Top 5 Best Zero Balance Accounts in UAE For 2024

Currently in the UAE, ‘Zero Balance Accounts’ are becoming very popular because they are easy to use and secure. These special savings accounts do not require you to maintain any kind of minimum balance, so you can open an account without worrying about maintaining a certain balance. 

These savings accounts allow you to make international money transfers, make utility bill payments, make investments and even activate and block the debit card from the mobile itself. This is a flexible way to manage your money, which makes banking simpler and more user-friendly, especially if you are new to managing finances. These accounts are helpful for anyone looking for a simple banking experience in the UAE. 

If you are going to visit the UAE in 2024 or you are going to work, then you can open your personal zero balance savings account here. The UAE banking sector has adopted this concept, which offers a variety of zero-balance accounts customized to meet the diverse needs of residents and expatriates. 

What is a Zero Balance Account?

A zero balance account is a type of basic savings account that you can open without maintaining any balance. This savings account does not even require you to keep a fixed balance. This savings account is especially helpful for people who only occasionally have a steady flow of income or who do not want to be forced to leave a certain amount of money in their account. 

These accounts are popular in the UAE because they are easy to use and make banking more accessible to everyone. They are great for people who want the convenience of a bank account without worrying about maintaining a minimum balance. Here are all the savings accounts you can open from your home using your smartphone without visiting a branch. 

Best Zero Balance Accounts in UAE

I have provided the list of banks in which you can open the Best Zero Balance Account in UAE in the table below. You can apply to open these savings accounts by verifying your Emirates ID and valid visa. To open the Best Zero Balance Savings Account in UAE, you can go to these savings accounts: 

Sr No	Bank Account Products
1	FAB iSave Account
2	RAKBANK Fast Saver Online Account
3	Emirates NBD Liv. Account
4	Commercial Bank of Dubai Esaver Account
5	ADIB Smart Banking Account
6	HSBC Esaver Account

Benefits of Zero Balance Account in UAE

There are going to be many benefits of opening a zero balance account in UAE, especially if you are opening your savings account for the first time. Here we will know in detail about all the benefits that you will get after opening a zero balance account. 

1. Higher interest rates: A significant perk is the possibility of earning more interest on your savings compared to other accounts.
2. Easy and quick setup: Opening a zero balance account is mostly an online process. You can easily sign up on the bank’s website or mobile app, internet banking often instantly.
3. Rewards and cashback: Banks often include attractive rewards with these accounts. You could enjoy cashback offers and special discounts on food, shopping, and leisure activities.
4. Cost-effective banking: These accounts typically offer free online banking. Plus, you get several transactions each month without any charges.

Also Read: First Abu Dhabi Bank iSave Account – No Minimum Balance | FAB – UAE

Peace of mind: Choosing a zero-balance bank account in the UAE is a smart move. It is user-friendly, cost-effective, and has many benefits that make banking a hassle-free experience. Perhaps the biggest benefit is the stress-free aspect. With a zero balance account, you don’t have to worry about keeping a certain amount of money in your account to avoid penalties.

Top Zero Balance Accounts in UAE

If you want to open your zero balance account in the UAE, then you can open your savings account in these top class banks. Here is the information about all those savings accounts which you can easily open using your smartphone mobile banking or by visiting your nearest branch. Information about all the savings accounts is given below, which is as follows:

1. FAB iSave Account

iSave Account can be opened in First Abu Dhabi Bank. Below we have given information about all the features of this savings account in points, which are as follows: 

• Zero balance feature: The FAB iSave account in UAE requires no minimum balance, keeping your account active without extra costs.
• Currency: This account operates in AED, aligning with local financial practices.
• Attractive interest rate: Earn a notable 5.25% interest per year on new funds deposited between May 1st 2023 to March 31st, 2024.
• 24/7 customer support: Get help anytime with a customer support team available around the clock.
• Easy online opening: Open your account swiftly and conveniently using the online banking service.
• Unlimited withdrawals: Enjoy the freedom of making as many cash withdrawals as you need.

Eligibility and Necessary Documents:

Who can open FAB iSave Account and what documents will be required to open this account, information about it is given in the points below, which is as follows:  

• Who can apply:

If you live in the UAE, you’re eligible.

This opportunity is for individual applicants.

What you need to provide:

• Your Emirates ID: It’s your official identity card in the UAE.
• Your residence visa: This proves you’re legally living in the UAE.

2. RAKBANK Fast Saver Online Account

Fast Saver Online Account can be opened in RAKBANK. Below we have given information about all the features of this savings account in points, which are as follows: 

• No maintenance: No fees are charged, even if your account balance is zero.
• Currency availability: You can open an account with RAKBANK in either USD or AED currency.
• Monthly statement online: You can conveniently access your monthly bank statements sent to your registered email address.
• Debit card issuance: You’ll receive a free debit card when you open an account.

Eligibility and Necessary Documents:

Who can open RAKBANK Fast Saver Account and what documents will be required to open this account, information about it is given in the points below, which is as follows:  

1. To open an account, you must be an individual.
2. Get a valid Emirates ID. Remember that the bank might ask for additional documents per their specific needs.

3. Emirates NBD Liv. Account

NBD Liv. Account can be opened in Emirates NBD Bank . Below we have given information about all the features of this savings account in points, which are as follows: 

1. Paperwork-free: Access banking services online seamlessly, without any paperwork.
2. Easy money transfers: Add beneficiaries easily and make instant transfers.
3. Earn interest: Get up to 2% annual interest on your account; track it using the bank’s app.
4. Cheque book access: Emirates NBD Liv. Account holders can request a cheque book on demand.
5. Free cheque book offer: Earn over AED 10,000 monthly. Get a free cheque book for a year.
6. For youngsters: The Liv. the account is designed especially for children and teenagers.
7. Automated savings: Easily save money with the automatic savings feature without hassle.
8. 24/7 support: The customer support team is always available for any assistance.

