank account.

Following are the types of current accounts offered by the United Arab Bank.

1. UAB Current Account
2. UAB Islamic Current Account

United Arab Bank Current Account - Features and Benefits

Here are a few main features and benefits of the UAB Current Account.

UAB Current Account

The current account by UAB is a suitable bank account for the companies or individuals. This account provides the account holder with exclusive flexibility that helps in making their transactions efficient and simple. Following are a few benefits offered on this account.

• E-statement: The account holder can also avail free e-statements on this account every month.
• Cheque Book: The bank offers the facility of a personalized cheque book on this current bank account.
• Multiple Currency: This bank account is available in the UAE dirhams, Euros, and other currencies throughout the world.
• Minimum Balance: The account holder has to maintain a minimum monthly average balance worth 3000 dirhams for individuals and 10,000 dirhams for companies on this current account.
• Withdrawal and Deposit: The facility of withdrawal and deposit can be availed at all the branches of UAB on this United Arab Bank Current Account.
• SMS Notifications: The bank sends all the account related updates to the account holder through SMS alerts.
• ATM Card: The bank account offers an ATM card free of cost offering access to the account round the clock through around 18 mn ATMs throughout the globe. The ATM Card by UAB is acceptable for making purchases at around 27 mn shopping outlets globally.
• E-Banking Services: The account holder can avail the facility of electronic banking, which includes online banking, phone banking, cheque/cash deposit machines, and ATMs.

UAB Islamic Current Account

This current account is almost similar to the current account offered under the conventional banking products and services of the UAB. This United Arab Bank Account is dependent upon the Sharia concept of Wadei’ah Bel Dhaman. This concept means that the bank acts as the custodian of the account holder’s funds. Following are a few benefits offered on this account.

• Free Statement: The account holder can also avail free statements on this account every month.
• Cheque Book: The bank offers the facility of a free cheque book on this current bank account.
• Multiple Currency: This bank account is available in the UAE dirhams, Euros, and other currencies throughout the world.
• ATM Card: The account holder can avail an international ATM card on this bank account.
• Withdrawals: The bank offers free withdrawals through ATMs on this UAB Current Account.
• E-Banking Services: The account holder can avail the facility of electronic banking, which includes online banking, phone banking, cheque/cash deposit machines, and ATMs.
• Sharia Compliance: This account offers banking solutions in compliance with the Sharia principles, which help the account holder in growing their funds in the Sharia manner.

Eligibility Criteria to Open a UAB Current Account in UAE

The applicant has to fulfill certain eligibility criteria for opening a bank account in the UAE. Here are a few of these eligibility requirements that the applicant has to fulfill for United Arab Bank Current Account Opening.

1. Age: Minimum 21 years
2. Residence: Must be a UAE Resident
3. Organizations: LLC Free Zone Establishment, Sole Proprietorship, Private or Public Shareholding, general partnership, society or association, club or limited partnership.
4. Minimum Average Monthly Balance: 3,000 dirhams for individuals and 10,000 dirhams for companies

How to Open a United Arab Bank Current Account?

The process of opening any bank account with the UAB is very simple. The hopeful applicant may use the below-mentioned channels to for open a UAB Current Account.

Mobile Banking

The UAB has a mobile banking app that can easily be downloaded from the App Store on iOS devices and Google Play store on Android devices. The applicant may get their accounts open through the UAB mobile application.

Phone Banking

The applicant can call on the customer care number of the bank for putting forward their bank account opening request.

Online Banking

The bank has a user-friendly & secure net banking portal using which the applicant can avail the option of opening a suitable bank account.

Branch Visit

If none of these digital banking platforms suit the applicant, they can visit the nearest branch of the bank with suitable documents for getting a United Arab Bank Current Account open.

How to Close a UAB Current Account?

For closing any bank account, the account holder will have to transfer all the existing account balance to another bank account in their name.

If there is no balance in the account, it will be closed after the closure request has been put forward. If there is some balance in the account, then it will be closed only after the balance has been transferred to another account.

The bank charges an account closure charge of 100 dirhams from the account holder for closing a UAB Current Account.

United Arab Bank Current Account FAQs

Q1: Am I entitled to receive interest on this current account?

Ans: It is not an interest-bearing account. However, if the account holder wants to earn interest on their account balance, they can open a savings account. This is valid only in the case of individuals.

Q2: In what all currencies can I open my current account with UAB?

Ans: UAB Current Account can be opened in various major currencies of the world including US Dollars, Euro, UAE Dirhams, & Pound Sterling (GBP). If you wish to open the account in any other currency, then it can be done on special request.

Q3: When will I have to pay ledger fees?

Ans: If you fail to maintain the minimum average monthly balance, you will have to pay a ledger fee. United Arab Bank charges a ledger fee of 25 dirhams.

Q4: Can I get a cheque book if I fail to maintain the required minimum balance?

Ans: Yes, the United Arab Bank will issue a cheque book to you even if you don’t maintain the required minimum balance. The condition is that the cheques that are being issued are covered using the account balance and the charges of the cheque book are maintained.

Q5: What all facilities do this United Arab Bank Current Account provides?

Ans: This current account lets you apply for an overdraft, credit card, loans, as well as cash-secured facilities according to the credit approval of the bank.

Q6: What all currencies can the cheque books be issued in?

Ans: As per standard, the United Arab Bank will issue the cheque book in the AED currency.

Q7: Which concept is my UAB Islamic Current Account based on?

Ans: This current account depends upon the concept of Wadei’ah Bel Dhaman under the Sharia principles. As per this concept, the bank acts as custodian of the fund.

Q8: Who all can get this account opened?

Ans: The following are eligible to open this UAB Current Account.

The individual with a minimum age of 21 years.

The residents of the UAE.

Any organization in the UAE registered as LLC Free Zone Establishment, Sole Proprietorship, Private or Public Shareholding, general partnership, society or association, club or limited partnership.