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.
Do you want to apply for an iSave FAB account but don’t have the time to visit a branch? No problem! This post gives complete information on how to apply for a FAB iSave account online. The process is simple but it is important to consider the below points for clarity and simplicity.
Open an iSave Account and enjoy one of the best savings rates in the UAE.
Reach your savings goals faster with one of the best savings rates in the UAE. Earn 5.25% interest per year on new funds deposited in your iSave Account from 1 May 2023 to 30 September 2024.
If you already have an account with FAB, you can open an iSave Account instantly through the FAB Mobile app or Online Banking.
iSave FAB Bank Account Benefits
If you are opening your zero balance savings account in First Abu Dhabi Bank, then you are given many benefits in this savings account which are as follows :
- With an iSave account from FAB, you can easily manage your finances online without visiting a branch.
- Enjoy the flexibility to view and download your statements, track both billed and unbilled card transactions, and order cheque books effortlessly.
- Activate or reset your debit and credit card PINs, and update your personal details, including Emirates ID and contact information.
- The account offers seamless fund transfers across various platforms, from your own accounts to other FAB or UAE bank accounts, including international and SMS transfers.
- Take advantage of automated utility bill payments to services like DEWA, Etisalat, and SALIK.
- You can also schedule future transfers, set up recurring payments, and create beneficiaries for streamlined payments.
- Instant remittance transfers with live exchange rates to India are available, along with a consolidated view of your investments, including mutual funds.
- Converting credit card transactions into payment plans, requesting balance transfers or cash, and deferring loan payments are all made easy with this account.
- The iSave account also provides instant account opening, term deposit bookings, and charitable donations.
- All services are accessible in both English and Arabic, ensuring a convenient banking experience tailored to your needs.
| FAB BANK Post | Link |
|---|---|
| How to Cancel FAB Credit Card | Read Post |
| Guide to Deactivating Your FAB Debit Card | Check Post |
What is an iSave FAB Bank Account?
The iSave FAB Bank Account is an innovative offering by FAB, emphasizing convenience and accessibility through electronic or online channels. This account allows individuals to open it remotely, without the need to visit a physical bank branch. The name “iSave” reflects its essence as an account that promotes ease and flexibility in banking, catering to customers who may face time constraints or other limitations preventing them from visiting a branch in person.
Eligibility Criteria for Applying for FAB iSave Account Online
Applying for an iSave account with FAB is straightforward, with minimal criteria to fulfill:
- Applicants must be at least 18 years old.
- Applicants should have a source of income or regular monthly bank statements reflecting upcoming incomes.
Documents Required to Apply for iSave FAB Bank Account
When applying for an iSave FAB Bank account, whether online or at a branch, you will need the following documents:
- iSave FAB bank account application form
- Copy of your passport
- Copy of your residential visa
- Proof of income resource
Features of the iSave Account
The iSave account is an online savings account with the following features:
- Competitive Interest Rate: Earn 5.25% per year on new funds deposited from 01 May 2023 to 30 September 2024.
- Instant Account Opening: Open your account instantly through the FAB Mobile app or Online Banking.
- Currency: Available in AED.
- No Minimum Balance Requirement: Enjoy the flexibility of no minimum balance requirements.
- Unlimited Withdrawals: No restrictions on the number of withdrawals.
Terms of Conditions for the iSave Account
If you are opening your Zero Balance Savings Account in First Abu Dhabi Bank, then there are some terms and conditions of this account which are as follows:
- Campaign Rate: The 5.25% annual interest rate is valid only on new funds for individual customers from 1 May 2023 to 30 September 2024.
- Previous Campaign Rate: A 4% annual interest rate was valid on new funds for individual customers from 1 July 2022 until 30 April 2023.
- Average Monthly Balance: Eligibility is calculated based on the average monthly balance.
- Base Balance : The overall balance at the customer level as of 30 April 2023 is considered the base balance for the 5.25% interest rate.
- Differential Interest : A differential interest amount over the prevailing interest rate will be applied within 45 days from the campaign’s end date (30 September 2024) for the campaign extension months (June, July, August, and September).
- Existing Funds : Funds existing until 30 June 2022 are subject to the prevailing interest rate, which is applied monthly.
- Eligibility: Only individual customers are eligible for the iSave account.
