Key Fact Statement (KFS) – Current and Savings Account
This product is a bank account for your transaction and savings needs. This KFS provides you with key product features, indicative information about the product and applicable profit, fee, and charges.
Product Information
| Product description | Current Account An interest free loan given by you to the Bank and is available for withdrawal at all times |
Savings Account (Mudaraba) A profit-sharing partnership contract between, you as a capital provider (Rab-ul-Mal) , and the Bank as a fund manager (Mudareb) , in a joint investment. |
Savings Account (Wakala) An agreement where you authorise the Bank as your Wakil “agent”, to invest your funds in Shariah approved activities for profit. |
|---|---|---|---|
| Shariah basis | Qard Hasan (Interest-free loan) | Mudaraba | Wakala |
| Applicable for | UAE residents | UAE residents and non-residents and minors | UAE residents and non-residents |
| Cheque book | Offered only on AED accounts | Not offered | Not offered |
| Account currency | AED, USD, GBP and other major currencies | AED and USD (as available on each Product) | AED and USD (as available on each Product) |
| Debit card | Offered only on AED accounts | Offered only on AED accounts | Offered only on AED accounts (Not offered on e-Savings account) |
| Minimum average monthly balance | As per package specified - AED 3,000 for individuals |
As per package specified - AED 3,000 for individuals |
No minimum balance required |
Applicable profit rates
| Current Accounts | Product | Expected Profit rate per annum | Basis of profit calculation | Profit payout frequency |
| Current Account | Not applicable | Not applicable | Not applicable | |
| Savings Accounts (Mudaraba) | Product | Expected Profit rate per annum | Basis of profit calculation | Profit payout frequency |
| Investment Savings | 0.20% | Quarterly Average Balance | Profit on Investment Term Deposits and Savings Accounts will be paid latest by 21st of the month following each quarter or after the Emirates Islamic Board meeting is held to approve the Quarterly Financial Results. | |
| Kunooz Account | 0.10% (stand a chance to win grand prizes and cash prizes) | |||
| Child Savings | 0.20% | |||
| Super Savings Skywards | 0.10% (earn 2020 Bonus miles on opening the account and up to 60,000 Skyward miles per year)- subject to meeting the required criteria | |||
| Super Savings Etihad Guest | 0.10% (earn 2020 Bonus miles on opening the account and up to 60,000 Etihad guest miles per year)- subject to meeting the required criteria | |||
| High Value Salary ** (for Priority Banking Customers) | Up to 0.40% | |||
| Value ** (for Advantage Banking Customers) | Up to 0.20% | |||
| **Profits are paid as these accounts are Current Account in nature. However, they are classified under Savings Accounts to facilitate the profit payout under the Islamic structure (Not available on Foreign Currency accounts). | ||||
| **Profit rates are indicative and reflective of the previous rates declared. | ||||
| Savings Accounts (Wakala) | Product | Expected Profit rate per annum | Basis of profit calculation | Profit payout frequency |
| e-Savings (Online only account)* |
|
Average Monthly Balance | Profit will be paid on the 1st of the month following each quarter | |
| Emirati Family Savings Account | Up to 0.75% | Average Monthly Balance. Profit will be paid monthly based on the average balances held in the Emirati Family Savings Accounts of all family members | Profit will be paid on the 1st of the month following each month | |
| *There are no limits to transactions made on the account. In case of a withdrawal from your e-Savings Account during any month, profit will be paid on the basis of the prevalent Savings Account rate of that particular month. | ||||
Profit rates (where applicable) are subject to change. Please refer to the website for the declared profit rates
Fees & Charges – Product Packages for Individuals customers
| Personal Banking Select | Personal Banking Advantage | Priority Banking | Private Banking | ||
| Package eligibility | |||||
| Minimum monthly average relationship balance | AED 5,000 | AED 100,000 | AED 500,000 | By Invitation | |
| Minimum monthly salary transfer | AED 5,000 | AED 20,000 | AED 50,000 | By Invitation | |
| Fee & Charges (inclusive of VAT) | |||||
| Fee for non-maintenance of balance | AED 26.25 p.m. (Minor accounts, customers transferring their salary, holding an active finance or on meeting the Salary transfer package criteria are not charged the fee for non-maintenance of required balance) | NIL | |||
