The process here is similar to most other countries. It is a wise idea to phone around and compare rates. Although interest rates on typical savings accounts are not high – usually only between 0.5 and 1.5 per cent, there are options for building your nest egg.
Most banks expect a minimum monthly balance of Dhs5,000, and you will be charged Dhs50-75 per month if you go below this. However, it is worth checking who your employer banks with, as some banks may be willing to lower or wave the limit altogether for an employee of one of its clients. Once you have made your decision, it is worth notifying the bank in advance rather than just turning up, as many will send a representative to meet you at your workplace and go through the paperwork there.
You must have your original passport plus copies (complete with residency visa), along with a letter from your employer confirming that you are employed, and a salary certificate. An account with a chequebook and an ATM card will be yours within a couple of weeks. Be warned that in Dubai, bouncing a cheque can lead to heavy fines or even a prison sentence.
When you leave Dubai, or switch employment, your bank account may be temporarily frozen, because your account is dependant upon the visa provided by your employer. The bank will then consolidate any outstanding loans. Although the process shouldn’t take longer than a week, it can drag on, particularly if you leave in less than amicable circumstances. It’s worth maintaining a small sum of easily accessible cash if you foresee a change of visa on the horizon.
Opening hours
Banking hours are generally Sat-Wed 8am-1pm; Thu 8am-noon. Many banks also open in the afternoons from around 4pm-6.30pm. Banks are closed on Fridays and public holidays.
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