Learn how to open and close an Emirates Islamic bank account the online or offline process and the required documents, eligibility, and type of account.
Table of Contents
Emirates Islamic Bank operates per Shari’a principles. The bank offers a range of products designed for individuals small businesses and large corporations. Their online banking service, such as EI+ online banking, provides convenient 24/7 access to manage finances securely. It provides services such as checking account statements, transferring funds, and paying bills from anywhere using your phone or desktop. In this article, we will explain the types of accounts, and how to open and close an account of Emirates Islamic Bank.
Types of accounts in the Emirates Islamic Bank:
There are five types of accounts in the Emirates Islamic Bank. Here are some of the account types are:
Current Account
A transparent day-to-day banking option with no minimum balance charges.
- Features include banking and phone banking.
Benefits
Personal checking facilities.
Free online banking.
Multiple currencies.
SMS account updates.
Saving Accounts
- A free internationally recognized debit card, personal checking facilities, online.
- Each account has unique features, profit rates, and eligibility criteria.
Benefits
- Earn up to 1.50% p.a. expected profit.
- No limitations on monthly transactions.
- There is no minimum balance requirement.
Fixed Deposits
- Secure investment options with competitive profit rates.
- Choose from various tenures to suit your financial plans.
Benefits
- Flexibility
- Quarterly profits
- Currency options
Minor Accounts
- Accounts for children or minors, allowing parents or guardians to save on their behalf.
Benefits
- Encourage savings
- No fees to open
The process of account opening
In this main section, we will search for the documents required for different customer categories UAE nationals, individual residents, and individual non-residents. We will bring the significance of each document and how it facilitates the account opening process.
There are a few account opening processes at points:
Online process
- Log into online banking.
- Go to the new account.
- Read the terms and conditions.
- Fill out the required documents on the application form.
- Submit the Form.
Offline process
- Visit the nearest branch.
- Choose the type of account.
- Provide the necessary documents.
- Submit form.
Eligibility
- Age requirement: The minimum age is 18 years old and the maximum is 65 years for nationals and 60 years for residents.
- Mobile number: You need to have an active mobile number.
- Minimum salary: The monthly salary is AED 10,000 for both ( UAE nationals and UAE residents).
- Length of service: Your one-month salary is credited to your account.
Required documents
- United Arab Emirates national ID
- A copy of their passport and the original United Arab Emirates ID.
- Address the requirements for Gulf Cooperation Council nationals without a United Arab Emirates ID.
- Individual Residents
- The necessary documents for individual residents are a copy of their passport with the United Arab Emirates residence visa page and the original United Arab Emirates ID.
- Highpoint any additional requirements for current accounts.
- Individual Non-Residents
- Detail the documents needed for non-residents, including passports, proof of employment, and address verification.
- Provide clarity on the process for non-residents opening accounts.
Note:
There are no fees to open an account with Emirates Islamic Bank.
The process of account closing
When you close an account, readers need to know the correct procedure. We will outline the steps involved, including notifying the bank, setting outstanding balances, and returning all unused checks or cards.
Key information before you close your account
- Withdraw funds: Ensure your account balance is zero by withdrawing all funds from your account.
- Resolve liens: Clear any liens or amounts on hold by depositing cash into the account.
- Settle debts: Settle any credit card, debit card, and finance linked to your account.
- Cancel instructions: Cancel any recurring payment standing instructions or direct debits you have set up.
- Credits card: Close all credit cards associated with your salary account.
- Download statements: print or download your statements via online banking, as your online statements history won’t be available after account closure.
Required documents
- Emirates ID and passport for identification.
- Bring all cards, credit books, and checkbooks.
Closing Formalities
- Visit your nearest Emirates Islamic Bank branch.
- Fill out the application form with the required documents.
- Submit your form.
- Your account will be closed within 2 to 3 days.
In this summary, opening and closing with Emirates Islamic Bank involves specific steps and considerations. Whether you are starting a new financial journey or bidding farewell to an existing account, understanding the process ensures a smooth experience.
