Opening an online bank account is way easier than visiting the bank branch to get one offline. It saves you from a lot of paperwork and enables you to explore more bank account options to make a better choice.
Most banks in the UAE allow their customers to open a bank account online and manage their finances more efficiently. The account online account opening process is simple and almost the same for all banks. The applicants need to fill out the online application form and upload the necessary documents to open an online account.
This post will take you through the list of essential documents required for opening a bank account online, along with the eligibility criteria and a simple five-step process for the same.
But before we proceed, let us learn the types of bank accounts available to open online in the UAE.
Types of Bank Accounts to Open Online
Here is the list of bank accounts that you can open online.
1. Savings Account
If you want to increase your savings by earning a reasonable amount of interest on them, you may choose to open a savings account. Savings accounts give you full-time access to your funds and offer higher interest rates than any other type of bank account. With savings accounts, you get fixed or variable interest rates, different for all the banks in the UAE. The best part about the savings accounts is that they are available in multiple currencies, and you can choose to open one in your preferred currency.
2. Current Account
A current account is the best account for businesses. It offers a wide range of benefits, including free chequebook and debit cards, and enables account holders to make unlimited transactions per day. The banks in the UAE offer two types of current accounts, salaried and non-salaried. If you are an employee, you need to open a current bank account through your employer for quick salary transfers.
3. Investment Account
Most banking solutions in the UAE offer attractive investment options for people who want to invest their money. The applicants need to sign an agreement with the chosen bank to open an investment account. The bank accounts offer flexible tenure starting from 12 months to 10 years or more, based on the users’ preferences. They allow the account holders to manage their finances and assure an annual return of at least 3 per cent. Investment accounts come with minimum investment balance requirements varying from bank to bank.
Documents Required for Opening a Bank Account Online
Each bank account in the UAE has different account opening requirements. Here is the list of documents for UAE residents to open a bank account online.
- Original Passport
- A copy of Passport with residency visa page
- Salary Certificate/Salary Slips to verify your income
- An account opening form
- Emirates ID
Note: If you do not have the Emirates ID, you can submit a copy of the Emirates ID registration form you filled when applying.
In the UAE, non-residents are allowed to open only a savings account. In addition to the documents mentioned above, non-residents may need to provide the following documents as well.
- Utility bill (for the last three months)
- A previous bank account statement from the applicant’s country of origin (for the last six months)
- Details of the source of incoming funds
- A reference letter of the prior bank
Eligibility Criteria for Opening a Bank Account Online
The eligibility criteria for opening a bank account may vary from bank to bank. Here are some standard basic requirements for opening an online bank account.
- The applicant must be a UAE resident
- The applicant must be of the age of up to 18 years or above
- The applicant must have a valid passport
Some of the bank accounts come with the minimum investment and minimum salary transfer requirements. You may contact your preferred bank and check the eligibility criteria for the bank account you choose to open.
How to Open a Bank Account Online in 5 Easy Steps?
Most banks in the UAE allow you to open a bank account online in just a few clicks. Here is a simple process that you can follow to open an online bank account.
1. Go to the Bank’s Online Portal
Log in to the chosen bank’s online portal to open a bank account online. You can also log in to internet banking to open a bank account if you are already an account holder with the bank.
2. Explore the Bank Account Options
Next, check the types of bank accounts the chosen bank offers. Discover your financial needs and select the type of online bank account you wish to open.
3. Fill in the Application Form
You will find an online application form on the bank’s website to open an online bank account. Fill out that form by providing your details like your name, nationality, address, age, minimum salary, etc.
4. Provide the Required Documents
Once done, upload the required documents on the online portal. The documents include a copy of your Emirates ID and Passport with residency visa page. The list of documents needed may vary for different banks.
5. Submit Your Application
Once you have filled out the application form, submit it with all the essential documents to open a bank account online. Further, the bank representative will contact you to provide the bank account details. The banks in the UAE usually take two to three business days to open a bank account.
Banks in the UAE offer attractive features and benefits on different types of bank accounts nowadays. They offer online banking and mobile banking services for account holders to help them manage their bank accounts from anywhere. With these online services, the account holders can have the offered banking services right at their fingertips. Instead of visiting the branch every time, they can simply log in to the concerned bank’s online portal and make easy transactions in minutes.
Now that you know the process and all the basic requirements for opening a bank account sitting at your home, it’s time you open one for yourself and start earning from your savings today. You can also contact one of the insurance aggregators like policybazaar.ae to find the best fit bank account based on your financial needs.