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.
Managing your personal finances and enjoying privileges has become increasingly important today. The FAB Elite Current Account by Abu Dhabi Bank (FAB) offers a great solution. The account comes with a host of features, such as multi-currency accounts with no minimum balance requirement, unlimited free cheque books, and a free Elite Gold Mastercard World debit card.
Other benefits of this account include free first international remittance each month, a robust rewards program, allowing customers to not only manage their money efficiently but also experience financial freedom and luxury. Let us know in detail about the features and benefits of FAB Elite Current Account. Here you will be told the complete step by step process of opening FAB Elite Current Account, so stay with us till the end.
FAB Elite Current Account Eligibility criteria
Following are the eligibility criteria for FAB Elite Current Account:
1. Total Relationship Balance (TRB): You must maintain a total relationship balance of at least AED 500,000. TRB includes current/savings/time account balance, fixed deposits, and investments.
2.Mortgage : You must have a mortgag
3. Salary Transfer : Your monthly salary must be AED 50,000 and must be transferred to the account.
Upon fulfilling these eligibility criteria you can apply for FAB Elite Current Account. This account offers you several exclusive features and benefits, making your banking experience even more seamless and convenient.
Necessary Documents
The following documents are required to open FAB Elite Current Account:
1. Account Opening Form: A duly filled account opening form.
2. Identity Document: Copy of valid passport/Residence Visa/Emirates ID (Original document may also be required).
3. Income Proof: Valid Income Certificate
Please Note: The bank may also ask for additional documents depending on the applicant’s situation. Keep all the required documents ready to ensure that your application is approved quickly.
| Also Read | FAB Etihad Guest Elite Account Open |
FAB Elite Current Account Benefits And Features
FAB Elite Current Account offers several unique benefits and perks. Here are its key features and benefits:
1. Features
- Multi-Currency Accounts
- No minimum balance requirement
- Unlimited Free Cheque Books
- First International Remittance Free per Month
- FAB charges waived only, via SWIFT for AED accounts.
- Free Elite Gold Mastercard World Debit Card
- High daily ATM cash withdrawal limit (up to AED 25,000) and purchase limit (up to AED 75,000)
- Free cash withdrawals from any ATM in the UAE.
- Four free cash withdrawals per month from any ATM outside the UAE
2. Benefits
1. FAB Rewards :
- 60 FAB Rewards for every AED 100 on domestic spend.
- 120 FAB Rewards for every AED 100 on international spend.
- 8 FAB Rewards for every AED 1,000 on average account balance, up to 150,000 FAB Rewards per month (minimum average monthly balance of AED 10,000 required)
2. Priority Service:
- Exclusive benefits and priority treatment worldwide.
3. High daily transaction limits :
- ATM cash withdrawal limit: AED 25,000.
- Retail shopping transaction limit: AED 75,000
4. Other features :
- Priority service at any FAB branch.
- Convenient banking through extended network
Please Note: FAB Elite Current Account offers its customers a premium banking experience, giving an opportunity to experience financial freedom and luxury.
Fab Debit card daily limits
The following are the daily limits for the Elite Gold Mastercard World debit card of the FAB Elite Current Account:
| Transaction Type | Limit (AED) |
|---|---|
| ATM Cash Withdrawal Limit | 40,000 per day |
| Retail Purchase Transaction Limit | 75,000 per day |
Fess And Charges
| Category | Details |
|---|---|
| Account Balance Requirements | NIL Requirement Balance Minimum |
| Low Balance Charges | NIL Charge Balance Low |
| Account Closure | 105 AED Fee Closure Account |
| Account Statements | Free Account of Statement within agreed cycle, 26.25 AED outside the cycle |
| Teller Services | 8 free per month, 10 AED afterwards |
| Clearance Letter (Release) | 52.50 AED |
| Interest on Debit Balance | 19% p.a. (minimum 175 AED per month) |
| Telegraphic Transfer Fees | 4 free per month, 5.25 AED per additional AED transfer |
| Telegraphic Transfer Fees (USD, Euro, AUD) | 105 AED |
| Telegraphic Transfer Fees (all other currencies) | 84 AED |
| Demand Draft / Manager’s Cheque | 31.50 AED |
| Standing Instructions Setup | 52.50 AED |
| Penalty for Insufficient Funds for Standing Order | 25 AED |
| Cheque Book | Unlimited Free Cheque Book |
| Returned Cheque Fees (deposited into account) | NIL |
| Returned Cheque Fees (drawn on account) | 100 AED |
| Stop Payment Instructions | 52.50 AED |
| Special Clearing of Non-FAB Cheque | 205 AED |
| Debit Card Fees | Free Issuing Fee for primary card |
| Replacement for Lost/Stolen Card | 26.25 AED |
| ATM Fees (Own ATM) | Free |
| ATM Fees (other banks’ ATMs within UAE) | 4 free per month, 2.10 AED afterwards |
| ATM Fees (outside UAE) | 1 free per month, fees as per host country’s system |
| Foreign Currency Transaction Fee | 2.1% of transaction value + foreign exchange rate |
| Sales Slip Copy | 26.25 AED |
| Remittance Fees | 1.05 AED per remittance |
How to Open Fab Elite Current Account
With the FAB Official website , you can open a Fab Elite Current Account instantly and with zero paperwork. All you need is your Emirates ID. Manage your account, earn rewards, and more with just a few taps.
