When it comes to managing your finances, having a reliable savings account can make all the difference. First Abu Dhabi Bank (FAB), one of the UAE’s leading financial institutions, offers a wide range of banking products and services, including savings accounts. Among its impressive lineup of savings options, the FAB iSave Account stands out as a top choice. In this article, we’ll delve into the key features, benefits, eligibility criteria, interest rates, application process, and more, to help you make an informed decision about your savings strategy.
Features & Benefits of FAB iSave Account
The FAB iSave Account comes with a plethora of features and advantages that can enhance your banking experience. Here are some of the standout benefits:
1. Online Convenience
Gone are the days of queuing up at bank branches. With the FAB iSave Account, you can handle all your banking activities online. Whether it’s opening, managing, or conducting transactions, everything can be done with a few clicks from the comfort of your home.
2. Instant Account Opening
Opening an iSave Account is a breeze if you’re already a FAB customer. Simply download the FAB mobile app or access it through online banking, and you can initiate the process. No need for lengthy paperwork or time-consuming visits to a physical branch.
3. Single Currency Transactions
The FAB iSave Account operates solely in UAE Dirhams (AED), ensuring seamless transactions for those based in the Emirates.
4. No Minimum Balance Requirements
Unlike many other accounts that require you to maintain a minimum balance, the FAB iSave Account gives you the flexibility to manage your funds without any such restrictions.
5. Unlimited Withdrawals
Accessing your funds is hassle-free with the FAB iSave Account, as there are no limitations on the number of cash withdrawals. Your money is always within reach when you need it.
Eligibility Criteria to Apply
Before applying for the FAB iSave Account, it’s crucial to understand the eligibility requirements:
1. Average Monthly Balance
The average monthly balance plays a pivotal role in determining your eligibility and the interest rate offered on your FAB iSave Account. Maintaining a healthy balance can be rewarding.
2. Minimum Age
To open an FAB iSave Account, you must be at least 18 years old, in line with FAB’s general savings account requirements.
Documents Required for Application
To start your journey with the FAB iSave Account, you’ll need to submit some essential documents:
- Copy of Emirates ID, passport, or resident visa
- Completed application form
- Income proof, such as a salary slip or income certificate from your current employer
Interest Rates on FAB iSave Account
One of the most enticing aspects of the FAB iSave Account is its competitive interest rates. Currently, FAB offers an attractive 4.5% annual interest rate on new funds deposited between October 1 and December 31, 2022.
The interest rate is calculated based on the balance as of June 30, 2022, which serves as the base balance. Any additional funds deposited during the specified period over this base balance will be eligible for the 4.5% interest rate. After the campaign ends, a differential interest rate will be applied within 30 days.
For existing funds in the iSave Account, interest rates vary based on the balance bands:
- Less than AED 500,000: Up to 1.57% per year
- AED 500,000 to AED 5,000,000: 1.57% to 2.25% per year
- Greater than AED 5,000,000: Up to 2.25% per year
To get a clearer picture of your potential savings, you can use the iSave calculator provided on the bank’s official website.
How to Apply for the FAB iSave Account
Applying for the FAB iSave Account is a straightforward process that can be done through two convenient methods:
1. Apply through FAB Mobile App
- Download the FAB mobile application from Android or iOS app store and you can also scan the QR code available on the FAB official page.
- Open the app, use your Emirates ID to sign in, and select the FAB iSave Account option.
- Complete the required personal and employment details.
- Submit the online form and your account will be instantly opened, ready for deposits and transactions.
2. Apply Online
- Visit FAB’s official website and navigate to the Accounts section.
- Select FAB iSave Account and fill out the lead form with your information.
- After submission, expect a bank representative to contact you within 24 hours to assist with your application.
After opening your account you can use the FAB Bank Balance Check page to know your balance online.
Frequently Asked Questions
Here are answers to some common queries about the FAB iSave Account:
What interest rates are offered by the FAB iSave Account?
Currently, FAB offers an enticing 4.5% interest rate on new funds deposited between October 1 and December 31, 2022. Keep in mind that existing funds are subject to prevailing interest rates.
Can I visit the nearest FAB branch to apply for the FAB iSave Account?
No, the FAB iSave Account can only be applied for online, either through the FAB mobile application or the official website.
What is the fundamental difference between base balance and new funds?
The base balance refers to the account balance as of June 30, 2022. New funds are any additional sums transferred into the account between October 1 and December 31, 2022, over and above the base balance.
How can I download the iSave calculator?
You can download the iSave calculator from FAB’s official website. Visit the FAB iSave Account page, and you’ll find the iSave calculator available for download at the end of the page.
FAB iSave Account is a modern, convenient, and rewarding option for those looking to optimize their savings. With competitive interest rates, no minimum balance requirements, and easy online access, it’s a smart choice for individuals seeking to grow their wealth while enjoying the benefits of hassle-free banking. Apply today and embark on your journey to financial prosperity with First Abu Dhabi Bank’s iSave Account.