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Know the process of opening personal bank account in UAE

Dubai: It is important to have a personal bank account  for those  who moved to the UAE.  The benefits of holding a personal bank account are immense. Apart from keeping your savings safe and secure, an account allows you to deposit your income directly into a bank, pay your rent and utility bills with ease, and conduct various other transactions.

There are two types of accounts — a savings and a current account. A savings account helps you store your savings with an interest rate on your balance. And you also get a debit card and/or a credit card for purchases and transactions. A current account allows you to write cheques for transactions and you get a debit/credit to use for your transactions.

Here are the basic documents that are required:

Emirates ID

Passport copy in the absence of an Emirates ID

Current visa or some other proof of residency (UAE driving licence, UAE utility bill, tenancy contract, another bank statement, etc.)

A letter from your employer

When deciding to open an account, ask the bank representative about:

The ability to issue cheques

Rates of interest on savings accounts

Returned cheque fees

Overdraft privileges and related costs

Bank policy on holds on funds being deposited;

Access to foreign currency

Also Read: Foreign Portfolio Investors infuse Rs 32,365 crore in Indian equities in July 

Access to a debit card

Monthly and transaction fees

Minimum balance requirements

Cost for and ease of transfers of funds

Notice requirements to the branch for large withdrawals

If the bank provides you with a debit card for your account, find out about the withdrawal limits as well as at which ATMs the debit card can be used and if there are any transaction fees.

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