| Account opening fee | Free | ||||
| Account closure (within 6 months) | AED 105 | ||||
| Cheque book charge ** | First cheque book (10 leaves) free; thereafter AED 26.25 per cheque book (10 leaves) | Free | |||
| Benefits on transferring your salary (Salary Transfer Package)*** | |||||
| Package name | Salary AED 5,000 – AED 24,999 | Advantage (salary AED 25,000- 49,999) | Priority- Expats (salary AED 50,000- 79,999) | Priority Plus - UAE Nationals (salary AED 50,000+) | Priority Plus- Expats (salary AED 80,000+) |
| One-time Welcome Bonus*** | NIL | AED 500 | AED 1,000 | AED 1,300 | AED 1,300 |
| Accounts | NA | Free Current/ STI Value Account & Free Kunooz Savings Account | Free Current/ High Value Salary Account & Free Kunooz Savings Account | ||
| International Remittances | NA | 1 Free International Remittance per month | 2 Free International Remittance per month | 3 Free International Remittance per month | 3 Free International Remittance per month |
| Safe Deposits Lockers | NA | 20% discount on renta | 25% discount on rental | 30% discount on rental | 30% discount on rental |
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** As per the mandate from Central Bank of the UAE, cheque books issued during the first 6 months of opening the account could be limited to 10 leaves
depending on the Individual’s rating with the credit bureau (AECB). Additionally, account may not be opened if there is a negative rating with the credit bureau
(AECB). *** To qualify for any Package, you must have a mandatory Salary Transfer, activated Debit Card, High Value Salary Account/Current & Kunooz Savings Account, Online Banking and SMS alerts service. The enlisted products should be availed within 2 months of opening the account. The welcome bonus is applicable for customers who initiate their Salary Transfer to us and no finance products are availed by the customer within 2 calendar months of opening the account. If there are no salary credits for more than 3 consecutive months, the welcome bonus will be clawed back. Note: Above outlines some of the important charges pertaining to accounts. Please refer to the Schedule of Charges for the complete list. |
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Important Links
- For Key Fact Statement and other important information visit (www.emiratesislamic.ae/eng/key-information/)
Additional Information
- Bank, without referring to the Customer, may debit the Customer’s accounts with any charges, expenses, or commission payable against the banking services rendered in accordance with the approved and announced banking charges and commissions
- Bank may from time to time, and at its sole discretion, change or amend any of the Terms and Conditions pertaining to this product. Such changes will be communicated to you with a 60-day prior notice.
- Each banking package has specific fees and charges applicable. Please check the most detailed, updated Schedule of Fees and Charges on our website
- Profit calculation methodology and frequency of payment varies depending on the product selected.
- You are required to keep your cheque books and debit cards including PIN and online banking credentials safe at all times to avoid any misuse or fraudulent actions by others.
Warning !!!
You are required to provide the Bank with copies of your updated documents at all times. Not providing these documents might result in the charges, transactions being restricted, account being blocked or account being closed.
Warning !!!
Not maintaining the required minimum balance could lead to fee being levied. The Bank reserves the right to downgrade the package, if the Minimum Average Balance requirement is not met for three consecutive months.
Warning !!!
You are required to provide the Bank with copies of your updated documents at all times (Emirates ID, Passport, Visa, Trade License, etc.). Not providing these documents might result in the charges, transactions being restricted, account being blocked, or account being closed.
Warning !!!
The Bank may close the account if account conduct is found to be unsatisfactory as per Bank’s Compliance policy and in line with UAE Central Bank regulations
Warning !!!
According to the instructions of the UAE Central Bank, the Customer’s account will be closed and added to the blacklist in case 4 cheques returned unpaid within one year due to insufficient balance.
Warning !!!
In the event of your failure to meet the product terms and conditions before and during your relationship with us, there will be consequences which may include restriction, blockage or closure of your account.