Here are the steps to open a Personal Savings Account online:
1. Visit the Official Website:
First, go to the official website of FAB Bank.
2. Navigate to Savings Account:
Click on the menu area and select “Savings Account.”
3. Select Fab Elite Current Account :
Tap on ” Elite Current Account.”
4. Fill in the Information:
Enter all the required information such as:
- First Name
- Last Name
- Company Name (Optional)
- Phone Number
- Emirate
- Salary per month
- Nationality
5. Submit Your Application:
After filling in all the information, click on the “Apply Now” button.
6. Follow-up Call:
Enter your details on the FAB website, and the bank will call you back within 24 hours to proceed with your application.
This streamlined process ensures you can open a Elite Current Account quickly and start managing your finances with ease.
Contact Us
If you face any problem in opening your Fab Elite Current Account, you can call its customer care number inside Dubai. If you do not live in Dubai, you can call the outside number. Its information is as follows:
| Category | Details |
|---|---|
| For Customers Within the UAE | Call: 600 52 5500 |
| For Customers Outside of the UAE | Call: +971 2 681 1511 |
| Email Us | [email protected] |
We are here to assist you with any questions or concerns you may have.
FAQs for FAB Elite Current Account
1. What is the FAB Elite Current Account?
The FAB Elite Current Account is a premium banking account offered by First Abu Dhabi Bank (FAB) that provides numerous benefits, including multi-currency options, high daily transaction limits, and various free services to enhance your banking experience.
What are the eligibility criteria for opening the FAB Elite Current Account?
To be eligible, you need to meet one of the following criteria:
1. Maintain a total relationship balance (TRB) of AED 500,000.
2. Have a mortgage of AED 2,500,000.
3. Transfer a salary of AED 50,000 per month.
What documents are required to open the FAB Elite Current Account?
Completed account opening form.
1. Valid passport, residence visa, and Emirates ID copies.
2. Proof of income.
Are there any charges for low balance or account maintenance?
No, there are no charges for maintaining a low balance or for account maintenance.
What is the fee for closing the account?
The fee for closing the FAB Elite Current Account is 105 AED.
How many free teller services are provided per month?
You get 8 free teller services per month; thereafter, each service costs 10 AED.
What are the fees for issuing and replacing a debit card?
The charges levied on debit card are as follows
Issuing Fee for the primary card: Free.
Replacement Fee for a lost or stolen card: 26.25 AED.
8. What are the ATM withdrawal limits and fees?
The limit available on withdrawal from ATM is as follows:
Daily ATM Cash Withdrawal Limit : AED 40,000.
Fees for Using Other Banks’ ATMs within UAE: 4 free transactions per month, then 2.10 AED per transaction.
Fees for Using ATMs outside UAE : 1 free transaction per month, additional fees as per the host country’s system.
9. How can I apply for the FAB Elite Current Account?
The following methods can be adopted to open this bank account;
1. FAB Mobile App
2. Online via the FAB website.
3. Visiting a FAB Branch
4. Phone Banking
5. Internet Banking
Conclusion
The FAB Elite Current Account is an excellent choice for individuals seeking a premium banking experience with numerous privileges and high-level services. It offers significant benefits such as multi-currency accounts without a minimum balance requirement, free unlimited cheque books, and a complimentary Elite Gold Mastercard World debit card with high daily transaction limits. The account also includes the first international remittance free per month and a rewarding FAB Rewards program that incentivizes both spending and maintaining a balance.
If you face any problem in opening your account or want to ask anything then you can comment below.