Which Bank is Best for Salary Account in UAE?

Choosing the best bank for salary account in UAE is crucial for your financial security. There are many options from leading banks in the country, each offering various features and benefits.

In order to simplify this important decision for you, we have picked out the top-rated options so that you can choose the ideal one. Our goal is to help you find the option that best fits your needs and goals. This guide will help you select the ideal account for salary transfers in the Emirates, ensuring a smooth banking experience and an informed choice.

Best Bank for Salary Accounts in UAE

These are some of the best banks in UAE for salary accounts:

 

Bank of Baroda Premium Salary Account

The Bank of Baroda Premium Salary Account is for individuals who are looking to open an account to receive funds from their employers.

Features

• Resident individuals who are either Indian nationals or GCC Nationals can open this account.
• An account in the name of a minor can be opened until they reach the age of 21, and it must be operated by the natural guardian, i.e., the applicant’s mother or father.
• A checkbook is provided as part of the account services.
• The account is primarily designed for savings and comes with a checkbook facility.
• The first issuance of the account is free, but replacements requested by the customer incur a charge of AED 25.
• Joint accounts are allowed with the option for operating instructions to be either jointly or by any one account holder.
• Additional features include a debit card, internet banking, and mobile banking facilities.
• The account is available in AED only.

Required Documents

• Two recent passport-size photographs
• Duly filled account opening application form which is signed in front of bank officials
• Photocopy of valid passport including valid VISA page and address page
• Photocopy of valid labor contract
• Copy of valid Emirates ID
• NOC (No Objection Certificate) from the sponsor
• Original documents to be presented for verification purposes
• Copy of Tenancy contract/Ejari wherever applicable

Standard Chartered Salary Account

The next option is the Standard Chartered Bank Salary Account. Here are its features, required documents, and eligibility criteria:

• No limits on deposits and withdrawals for easy banking
• Receive the first checkbook free with a subscription to this AED-denominated Current Account
• Enjoy 24-hour global access to cash with a free debit card
• You can have access to a variety of Shariah-compliant solutions with Standard Chartered Saadiq.
• Convenient 24/7 access to funds, deposit cash at Cash Deposit Machines, and set up standing instructions.
• Benefit from preferential rates on loans and fast processing for highly efficient banking.
• No minimum balance requirement and zero maintenance fee for a salary above AED 5000
• Transfer balances from other credit cards at 0% interest to avoid expensive interest payments.
• Easily manage your funds with SC’s award-winning online and mobile banking platform (SC Mobile)
• You can have access to major utility providers like DEWA, Etisalat & Du through online banking for effortless bill payments.

Eligibility Criteria

• Applicant should be UAE National & Resident
• Applicant must be a minimum of 21 years old

Required Documents

• Salary Transfer Letter
• Resident Visa
• Passport
• Emirates ID

Mashreq Neo Salary Account

Mashreq Neo Salary Account is suitable for individuals who are looking to get cashback upon their salary transfers. Here are its benefits,

Account Features:

• ATM transfer, free cash withdrawals, and other additional benefits.
• You have the opportunity to invest in foreign currencies and gold
• You can open this account in 2 minutes and can be eligible to earn up to AED 2,500 Cashback upon your salary transfer.
• Enjoy fast and easy remittances
• The account is available in AED only.
• You can have access to global stock exchanges.
• You will get your free first checkbook

Cashback Amount Details

Eligibility:

• Minimum monthly salary of AED 5,000 or an annual turnover of AED 60,000.
• 18 years and above

Documents Required

• Valid Emirates ID
• Resident visa
• Salary certificate of the applicant
• A copy of your passport
• Emirates identity card

ADIB Current Account

The ADIB Current Account is another salary account available in the Emirates. It provides users with a versatile banking experience, allowing them to sign cheques, pay bills, withdraw cash, and transfer salary and funds for free at over 700 ADIB ATMs across the UAE.

Features:

• Multiple currencies are available for maintaining your account, including AED, US Dollar, and GBP.
• Free monthly e-Statements are delivered to your mailbox.
• A monthly fee is applicable if the minimum balance is not maintained.
• You will get a free ADIB Visa Debit Card which provides secure, instant access to your account at ATMs and retail outlets.
• You can avail of free teller services at any ADIB Branch, including Dana Women’s Banking Branches and Mall Branches.
• With ADIB WebSecure, you can do secure online shopping
• 24-hour Banking Services allows you to access e-ADIB Internet Banking, Telephone Banking, and SMS Banking.
• Set up standing instructions for automatic payments on chosen dates.
• Instant Overdraft Facility is available with a minimum salary transfer of AED 8,000.
• The first checkbook is free whereas additional ones can be obtained for AED 25 each.

