Top 7 zero balance account in UAE

The expatriate workers need a bank account for saving money and transferring funds to their families abroad. The UAE citizens also need a bank account but not everyone can maintain a minimum balance. That’s where the zero balance bank account enters the playground.

There are many banks that offer a zero balance account, so I did some research to know what each bank offers. Now the question is, what is the best zero balance account in UAE 2024? I cannot answer this question with only one bank account, because I have found a list.

So, let’s explore top 7 zero balance account options available in the UAE. After checking these bank account features and benefits, you will be able to find a suitable bank account for yourself.

1. ADIB Smart Banking Account
2. Emirates NBD Liv Account
3. FAB iSave Account
4. RAKBANK Fast Saver Account
5. CBD Esaver Account
6. Mashreq Happiness Account
7. HSBC E-Saver Account

Now, I will give an overview of each zero balance bank account in the UAE.

#1. ADIB Smart Banking Account

Abu Dhabi Islamic Bank provides a zero balance account known as the ADIB Smart Banking Account in UAE. All UAE residents (citizens and expatriates) above the age of 18 years are eligible to open a Smart Banking Account with ADIB Bank UAE.

The ADIB Zero Balance Smart Banking Account is available for salaried people, professionals and business owners (for personal use only). The Smart Banking Account is also available for not-earning people such as students, housewives, retired people and others.

The Abu Dhabi Islamic Bank offers many features and benefits in its Smart Banking Zero Balance Account that I am sharing here.

Key Features and Benefits:

Eligibility Criteria:

For Earning Applicants:

• Applicant’s Age must be at least 18 years.
• Must be either a salaried employee or a business owner/partner.
• Minimum Salary must be AED 5000 per month.
• Must use the bank account for personal use only.

For Not-Earning Applicants:

• Housewives must have a valid Housewife Visa.
• Students must be between the age of 18 years and 24 years.
• Must use the bank account for personal use only.

Required Documents:

• A Valid Emirates ID
• Original Passport [for expatriates only]
• A Valid UAE Residence Visa [for expatriates only]

Click to Open Your ADIB Smart Banking Account Online

#2. Emirates NBD Liv Account

Emirates NBD Bank also offers an online zero balance account for all UAE residents. It is known as Liv Account that customers can open online at the Emirates NBD website.

In addition, the Emirates NBD Liv Account is easy to use and manage through Liv App (Liv Bank App) that is available for free for Android and iPhone devices.

To know more about Emirates NBD Liv Account, you should take a look on its key features that I am sharing here.

Key Features and Benefits:

Eligibility Criteria:

• The applicant must be a UAE Citizen or Resident.
• The applicant’s Age must be minimum 18 years, No upper age limit.
• The Maximum Age Limit is 24 years for a Student Account.

Required Documents:

• A Valid Emirates ID
• A Valid UAE Residence Visa [for expats]
• Original Password with Residence Visa Page [for expats]

Click to Open Your Emirates NBD Liv Account Online

#3. FAB iSave Account

First Abu Dhabi Bank (FAB) is known for its super-fast banking service and exciting offers. The FAB iSave Account is one of the best zero balance bank accounts of all time. It comes with a high interest rate benefit and many good features for iSave account holders.

Key Features and Benefits:

Eligibility Criteria:

• Only individual applicants are eligible to open an FAB iSave Bank Account.
• The applicant must be a UAE resident with a valid Emirates ID Card.
• The age of the applicant must be at least 18 years.

Required Documents:

• A Valid Emirates ID [Original]
• A Valid Passport and UAE Residence Visa [for expats only]

Click to Open Your FAB iSave Account Online

#4. RAKBANK Fast Saver Account

RAKBANK Fast Saver Account is designed for people who need a zero balance account in USD currency. The bank offers Fast Saver Online Account with AED and USD, the customers can choose their desired currency option when opening the bank account.

The RAKBANK Fast Saver Account offers some special features and benefits that I want to share here with you.

Key Features and Benefits:

Eligibility Criteria:

• Only individual applicants are eligible to open a RAKBANK Fast Saver Account.
• The applicant must be a resident of United Arab Emirates.
• The applicant must be at least 18 year old.

Required Documents:

• A Valid Emirates ID Card
• A Valid Passport with Active UAE Visa [for expats only]

Click to Open Your RAKBANK Fast Saver Account Online

#5. CBD Esaver Account

Commercial Bank of Dubai has an exciting offer for people looking for a zero balance bank account in UAE. It is called CBD Esaver Account that is available for both the UAE Nationals (citizens) and UAE Residents (expatriates) living in the United Arab Emirates.

Even though the CBD Esaver Account is a zero balance account, it offers plenty of benefits and useful features to the customers.

Key Features and Benefits:

Eligibility Criteria:

• The applicant must be either a UAE National/Citizen or a UAE Resident/Expatriate.
• The applicant must be minimum 18 year old.

Required Documents:

• A Valid Emirates ID Card [for everyone]
• A Valid Passport [for expats only]
• A Valid UAE Residence Visa [for expats only]

Click to Open Your CBD Esaver Account Online

#6. Mashreq Happiness Account

Mashreq Al Islami Bank provides the best value zero balance account for salaried people in United Arab Emirates. It is called the Mashreq Happiness Account and it is a perfect zero balance bank account for individuals with a monthly salary of AED 10000 or more.

The Happiness Account also gives a welcome bonus of up to AED 2000 on first salary transfer and offers many more benefits that I will explain below.

Key Features and Benefits:

Eligibility Criteria:

• The applicant must be minimum 18 year old.
• The applicant must have a minimum salary of AED 10000 per month.
• The applicant must be either an Emirati National (UAE Citizen) or an Expatriate UAE Resident.

Required Documents:

• A Valid Emirates ID Card [for citizens and expats]
• A Valid Passport with UAE Residence Visa Page [for expats]

Click to Open Your Mashreq Happiness Account Online

#7. HSBC E-Saver Account

The HSBC Bank Middle East Limited offers an online savings account called E-Saver Account. It is the last zero balance account in the list and it is also a good option for all residents in United Arab Emirates.

The HSBC E-Saver Bank Account comes with many high-tech features that you can access to manage funds in your account. Here I provide some attractive features and benefits of E-Saver Account as follows.

Key Features and Benefits:

Eligibility Criteria:

• The applicant must be a UAE Resident or Emirati Citizen or GCC National/Citizen.
• The age of the applicant must be at least 18 years.

Required Documents:

Existing HSBC Customers

• No need to submit any document to open an E-Saver Account.

New Customers

Sole Account and Joint Account:

• Original Emirates ID Card [for all applicants]
• Original Passport [for all applicants]
• A Valid UAE Residence Visa [for Non-GCC national applicants only]
• A Valid Proof of Residence in UAE such as a Rental/Lease Agreement or Title Deed or Utility Bill and Employment Letter.

Click to Open Your HSBC E-Saver Account Online

Final Verdict:

The banking industries of UAE have showed a significant growth in last 10 years. The zero balance accounts have played a great role in this growth. I have shared top 7 zero balance account options in UAE for you.

You should check the features & benefits of each zero balance bank account in UAE. It will help you choose the bank account that meets your day-to-day banking needs. For further queries, check the FAQs about zero balance accounts in UAE below.

FAQs