Eligibility and Necessary Documents:

Who can open NBD Liv. Account and what documents will be required to open this account, information about it is given in the points below, which is as follows:

1. Get your Emirates ID: Make sure you have your Emirates ID.
2. Obtain a UAE mobile number: You need a valid one from the UAE.

How To Open NBD Liv. Account Complete guide

The complete process of opening NBD Liv. Account is given here. You can open your savings account by following this step by step process.

1. Download the App: Find and download the required app via Android or IOS on your mobile device.
2. Simple steps to follow: The app guides you with easy-to-follow steps.
3. Easy process: The process is quick and straightforward.

3. No paperwork: Enjoy a hassle-free experience without any paperwork.
4. No branch visits or queues: No need to visit any physical branches or stand in lines.
5. Register on the App: Complete your registration through the app.
6. Free VISA debit card: Once registered, you’ll receive a free VISA debit card.
7. Doorstep delivery: Your debit card will be delivered right to your doorstep.

4. Commercial Bank of Dubai Esaver Account

Esaver Account can be opened in Commercial Bank of Dubai Bank . Below we have given information about all the features of this savings account in points, which are as follows: 

• Free account maintenance: There are no fees for keeping your account active.
• Easy online banking: Access your account, get information, and download statements easily online.
• No minimum balance: With the Commercial Bank of Dubai Esaver Account, you don’t need to keep a certain amount in your account; the bank won’t ask for it.
• Earn interest: Get up to 1.25% interest on the average balance you maintain each month.
• Limited debits allowed: You can make up to 3 monthly withdrawals or debits from your account.
• Quick account opening for CBD customers: If you’re already a customer, you can open an Esaver account instantly online.

Eligibility and Necessary Documents:

Who can open Commercial Bank of Dubai Esaver Account and what documents will be required to open this account, information about it is given in the points below, which is as follows:

1. Nationality and residence:Must be a UAE national or a resident of the UAE.
2. Age requirement:It would help if you were at least 18 years old.

Required documents:

• A valid Emirates ID.
• Your current passport.
• A valid residence visa in the UAE.

5. ADIB Smart Banking Account

ADIB Smart Banking Account can be opened in Abu Dhabi Islamic Bank . Below we have given information about all the features of this savings account in points, which are as follows: 

1. Free money transfers: Enjoy one free domestic and international transfer per month.
2. Attractive interest rates: ADIB provides competitive interest rates for your savings.
3. Exclusive deals: Access over 1500 deals and discounts with the Smartdeals app. 
4. Easy salary benefits: Transfer your salary to an ADIB account and get a bonus!

Eligibility and Necessary Documents:

Who can open ADIB Smart Banking Account  and what documents will be required to open this account, information about it is given in the points below, which is as follows:

1. For income-based applicants:

• Salary requirement: Your monthly income should be at least AED 5000.
• Account use: The account is strictly for personal use.
• Applicant type: You can be a salaried person or a partner in a business.

2. For non-income-based applicants:

• Students: You must be below 24 years in age and have a student ID.

• Housewives: If you’re a housewife with a housewife visa.
• Account Use: The account should only be for personal use.

Documents needed (for both types):

• UAE Residence Visa: If you’re a resident.
• Passport: Your original passport is required.
• Emirates ID: A must for both UAE nationals and residents.

Also Read: Abu Dhabi Islamic Bank Savings Account Opening Online

6. HSBC Esaver Account

Esaver Account can be opened in HSBC Bank . Below we have given information about all the features of this savings account in points, which are as follows: 

• Online Money Transfer: Easily transfer money from another account over the internet.
• High fixed interest rates: With HSBC Esaver Account, you earn a competitive interest rate of up to 0.10% on the total money in your account. This interest is added to your account every month.

1. Flexible deposits:

• No minimum balance required: You don’t have to worry about keeping a certain amount of money in your account. It stays active regardless of the balance.
• Lump Sum Deposits: You can add a lot of money to your account at once.
• Recurring Payments: Set up automatic monthly deposits for consistent savings.
• No account fees: This bank won’t charge you just for having an account with them.

2. Multiple deposit methods:

• Cheque Deposit Machines: Deposit cheques using a special machine at the bank.
• Telegraphic Transfers: Send money electronically from one bank to another.

3. Flexible money transfers:

• Local and International Transfers: Send money within your country or overseas.
• Multiple Currencies: You can deal with different currencies

Eligibility and Necessary Documents:

Who can open HSBC Esaver Account  and what documents will be required to open this account, information about it is given in the points below, which is as follows:

• You must be a UAE national or a resident holding UAE residence visas.

Documents required to open a Esaver Account:

1. For Non-HSBC Sole Account Applicants:

• Original Passport: Every customer needs to provide this.
• Valid UAE Residence Visa: This is required only for non-GCC nationals.
• Original Emirates ID Card: All customers must have this.
• Proof of UAE Residence: You can show this with a utility bill, rental/lease agreement, title deed, or employment letter.

2. For Non-HSBC Joint Account Applicants:

The document requirements are the same as for sole account applicants.

Also Read: Abu Dhabi Commercial Bank (ADCB)’s Active Saver Online Bank Account Opening

FAQs

Final Words

Zero balance accounts in the UAE offer convenience, flexibility, and financial inclusivity. If you want to get maximum interest, then you can open your zero balance account in UAE. A student and a housewife can open this savings account to fulfill their needs. This savings account will be very beneficial for other people in 2024 who want to open an account without worrying about maintaining the balance. The banking experience here is very good.