Ruya Bank Savings vs Current Account: A Comprehensive Comparison
Choosing the right bank account is crucial to align with your financial goals. Ruya Bank offers two distinct account types Savings Account and Current Account each tailored for specific needs. While the Savings Account focuses on earning profit through Islamic principles, the Current Account is designed for frequent transactions and daily banking. This comparison highlights their key differences, features, and ideal use cases to help you decide which suits your requirements.
Why Choose a Current Account?
A Current Account is ideal for individuals or businesses that prioritize frequent transactions and financial flexibility. Here’s why you might opt for it:
- Salary Deposits: Mandatory AED 3,000/month salary requirement makes it perfect for salaried individuals.
- Cheque Issuance: Access to a cheque book (10 or 25 leaves) for formal payments.
- No Profit, No Risk: No profit is paid, but there’s no risk of losing money.
- Daily Transactions: Suitable for managing regular expenses, bill payments, and transfers.
- Full Online Banking: Access to the Ruya app for seamless fund management.
- No Minimum Balance: No pressure to maintain a balance, making it cost-effective.
Best for: Professionals, businesses, or anyone needing a high-activity account for daily use.
Why Choose a Savings Account?
A Savings Account is ideal for those looking to save money while earning profit through Islamic principles. Key benefits include:
- Profit Potential: Earnings via Mudaraba (profit-sharing) based on the bank’s investments (though not guaranteed).
- No Salary Requirement: Open to all, regardless of income.
- No Minimum Balance: Start saving with AED 0.
- Daily Profit Calculation: Profits are calculated on daily balances and paid quarterly.
- Debit Card Access: Virtual and physical cards for easy spending.
- No Closure Fee: Same AED 105 fee as Current Accounts if closed within 6 months.
Best for: Individuals aiming to grow their savings while adhering to Islamic banking principles.
Compare: Savings Account vs Current Account
Feature | Savings Account | Current Account |
---|---|---|
Purpose | Earn profit on savings | Everyday transactions (payments, transfers, etc.) |
Islamic Structure | Mudaraba (Profit-sharing) | Qard Hasan (No-profit loan to the bank) |
Profit | Yes, but not guaranteed; depends on investment | ❌ No profit paid |
Profit Calculation | Daily balance, paid quarterly | Not applicable |
Minimum Salary Requirement | ❌ Not required | ✅ AED 3,000/month minimum |
Minimum Opening Balance | AED 0 | AED 0 |
Minimum Balance to Maintain | ❌ No minimum balance | ❌ No minimum balance |
Debit Card | ✅ Yes (Virtual & Physical) | ✅ Yes (Virtual & Physical) |
Cheque Book | ❌ Not available | ✅ Available (10 or 25 leaves) |
Online Banking | ✅ Full access via ruya app | ✅ Full access via ruya app |
Best For | People who want to save & earn returns | People who need to transact frequently |
Account Closure Fee (within 6 months) | AED 105 | AED 105 |
Nationality Restriction | ❌ None (open to all with UAE PASS) | ❌ None (open to all with UAE PASS) |
✅ Key Takeaways
Choose a Savings Account if your goal is to save money and earn profit (Islamic way).
Choose a Current Account if your goal is daily usage, payments, salary deposit, and cheque issuance.