Oumar Malik
Oumar Malik
Chief Financial Officer
Oumar Malik is the Chief Financial Officer of iNewkhusi.com, a top financial platform offering banking, loans, credit cards, and insurance. With deep financial expertise, Oumar is key in developing strategies for growth and effective management of financial products and services. Based in Al Hamriya, Dubai, Oumar provides valuable insights and innovative solutions to help individuals and businesses manage their finances.
Al Hilal Bank is a leading bank that understands the savings needs of people and provides high quality services. Its savings accounts not only keep your money safe, but also give you an opportunity to earn profits on it.
When you open a savings account, it is very important to maintain a minimum balance in the account. By doing this you can avoid unwanted charges and take advantage of all the features of the account. By maintaining minimum balance, you can keep your account active and take full advantage of the services provided by the bank.
In this post, we will talk about the different savings accounts of Al Hilal Bank and what is the minimum balance required to be maintained for each account. With this you will be able to understand which account is best according to your needs and what is the minimum balance to be maintained in which account.
Al Hilal Bank Saving Accounts Minimum Balance
Al Hilal Bank offers a variety of savings accounts, each with different minimum balance requirements. To open these accounts and avail benefits the following minimum balance has to be maintained:
| Account Name | Minimum Balance (to open) | Minimum Balance to Avail Benefits |
|---|---|---|
| Basic Savings Account | AED 3,000 | AED 5,000 |
| Youth Savings Account | AED 500 | AED 2,500 |
| Seghar Savings Account | AED 500 | AED 1,000 |
Types of Al Hilal Bank Saving Accounts
Al Hilal Bank offers a variety of savings accounts designed to suit the needs of people of different ages. These accounts are: Basic Savings Account, Youth Savings Account, and Seghar Savings Account.
- 1. Basic Savings Account
Al Hilal Bank’s Basic Savings Account is designed for individuals aged 21 years and above. A minimum of AED 3,000 is required to open this account, and a minimum balance of AED 5,000 needs to be maintained at the end of the month to avail the benefits.
Information about Basic Savings Account
- Age: This account is available to individuals 21 years of age or older.
- Minimum balance to open: AED 3,000
- Minimum balance to avail benefits: AED 5,000
features :
- Monthly e-statement is available at no extra charge.
- Currently, no additional charges are levied for not maintaining minimum balance.
- This account offers a safe and profitable option that helps you manage your savings.
- 2. Youth Savings Account
Al Hilal Bank’s Youth Savings Account is designed for youth aged 13 to 21 years. It requires a minimum of AED 500 to open, and maintains an average AED 2,500 balance at the end of the month. This account helps youth inculcate the habit of saving and prepares them for financial management.
Information about Youth Savings Account
- Age: This account is available to youth between 13 to 21 years of age.
- Minimum balance to open: AED 500
- Minimum balance to avail benefits: AED 2,500
features :
- Designed for young customers, helping them develop the habit of saving.
- A low minimum balance is required to open an account.
- Maintaining a monthly balance lets you reap the benefits of your account and plan for your financial future.
- 3. Seghar Savings Account
Al Hilal Bank’s Seghar Savings Account is for children below 13 years of age. It requires a minimum of AED 500 to open, and an average AED 1,000 balance has to be maintained at the end of the month. This account helps children inculcate the habit of saving and develop financial understanding from an early age.
Information about Seghar Savings Account
- Age: This account is available for children below 13 years of age.
- Minimum balance to open: AED 500
- Minimum balance to avail benefits: AED 1,000
features:
- Designed to inculcate the habit of saving in children.
- Low minimum balance requirement makes this account easy to open.
- Maintaining an average balance at the end of the month benefits the account and improves children’s financial understanding.
Fees And Charges of Al Hilal Bank Saving Account
Following are the fees and charges for Al Hilal Bank Savings Accounts:
1. Monthly balance maintenance fee : A fee is charged for not maintaining the minimum balance, which is AED 26.25 if the average balance is below the minimum requirement.
2. e-statement : Monthly e-statement is received for free. This statement is a summary of the previous month’s transactions, and is sent during the first business week.
3. paper statement : Additional fees are charged for additional paper statements. Complete details of charges can be seen in the Bank’s Charges Table.
4. Cheque Book:
- New Check Book: First 10 checks are free for new customers. Additional checks are charged at AED 1.05 per check (minimum AED 26.25).
- For existing customers:First 25 checks are free. Additional checks are charged at AED 1.05 per check (minimum AED 26.25).
5. check return :
- outward check :No charge.
- inward check : AED 105।
6. check stop payment :
AED 52.50 is charged for check stop payment.
7. Account closing fee :
No fee is charged for closing the account.
By being aware of these fees and charges, you can effectively manage your Al Hilal Bank savings account and avoid any unexpected charges.
Also You can check Balance for these banks Read this article:
Benefits of Al Hilal Bank Savings Accounts
Here are the benefits of Al Hilal Bank Savings Accounts:
1. interest earnings : Earn interest on your savings, allowing your money to grow over time.
2. Free e-Statements: Get monthly e-statements at no extra charge, making it easy to monitor your account.
3. No charges for account closure: No charges are levied while closing the account.
4. Low minimum balance required: Maintain a low minimum balance to keep your account active.
5. Easy Account Management: Manage your account easily through online or mobile banking.
6. Access to Banking Services: Use various banking services like fund transfer, bill payments etc.
7. Secure Transactions: Get secure options for online and offline transactions.
8. Financial Planning Tools: There are tools and resources available to effectively manage your financial plans.
9. Shariah Compliance: Enjoy the benefits of compliant banking practices as per Shariah principles.
10. Customer Support: Get help from dedicated customer care for any account-related queries.
11. Flexible Deposit Options: Deposit as per your convenience, without any strict time limit or limits.
12. Free Check Book: Get a free check book for payments and withdrawals.
13. No hidden fees: Transparent fee structure for account maintenance, with no hidden costs.
14. Youth and Children Accounts: Special accounts designed for youth and children, so they can start saving early.
15. Ease of Access: Easily access and manage your funds through online and mobile banking platforms.
These benefits make Al Hilal Bank Savings Accounts a practical option to manage your savings effectively.
FAQs of Al Hilal Bank Savings Accounts
1. What is the minimum balance to open Al Hilal Bank savings account?
A minimum balance of AED 3,000 is required for Basic Savings Account, AED 500 for Youth Savings Account, and AED 500 for Seghar Savings Account.
2. Is interest available on Al Hilal Bank savings account?
Yes, Al Hilal Bank’s savings accounts earn interest (profit) as per Shariah, which helps in increasing your savings.
3. Can I apply for Al Hilal Bank Savings Account online?
Yes, you can easily apply online through Al Hilal Bank website or mobile app.
4. Are there any monthly fees for Al Hilal Bank Savings Account?
If you maintain the minimum balance, there are no monthly fees. If minimum balance is not maintained, a fee of AED 26.25 may apply.
5. Can international transactions be done from Al Hilal Bank Savings Account?
Yes, you can make international transactions from Al Hilal Bank Savings Account, but international transaction fees may apply.
Final Words
If you would like more information about Al Hilal Bank’s savings accounts or other banking services, visit Inewkhusi.com. Here you will get detailed and simple information about bank accounts, personal loans, credit cards, and other financial products. On our website you will get every information in your language, which will make it easier to take the right decision as per your needs. For any questions, you can write to us in comments, and our team will help you within 2 hours. Strengthen your financial planning today by visiting inewkhusi.com!