Required Documents:

• Valid Emirates ID (for UAE Nationals and residents)
• Valid UAE residence visa
• Original Passport (for UAE Nationals and residents) – Joint Accounts require all original passports with all account holders present

Eligibility Criteria:

• Current accounts can be opened with a minimum salary of AED 5,000 which should be declared in the account opening form.

RAKBank RAKmore Salary Transfer Account

The RAKBank RAKmore Salary Transfer Account by RAKBank acts as a salary transfer account whose purpose is to simplify and enhance banking for customers who choose to transfer their salary to this bank.

It is divided into three different types of accounts. They differ in terms of benefits and features. These accounts are:

1. RAKElite (Salary between AED 5k – AED 20K).
2. RAKSelect (Salary between AED 20k – AED 50k).
3. RAKElite (Salary above AED 50K).

In general, you can expect the following benefits along with the required documents and eligibility criteria:

Benefits

No amount is required to open an RAKmore account.

• You can do a maximum of 3 free non-RAKBANK ATM cash withdrawals every month.
• This current account has no minimum balance requirement.
• You can do one free foreign remittance per month through Swift via digital banking (RAKMoneyTransfer excluded).
• You can get one free checkbook per month.
• You can do unlimited free domestic remittances through digital banking.
• You will get a free-for-life credit card from the bank based on eligibility.

Required Documents:

• Valid passport with residence visa (for non-UAE nationals)
• Valid Emirates ID
• A salary transfer letter or salary certificate from the employer
• Proof of salary including Pay Slip, Labour Contract/MOL printout, or Offer Letter for employees under probation
• Proof of residence (Rental agreement, DEWA bill, or Etisalat bill)

Eligibility Criteria:

AED 5,000 is the minimum salary required to open an RAKmore account.

Ajman Bank Payroll Account

Ajman Bank has introduced a comprehensive payroll solution tailored for corporate entities of the UAE, offering a straight approach to meet their unique needs. The salary or payroll account is designed to deal with the problems associated with payroll management, ensuring a hassle-free experience. Employees of participating companies gain easy access to convenient banking facilities through this dedicated account.

This zero-balance salary account in the United Arab Emirates offers the account holder a plethora of financial incentives in addition to competitive interest rates. With the personalized doorstep account opening services and the least amount of documents required, this account can be opened in no time.

Features:

• There is no minimum or average balance requirement for the account holder of this exclusive payroll account.
• The bank offers special benefits and offers for the governments of Sharjah, Abu Dhabi, and Ajman, including the Wage Protection System (WPS).
• The account holder gets remarkable profit rates on their funds in addition to a myriad of incentives on financial products.
• The account holder is provided with several payroll solutions by the Bank.
• The applicant has the option of opening a bespoke doorstep salary account with Ajman Bank. This saves a lot of effort and time for the applicant.
• With little to almost no documents required, the applicant can readily obtain this salary transfer account.
• Employers of UAE-based corporate organizations can easily transfer salaries to the employees with this bank account.

Required Documents:

• Salary Certificate (for salary transfer account only)
• Original and copy of the Emirates ID for both Expats and UAE Nationals
• Original and copy of the passport along with Visa Page for Expats
• Duly filled up and signed form for opening the account and T&Cs

ADCB Salary Account

The ADCB salary account is offered in two types of accounts, current accounts and savings & call accounts.

ADCB Current Salary Account Features

ADCB Salary Current Account features are as follows:

• The first checkbook is free for AED accounts.
• E-statements are provided free of charge.
• Available in major currencies, including AED, providing flexibility for account holders.
• Convenience for Salary Transfer:
• The account is designed to be convenient for salary transfers.
• The account offers the feature of easy financial management. Users can perform various banking activities with ease, such as salary transfers, fund movements, payments, checkbook requests, and debit card issuance.
• The account is exclusively open to UAE residents.
• Enjoy access to ADCB Personal Internet Banking and Mobile Banking for convenient and secure financial management.

Eligibility:

AED 5000 is the minimum salary requirement for employees who are residents of the UAE.

Required Documents:

• An original passport with a UAE residence visa (valid for more than a month)
• Salary certificate
• Original Emirates ID

ADCB Savings and Call Accounts

ADCB savings and call accounts not only encourage customers to save for tomorrow but also allow them to enjoy the advantages of this account right away. For these accounts, AED 5,000 is the minimum salary for residents employed in the UAE.

