UAE Banks to Raise Minimum Current Account Balance to AED 5,000
Several prominent banks in the United Arab Emirates are set to increase the minimum balance requirement for current accounts from AED 3,000 to AED 5,000 starting June 1. This change aligns with updated guidelines issued by the UAE Central Bank concerning personal loan-linked accounts.
Reports from Emarat Al Youm reveal that one major bank has already implemented the new balance threshold, with others expected to follow suit shortly.
Customers who fail to maintain the new minimum balance of AED 5,000 may face a monthly service charge of AED 25, unless they qualify for specific exemptions.
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Exemptions to Avoid Fees:
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Maintain a total balance of AED 20,000 or more across all accounts.
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Receive a monthly salary of AED 15,000 or higher.
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Receive a salary between AED 5,000 and AED 14,999 while holding an active credit card, overdraft facility, or loan with the bank.
Account holders not meeting these criteria, especially those earning less than AED 5,000 monthly, will be charged the monthly fee automatically.
In some cases, banks may impose higher fees ranging from AED 100 to AED 105 for accounts that don’t meet any exemption criteria, depending on the bank’s policies and account type.
The existing AED 3,000 minimum balance rule has been in place since 2011, primarily for accounts tied to personal loans. This upcoming adjustment marks a significant shift in retail banking, reflecting changing market dynamics and regulatory requirements.
