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.
First Abu Dhabi Bank’s (FAB) Elite Savings Account is an exceptional savings account that offers multi-currency support. Additionally, this savings account does not require you to maintain any minimum balance. You can also earn maximum interest with this account. Once your account is opened, you will receive support for mobile banking, internet banking, a checkbook, and an ATM card.
If you want to open a savings account in Dubai with premium features, this account is for you. Here, I will explain the complete step-by-step process to open a FAB Elite Savings Account. Before opening this savings account, please read this article completely with us. Let’s get to know all the details about this savings account.
FAB Elite Savings Account Required Documents
To open a FAB Elite Savings Account, you will need to provide the following documents:
1. Completed Account Opening Form : Fill out the form with your personal details.
2. Identification Documents : Provide a copy of your valid passport, resident visa, and Emirates ID. You must also present the original documents for verification.
3. Proof of Income : Submit documents that verify your income, such as salary slips or bank statements.
Please Note: Additional documents may be requested depending on your specific situation.
Eligibility
To be eligible for the FAB Elite Savings Account, you need to meet one of the following criteria:
- Maintain a Total Relationship Balance (TRB) of 500,000 AED
- Have a mortgage of 2,500,000 AED
- Transfer a salary of 50,000 AED
- TRB includes the balance in your current, savings, and call accounts, plus fixed deposits and investments.
Debit Card Daily Limits
On opening FAB Elite Savings Account, you will get a debit card, the daily limit in the debit card will be as follows:
| Transaction Type | Daily Limit |
|---|---|
| ATM Cash Withdrawal Limit | 40,000 AED per day |
| Retail Purchase Transaction Limit | 75,000 AED per day |
Fees And Charges
The charges levied on FAB Elite Saving Account are given below, which is as follows:
- Minimum Balance Requirements and Charges
- No minimum balance requirement
- No low balance charges
- Account Closure
- 105 AED fee for account closure
- Statements and Teller Services
- 26.25 AED per statement cycle (outside agreed cycle)
- Free account statements within the agreed cycle
- 10 AED per statement after free monthly limit
- 8 free teller services per month, 10 AED per service afterward
Fees and Interest
- 52.50 AED for clearance/release letters
- 19% p.a. interest on debit balances (minimum 175 AED per month)
- 4 free telegraphic transfers per month (5.25 AED per transfer afterward)
- 105 AED for telegraphic transfers in AUD, USD, Euro
- 84 AED for other telegraphic transfers
- 31.50 AED for demand drafts/manager’s cheques
- 52.50 AED for setting up standing instructions
- 25 AED penalty fee for insufficient funds for standing orders
Cheque Services
- Unlimited cheque books at no charge
- No fee for returned cheques deposited into your account
- 100 AED fee for returned cheques drawn on your account
- 52.50 AED for stop payment instructions
- 205 AED for special clearing of non-FAB cheques
Debit Card
- Free issuing fee for the primary card
- 26.25 AED for replacement of lost/stolen cards
- Free use of FAB ATMs
- 2.10 AED per use of other banks’ ATMs in the UAE (4 free uses per month)
- Free use of ATMs outside the UAE (1 free use per month, charges as per host country system)
- 2.1% fee added to the transaction value for foreign currency transactions
- 26.25 AED for a copy of sales slip
- 1.05 AED for remittances
Open an Elite Savings Account Instantly on the FAB Mobile App
Experience the convenience and efficiency of banking with the FAB Mobile app. Open your Elite Savings Account instantly and enjoy a host of benefits right at your fingertips.
- Instant Account and Credit Card : Open an account and get a credit card with zero paperwork, using just your Emirates ID.
- FAB Rewards : Use your FAB Rewards to pay your bills anytime, anywhere.
- Easy Banking : Check your balance, send money, and earn rewards with just a few taps.
How to Open FAB One Account Step by step guide
With the FAB Official website , you can open a FAB One 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 Personal Savings Account:
Tap on “Personal Savings 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 Personal Savings Account quickly and start managing your finances with ease.
| Also Read | Open a FAB One Account with First Abu Dhabi Bank (FAB) |
| Also Read | Open a Personal Current Account with First Abu Dhabi Bank (FAB) |
Contact Us
If you face any problem in opening your personal 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:
| Customer Location | Contact Number |
|---|---|
| For Customers Within the UAE | Call: 600 52 5500 |
| For Customers Outside of the UAE | Call: +971 2 681 1511 |
We are here to assist you with any questions or concerns you may have.
Faq
1. What is the minimum balance required to open an Elite Savings Account?
There is no minimum balance requirement for the Elite Savings Account.
2. How can I open an Elite Savings Account?
You can open an Elite Savings Account instantly through the FAB Mobile app with just your Emirates ID, without any paperwork.
3. Can I manage my Elite Savings Account online?
Yes, you can manage your account through the FAB Mobile app and FAB Online Banking platforms.
5. Is there a debit card provided with the Elite Savings Account?
Yes, a debit card is available with the account, and you can manage its usage and limits through the FAB Mobile app.
6. What should I do if I lose my debit card?
You can report the loss through the FAB Mobile app and request a replacement card. There may be a fee associated with card replacement.
7. Are there any additional benefits for existing FAB customers?
Existing customers may enjoy preferential rates or additional perks based on their relationship with FAB.
Conclusion
Fab Elite Savings Account offered by FAB provides a versatile and convenient banking solution tailored to meet diverse financial needs. With no minimum balance requirement and the ability to manage your account seamlessly through the FAB Mobile app, it offers flexibility and ease of access.
The account features multi-currency support, competitive interest rates, and essential banking services like mobile banking, internet banking, and ATM card facilities.If you face any problem in opening this account then you can comment below.