Salary account is one of the most important bank accounts. It is an exclusive account designed for salaried individuals to have their salary credited. Every working individual will open a salary account to which the salary will be transferred to. Salary accounts are also offered by the employer to the employees. There are several benefits provided on a salary account that makes it different from a savings account.
Salary Account vs Savings Account
A salary account is quite similar to the savings account but the difference is there is no minimum balance requirement in most of the salary accounts. Salary accounts in UAE also come with benefits like free cash withdrawals, fund transfers and much more which is not available on the savings accounts.
Salary Account Opening Process
Any working individual who meets the requirements of the bank is eligible to open a Salary account in UAE. There is no initial deposit required to open a salary account at most of the banks or financial institutions. The account opening process is
Compare different salary accounts in UAE
Pick the best salary account
Check the eligibility criteria of the account
Ensure you have all the required documents for the account opening
Visit the bank or apply online on the bank website
Fill the form
Open the account and Transfer your salary
Eligibility criteria for Salary account in UAE
The basic eligibility requirements for a salary account in the UAE are,
A minimum salary of AED 3000 – AED 10,000
Both UAE Nationals and expats are eligible
The applicant needs to be a working individual
Salary transfer to the bank is required
The account holder must be at least 21 years
Documents Required for a Salary Account in UAE
Emirates ID
Passport
Residence Visa for expats
Salary transfer letter
Salary slips
Salary transfer letter and salary slip are important documents for a salary account in UAE as these are the documents that work as income proofs for the bank. Salary slip is also known as Payslip at some of the companies.
Benefits of a Salary Account in UAE
The salary transfer account provides good financial benefits like,
Free fund transfer to domestic and international accounts
Free debit card
Free cash withdrawals from the ATM
Free cheque book
Personal Loan: Salary transfer is an important criterion to get a personal loan in UAE at most of the banks. As your salary is already being transferred to a bank, you can get a personal loan easily.
The less and nominal charges on a salary account make it different from other accounts. UAE has a good number of the working population. Getting the right bank account according to the usage is important else there will be hefty fees and charges levied.