With a focus on flexibility and growth, these banking solutions cater to both residents and non-residents, providing a secure and rewarding banking experience to the users.

Features of Savings Account:

• You will get free E-statements within the statement cycle.
• You can earn an annual interest rate of 0.10% on AED and USD Savings Accounts.
• The account is available for both UAE residents and non-residents.
• Applicants can choose from AED and USD currencies to suit their preferences.
• A debit card can be acquired but it is for AED savings account only.
• The profit is applied to the minimum balance per month for account holders and is paid quarterly.

Call Account Features:

• The account is available for both UAE residents and non-residents.
• Applicants can choose from AED. USD and other main currencies to suit their preferences.
• Interest is earned on the daily balance and is paid every month to the customers.
• Customers can get free E-statements within the statement cycle.
• In the case of Call Accounts, if the amount is less than AED 15 or USD 5 equivalent for non-AED accounts every month, no interest will be paid.

Required Documents and Eligibility Criteria:

The requirements of a savings account and call account are different for UAE residents and non-residents.

For UAE Residents:

• An original passport with a UAE residence visa (valid for more than a month)
• Original Emirates ID
• Salary certificate
• You must have 5,000 AED as the minimum salary per month for residents employed in the UAE

For Non-UAE Residents:

• Your original passport
• A letter of introduction from an existing ADCB customer with a relationship of more than a year.
• Your existing bank account’s three-month stamped bank statement.
• Copy of your entry stamp page or e-gate card and visit visa.

Emirates NBD Salary Transfer Account

Emirates NBD Salary Transfer Account is an interest-bearing account that allows users to earn interest in a lot of currencies.

Features

• Available in AED and USD currencies.
• A complimentary debit card is provided for AED accounts.
• You will have the convenience of free checkbooks for both AED and USD accounts.
• Earn a competitive interest rate of 0.10% p.a. on all balances.
• Exclusively designed for employees of select companies.
• Interest is calculated daily, ensuring your money works for you.
• There are no fees for opening this current account.
• Avail up to 10 free teller transactions per month, depending on your banking package.
• The account is opened for free.

Requirements and Documents

• Original Emirates ID and copy
• Copy of Employee ID
• Reference letter from a banker in the country of origin (confirming the relationship’s nature and length, at least 12 months); residential address according to the home country bank records
• Work Permit and copy
• Latest salary letter
• Copy of passport with visa page
• Copy of Labor Card
• Copy of employment visa page from passport
• Copy of appointment letter or contract
• For bulk accounts: consolidated letter from HR (with the salary of each employee mentioned).
• Utility bill (not more than 3 months old)
• Copy of payslip (less than a month old)
• Statement with the previous month’s salary
• Letter from employer
• Tenancy contract in your name

For Companies:

• Emirates ID and passport copies of all signatories, owners, or directors
• Board Resolution
• Trade license if the company is in the UAE
• Memorandum of Association (MoA)

Emirates Islamic Current Account

Say hello to transparent day-to-day banking with the Shariah-compliant Emirates Islamic Current Account, a transaction account offering checking options and various banking benefits.

Features:

• No minimum balance charges if the salary is transferred.
• You can use mobile banking, online banking, and a mobile app for various banking transactions and other services.
• You will get a globally recognized debit card at no cost.
• The account is available in AED, USD, GBP, Euro, Yen, Canadian Dollar, Saudi Riyal, Kuwaiti Dinar, Qatari Riyal, Bahraini Dinar, and Omani Riyal. Keep in mind that the debit card and checkbook are not available on Foreign Currency Current Accounts.
• You will get a checkbook for an AED account
• Tailored for UAE residents, the account provides personal checking facilities.
• You can receive account updates via SMS alerts for charge card balances and other transactions.
• Conveniently view, manage, and conduct transactions online for free.
• You can access your accounts anytime, anywhere through phone banking.

Eligibility

• Minimum balance requirements of AED 3,000.
• Minimum salary of AED 5,000.

Required Documents

• Copy of your passport with the UAE residence visa page and the original Emirates ID. Original passport required in case of expired or lost Emirates ID, along with a copy of the Emirates ID renewal or re-issuance form
• Reference letter from a bank in your home country confirming your relationship’s nature and duration with that bank and your residential address (at least 12 months).
• The most recent statement of the account to which your salary is transferred (not older than 3 months).
• Most recent salary certificate (not older than 3 months).
• Utility bill (not older than 3 months).
• Copy of your appointment letter or contract.
• Your pay slip (not older than 3 months).

• Bank statement (not older than 3 months). Online statements are also accepted.

