In the digital age we live in today, banking is evolving and getting more straightforward and more accessible than it ever has been. The FAB iSave Account can be a suitable choice for you if you’re a resident of the United Arab Emirates and are interested in saving money or understanding banking.
An account specifically designed to assist you in saving money is the FAB iSave Account. You can earn a competitive interest rate of 5.25 percent annually on any extra money you deposit into this account. This implies that you will receive more funds from the bank to add to your current balance if you transfer your savings into this FAB account. With one of the most valuable savings rates available in the UAE, opening this account will allow your money to grow quicker than it would in an ordinary savings account.
What are the features & benefits of the FAB iSave Account?
In addition to its compelling interest rate and straightforward account opening process, the FAB iSave Account comes with a variety of other services that can significantly enhance your experience with banking. The following are some of the main attributes and advantages of the iSave FAB Account:
Digital Accounts:
You don’t need to visit a bank branch to conduct banking activities. You may open, maintain, work on, and execute payments in your FAB iSave Account electronically.
Only One Currency:
The iSave Fab Account accepts withdrawals only in UAE Dirhams (AED).
Minimal Balance:
There is no minimum balance that must be maintained in the FAB iSave Account.
Fast Account Opening:
If you currently have a bank account with FAB Bank, you can easily open the FAB iASave Account using online banking services or the FAB mobile app.
No Restrictions on Withdrawal:
Since there are no restrictions on the amount of cash outs, account holders have no trouble getting their cash.
| Features | Personal saving account | iSave account | Elite saving account | Personal call account |
| Minimum monthly salary | N/A | N/A | AED 50000 | N/A |
| Minimum balance | AED 3000 | N/A | N/A | AED 3000 |
| FAB rewards on debit card | No | No | Yes | No |
| Multicurrency | Yes | No | Yes | Yes |
| Free debit card | Yes | No | Yes | No |
| UAE nationals | Yes | Yes | Yes | Yes |
| Expats | Yes | Yes | Yes | Yes |
| Non residents | Yes | No | Yes | Yes |
| Account opening in mobile app | Yes | Yes | Yes | No |
| Daily ATM withdrawal limit | AED 15000 | No debit card | FAB world debit card and FAB elite world card AED 40000 | No debit card |
Eligibility Criteria & Requirements for Opening FAB iSave Account:
Eligibility criteria:
- The iSave FAB account is accessible only to individual clients. This indicates that companies, businesses, and other account categories are not eligible for it. It is specially made for people who wish to save money on their accounts and collect interest.
- Additionally, you need to have a valid Emirates ID and be an authorized citizen of the United Arab Emirates (UAE). This criterion ensures that only those who can present the necessary identification and are proper citizens of the UAE can use the account.
- These terms offer crucial information about the FAB iSave Account’s eligibility, deadlines, and interest rates. In order to open and handle the account sensibly, it is essential that you understand these terms.
Essential requirements:
- Eighteen years of age or older
- Entrepreneurs, salaried and non-salaried
- Available to citizens of the UAE, the GCC, resident foreigners, and non-residents
- Obtain credit cards and an FAB account straight away.
- No paperwork.
- Open your bank account and obtain a credit card using your Emirates ID.
How do I open an iSave account?
To apply for an iSave Account, simply follow these steps:
1. Go to the mobile app or the website.
2. Search for the “Apply Now” icon or box.
3. To get started with the application process, click on it.
4. After that, a form requesting your personal information will be displayed to you.
5. Completely and accurately fill out the necessary fields.
6. Put your first name and Last Name in the relevant spaces.
7. Enter your company name if relevant (optional).
8. Put in your email address and phone number.
9. Choose your Emirate from the list of choices. Indicate your salary per month.
10. Select your country of origin from the list of options.
11. Make sure everything you submit is valid and detailed.
12. Then, to submit your application, click the “Apply Now” option, and you’re good to go.
How do you open a FAB iSave account?
The following methods are available to individuals to apply for the FAB iSave Account:
FAB Mobile Application
By following these steps, applicants can quickly create an iSave Account through the FAB mobile application:
1. Depending on your gadget, you can download the FAB smartphone app from the Apple App Store or the Google Play Store. You can also scan the QR code on the official FAB website to obtain the download link.
2. After installation, use your Emirates ID to create an account.
3. Pick the option you want and apply for the FAB iSave Account.
4. When submitting an application, provide your job description and personal details as relevant.
5. Your account will be activated immediately after you submit the online application. Then, you can make withdrawals and transactions.
6. Users can also monitor their account balances, pay their utility bills, and earn FAB points through the FAB mobile app.
Online Account Setup
Additionally, you can open an FAB iSave account using the FAB Bank official website. The only thing you would have to do in this situation is access the FAB Bank official website, go to the ‘Accounts’ section, find the ‘FAB iSave Account,’ and then fill out the initial form with the required details.
The lead form must include your complete name, phone number, and email address, revenue per month, citizenship, and city where you live. Within a day of submitting the application form, a member of the bank staff will contact you to discuss the next steps for your application.
How do I earn interest on new funds deposited in my iSave account?
The following is a list of some interest rate details on new funds.
Account holders are entitled to a 5.25 percent interest rate as long as they maintain the specified base balance.
Only individual clients with new funds are eligible for this interest rate. “New funds” refers to customer-level additions over the basic worth.
The campaign months will be subject to a 5.25 percent annual differential interest rate within 30 days of their ending.
FAB iSave account review
The procedure of opening an FAB iSave Account in the United Arab Emirates (UAE) is easy and practical, and it has numerous benefits for people who want to keep track of their money effectively. FAB iSave Account is an excellent alternative for anyone looking to maximize their banking experience in the United Arab Emirates. This is because of its focus on online convenience, privacy, and customized account management options.
Frequently Asked Questions (FAQS)
What is the FAB iSave account minimum salary requirement?
The FAB iSave bank account has no minimum balance requirements.
What is the iSave account FAB interest rate?
FAB currently provides 5.25 percent interest on new money. But remember that funds already in place are subject to the monthly interest rates in operation.
Is FAB iSave account Sharia Compliant?
Yes, the FAB iSave account is Sharia compliant.
Are there any limitations on withdrawal?
No, there are no restrictions or limitations on the FAB iSave account money withdrawals.
Are there any monthly charges for the iSave electronic account?
No, there are no monthly charges or fees deducted for a FAB iSave account.
Do we get a debit card in the iSave Electronic Account?
Yes, you can definitely get a debit card to your iSave electronic account.
Is there any minimum balance required to maintain a FAB iSaver Electronic Account?
There is absolutely no balance required to maintain while using your iSave account.