- Residency Requirement: Only UAE residents with a valid Emirates ID are eligible for the iSave account.
iSave Account Interest Rate
Here is the table for the interest rate bands of the iSave Account:
| Band Balance | Interest Rate Range (per year) |
|---|---|
| Balance Below AED 500,000 | Up to 2.465% per year |
| Balance Between AED 500,000 and AED 5,000,000 | 2.465% to 3.251% per year |
| Balance of AED 5,000,000 and Above | 3.251% per year or less |
Open an iSave Account Instantly on the FAB Mobile App
FAB Mobile puts the power of the bank in your hands.
- Instant Account and Credit Card: Get your FAB account and credit cards instantly with zero paperwork.
- Easy Setup : Open an account and get a credit card using just your Emirates ID.
- Convenient Rewards: Use your FAB Rewards to pay your bills anytime, anywhere.
- Simple Banking : Check your balance, send money, and earn rewards with just a few taps.
Apply Online for FAB iSave Bank Account – Step-by-Step Guide
Once you have prepared the necessary documents and ensured you meet the eligibility criteria, follow these steps to apply for the FAB iSave Bank Account online:
1. Visit the official website of FAB Bank.
2. Navigate to the “Accounts” section on the homepage.
3. Click on “Open an Account” from the options provided.
4. Choose “FAB iSave Account” from the list of account types available.
5. Fill out the application form thoroughly with accurate details to avoid any future inconveniences.
6. After completing the form, click on “Submit” and await a confirmation message sent to the email or phone number provided.
Note: Upon successful submission, you will receive a confirmation message. Within 24 hours, FAB Bank will contact you for a brief interview over the phone to finalize the account opening process.
Frequently Asked Questions
1. What are the opening hours of the branches?
The regular opening hours for the branches remain the same.
2. What is changing in my local branch?
Services previously offered over-the-counter like cash withdrawals, deposits, cheque deposits, fund transfers, and more will now be available through digital channels. The new digital in-branch experience is designed to better meet your needs and offer an exceptional customer experience. These branches provide a convenient and quick way of completing your everyday banking needs.
3. What happens if I want to withdraw cash but have forgotten my debit card?
We offer an ‘SMS cash feature’ allowing you to make a cash transfer to any mobile number, including your own. The receiver will receive a pin code valid for four hours, during which time the cash can be retrieved from any FAB ATM/Cash Deposit Machine using the mobile number and pin code. FAB Mobile app/online banking users have a daily transaction limit of AED 2,000 per day, and payit users have a limit of AED 1,000 per day. Users need to be fully verified.
4. Will there be any staff in these branches?
Yes, we will have staff on hand to help, including a Customer Service Officer and a Branch Manager.
5. What is the password to view my account e-statement attachment?
Your e-statement password is made up of the last four digits of your account number followed by the day and month of your date of birth (DDMM). For example, if your account number is 101XXXXX1234 and your date of birth is 01-02-1989, your password would be 12340102.
6. How will I be notified that my account closure request is confirmed and completed?v
You will be informed by SMS and/or email that the account closure request is processed. After the closure, you will receive an account closure confirmation letter and statement via email or mail, depending on your selected delivery option.
7. Has your telephone banking menu changed?
Yes, the telephone banking menu has been updated. Please listen carefully before making a selection.
Customer Care Number
If you face any problem in opening your savings account, then you can talk to the customer care of this bank because they are always ready to help you. Apart from this, you can submit your application form from the FAQ page.
| For customers within the UAE | For customers outside of the UAE |
|---|---|
| 600 52 5500 | +971 2 681 1511 |
Conclusion
Applying for an iSave FAB account online is a convenient and straightforward process. By following the steps outlined in this guide, you can easily open your account without the need to visit a bank branch. The iSave account offers excellent features, such as a competitive interest rate of 5.25% per year on new funds, no minimum balance requirement, and no restrictions on withdrawals.
FAB’s digital banking services, including the FAB Mobile app and Online Banking, provide a wide range of functionalities to manage your finances efficiently. From instant account opening to managing your transactions and bill payments, these services ensure that you have complete control over your banking needs anytime, anywhere.
If you need any assistance or have questions, FAB’s customer service is available to help you both within the UAE and internationally. Remember, always keep your documents ready, meet the eligibility criteria, and carefully review the terms and conditions before applying.
Enjoy the benefits and ease of banking with FAB’s iSave account and achieve your savings goals faster.