ADIB Ghina Salary Account

The Ghina Salary Account is designed to provide a comprehensive banking experience, combining convenient features, digital accessibility, and attractive benefits for the account holders.

The best thing about this account is that the account users who transfer their pay and maintain a minimum monthly balance of 20,000 AED in it are eligible to participate in the 3 million AED Ghina prize draw among other exciting rewards.

Features:

• Avail a free ADIB Visa Electron Debit Card for instant access to funds at retail outlets and ATMs.
• With 24/7 Banking Services, you can enjoy continuous access to the most advanced and secure e-ADIB internet banking, telephone banking, and SMS banking.
• The bank calculates expected profits monthly, crediting them directly to the account holder’s bank account.
• Account holders can request a checkbook, with the first one available at no cost. Additional checkbooks can be obtained for a fee of AED 25 each.
• Account holders can use the mobile banking app for bill payments, phone and Salik credit recharge, local and international money transfers, account statements, ATM and branch location services, and more.
• Users can set up standing instructions for automatic payments on chosen dates, covering bill payments, transfers, and donations.

Required Documents

• A salary certificate from the employer
• Original passport for UAE nationals and resident
• Valid Emirates ID for UAE nationals and residents

Eligibility Criteria:

• AED 8,000 is the minimum salary required for this account.

FAB One Current Account

The FAB One Current Account not only eliminates minimum balance charges but also offers a host of benefits, including rewards, exclusive discounts, and free lounge access. Elevate your banking experience with First Abu Dhabi Bank premium offerings tailored to meet the financial needs of employees in the UAE.

Features

• You can earn FAB Rewards upon doing shopping and redeem them for a reward of your choice.
• There are no minimum balance charges for this account
• You can get exclusive special discounts and offers from select premium retailers in the Emirates.
• You will have the convenience of a free Platinum Mastercard debit card. With this card, you can benefit from free lounge access at selected airports.
• To earn rewards on the average balance for the month, you need to maintain a minimum balance of AED 10,000.

Eligibility

• Residents of the UAE only can apply for this account.
• Minimum monthly salary of AED 10,000.
• Minimum initial deposit of AED 10,000 per month.

Required Documents:

• Completed account opening form
• Proof of income
• Copy of a valid resident visa, passport, or Emirates ID (originals must also be presented)

What is a Salary Account?

Financial organizations offer a specific kind of bank account called a salary account that helps with the transfer of an employee’s income or salary. Usually, a company sets it up as part of the wage disbursement procedure on behalf of their employees.

The main goal of such an account is to ensure that the employee receives their monthly income or pay straight from the company. The account automates the payment process and guarantees a smooth transfer of funds.

How to Open a Salary Account in Dubai, UAE?

If you want to open a bank account for salary in the UAE, follow these steps:

1. Visit your nearest branch of the bank.
2. Fill out the form and sign it in front of the bank officials.
3. Submit the form along with the required documents
4. Deposit the required amount for the account.
5. Within a week or two, your account will be opened.

What are the Benefits of a Salary Account?

It’s crucial to recognize that salary accounts are typically designed for salaried employees and are governed by the terms and conditions established by the bank where the account is held. Some banks may also convert salary accounts into regular savings accounts if salary credits cease for an extended period. If an individual changes jobs, they may need to open a new account with their new employer.

Here are the key benefits of a salary account:

No or Low Minimum Balance Requirement

These accounts often have relaxed or no minimum balance requirements, making them suitable for individuals who prefer not to maintain a significant balance.

Special Offers

A few banks may extend special offers, cashback deals, or discounts to salary account holders for services like travel, shopping, and dining.

Debit Card

Account holders generally receive a debit card linked to the account, facilitating payments, cash withdrawals, and online shopping.

Access to Banking Services

Account holders enjoy access to a lot of banking services, including mobile banking, online banking, and phone banking, enabling them to manage accounts and conduct transactions efficiently.

Auto Bill Payments

Many accounts offer the convenience of automatic bill payments, assisting individuals in efficiently managing utility bills and other recurring payments.

Overdraft Facility

Some accounts provide an overdraft facility, enabling users to withdraw money beyond their account balance up to a predetermined limit, with interest charged on the overdraft amount.

Access to Credit Cards and Loans

Account holders may have easy access to credit cards, personal loans, and home loans. The stability of salary credits is often considered a positive factor for lending.

Zero or Low Charges

Many banks offer fee waivers or discounts to account holders for various banking services such as checkbooks, demand drafts, and account statements.

How to Select the Best Bank for Salary Account in UAE?

Choosing the best bank for salary account in the United Arab Emirates demands thoughtful consideration of your financial requirements and preferences. Below are crucial factors to think about when opting for a salary bank account:

Comparison of Banks

Conduct a thorough evaluation of account offerings from various banks. Scrutinize different aspects such as associated fees, minimum balance requirements, and the different services offered.

Minimum Balance Requirement

See the minimum balance requirements for the account. A few banks provide zero-balance salary accounts, while many impose specific balance criteria. Choose an account that fulfills your financial demands.

Interest Rates Offered

While salary accounts typically don’t yield high-interest rates, some banks may offer a high rate on the maintained balance. Do consider this if you want to retain a considerable balance in the account.

Terms and Conditions

Thoroughly read and comprehend the terms and conditions of the account, having any requirements and restrictions.

Reviews and Recommendations

Get insights and reviews from colleagues or friends holding accounts with diverse banks. Their experiences can furnish valuable perspectives to assist in your decision-making process.

Accessibility

Ensure that the chosen bank account features an extensive ATM network and widespread branch presence, particularly if many in-person banking requirements or frequent cash withdrawals are expected.

Mobile and Online Banking Services

Evaluate the availability and functionality of mobile and online banking services. See if you can easily access the bill payments, account details, and fund transfers so that the convenience of your banking experience can be enhanced.

Fees and Charges Associated with Accounts

Go through the fees and charges linked to the account, including ATM usage, costs for non-maintenance of the minimum balance, and additional services. Go for an account featuring minimal fees to enhance cost-effectiveness.

ATM Access

Opt for an account that facilitates free or low-cost ATM withdrawals from a broad network of ATMs. Certain banks extend unlimited free ATM transactions at their ATMs.

Additional Services

Certain banks offer extra services, such as free prizes via 24/7 banking, bill payment facilities, and discounts on various shopping outlets and restaurants. These facilities can increase the value of your chosen account.

Employer’s Choice

If your employer has an affiliation with a specific bank, opting for an account with that bank may prove more efficient and straightforward.

Overdraft Facility

See if the availability of an overdraft facility is there as it can prove to be beneficial in scenarios involving temporary cash shortfalls or unexpected expenses.

Customer Service and Support

Evaluate the bank’s reputation for customer service and support. An adept and responsive customer support team can be a valuable asset.

Privacy and Security

Cross-check and verify the bank’s security protocols and protection measures for mobile and online banking to secure your account against unauthorized access.

Debit Card Benefits

You can enjoy the perks associated with the debit card linked to the account. Some banks provide debit cards with exclusive privileges, such as discounts, cashback offers, and access to airport lounges.

Open a Salary Account in the UAE with RIZ & MONA CONSULTANCY

There are a lot of famous and highly rewarding salary accounts in the UAE. Choosing the right option for your requirements can be hard considering there are a lot of factors to take care of. To help yourself out, it is best to reach out to banking experts in UAE like RIZ & MONA CONSULTANCY.

Our banking professionals will not only assist you in choosing the ideal bank account that will fulfill your demands but also open one on your behalf. Get in touch with us today to open your account for salary transfer in Dubai or anywhere else in the UAE.

FAQs – Frequently Asked Questions

Which type of account is best for salary?

Salary accounts in the UAE are most suitable for receiving salaries from companies.

Which bank is best for a salary account in the UAE?

The best banks for a salary transfer account in the UAE are

1. Emirates NBD
2. Emirates Islamic Bank
3. ADIB
4. RAKBank
5. Mashreq Bank
6. Ajman Bank
7. Standard Chartered
8. FAB
9. ADCB
10. Bank of Baroda

What is the minimum salary account in UAE?

The minimum salary accounts in the UAE are:

1. ADCB Salary Account
2. Emirates NBD Salary Transfer Account
3. Emirates Islamic Current Account
4. Bank of Baroda Premium Salary Account
5. Standard Chartered Salary Account
6. Mashreq Neo Salary Account
7. ADIB Current Account
8. RAKBank RAKmore Salary Transfer Account

Can I convert my salary account to a savings account?

Yes, it is possible to convert a salary account to a savings account. Simply ask the banking staff or dedicated relationship manager to do so.

What is the minimum salary for an Emirates NBD account?

The minimum salary for an Emirates NBD account is AED 5,000.

What is the minimum salary in Rakbank?

AED 5,000 is the minimum salary required for an account in the RAKBank.

What are the benefits of a salary account in the UAE?

The benefits of this type of account in the UAE include

1. Easy access to cash
2. Low minimum balance requirements
3. Highly rewarding debit cards
4. Cashback on salaries
5. Utility bill payments