FAB iSave is a must for everyone who wants to save easily. First, Abu Dhabi Bank provides an easy and secure process to achieve this goal. FAB iSave is a perfect option for those who live in the UAE and want to know more about banking and start saving their money. This account has many advantages, including earning interest on savings and having the option to bank online.
What is an FAB iSave Account?
FAB iSave Accounts help you save your money. You can get a great interest rate on your new deposit of 5.25 percent per annum with this account. This means that if you save some of your money in this account, then the bank will add extra funds to what you already own. You can read more about it here. You’ll get one of UAE’s best rates on savings, so your money grows faster. You can quickly open an iSave by using FAB Mobile App or Online Banking if you already hold an account at First Abu Dhabi Bank. It’s not necessary to physically visit the bank; it can be done from your computer or phone.
Key Features and Benefits of a FAB iSave Account
The minimum amount required to purchase is $0.00
FAB iSave is unique in that it doesn’t require a minimum balance. Residents and visitors of the UAE prefer it for this reason.
24/7 Access
FAB mobile bank allows you manage your finances anywhere, anytime.
You will not be charged for maintenance
FAB iSave Accounts have no monthly fees. This gives the customer peace ofmind.
Secure banking
FAB’s security services are top notch and protect both your account information as well as personal details.
Step by step process to open a FAB iSave Account
Step-by-step instructions on how to open a FAB iSave Account
- First, you need to go online and access the FAB mobile app or website. You can access FAB Mobile or the FAB website.
- Step 2. Locate the “Apply Now” button. It will take you to the application.
- Step 3. The form will ask you to fill in your details. Completely and accurately fill out the form.
- Step 4. Then, you will need to enter the first and last names in their respective fields.
- Step 5. Optional: If you wish, please provide the name of your company.
- Step 6: Enter Your Phone Number and Email Address Please enter your email and phone number.
- Step 7. Click on the Emirate you want to select.
- Step 8. Enter your Salary per month.
- Step 9. Choose the Nationality you wish to use from the list.
- Step 10: Verify that you entered all of the required information. Check that you entered all of the correct information. To submit your application, click the “Apply Now button”.
FAB should contact you in 24 hours following the submission of your application. FAB’s representative will call you to guide you on the next steps. You may need to supply additional documentation or information during your phone call. Proof of ID, proofs of residence, and other pertinent documents may be required.
Conditions to Remember when Applying FAB iSAVE
- Money deposited between May 1, 2020, and March 31, 2019 will only earn a special interest rate. If you deposit money into your account prior May 1, 20,23, this special interest rate is not applicable.
- New funds can be purchased by individual clients at 4% interest per annum from 1st July 2022 to 30th April 2023.
- A new rate of 4% is applied annually to the money that’s deposited into your iSave Account for the period between July 1, 20,22 and April 30, 2023. This rate of interest is a bit lower than that mentioned previously.
- A 5.25% annual interest rate is applied to the balance of the entire customer account as at April 30, 2023.
- For the purpose of calculating the interest rate, the bank will use your total account balance as at April 30, 2020 as the basis balance. They use the money in your account at that time to determine how much interest you can earn from new deposits between March 31 2024 and May 1 2023.
- In the 45-day period following the date of campaign extension (30 March 2024), the difference between the current interest rate and the differential is applied to all the extended months (1 January, 2 February, 3 March)
- If the campaign with the special interest rates is extended past the March 31, 2020 original deadline, the bank may calculate and apply an interest differential on the following months: February, January and March. You will receive additional interest above the rate of regular interest during these months.
Eligibility for Interests
Banks calculate the monthly average balance of your account to see if it qualifies for the special interest rate offered through the iSave Account. To calculate the average, they add up all the money in your account every month at the end, then divide it by 12 months.
Only individual customers can open an iSave Account. It is therefore not available for businesses, organizations, or any other type of account.
The Emirates Id must be valid and you have to reside in the United Arab Emirates. It is important that you meet this requirement to make sure the account can be opened by individuals who have a legal residency in the UAE, and are able to provide identification.
This document contains important details regarding the FAB iSave accounts eligibility and rates of interest. These conditions are essential in order to make an informed decision about the opening and management of your FAB iSave Account.
Read: ADCB Swift Code Dubai List in UAE
FAB Mobile App
FAB mobile banks allow individuals to access a number of banking products and services immediately. FAB Mobile is a hassle-free and seamless alternative to cumbersome paper work and long processes. Open an account to get a Visa credit card.
FAB Mobile is a mobile app that allows you to open a bank account without having to go to a physical location. With just a couple of taps, mobile users can check their account balance, make payments to friends and relatives, and earn rewards. App’s easy-to-use interface allows for quick, convenient, and anytime banking.
Conclusion
This blog provides a step-bystep guide to help you navigate the account creation process. FAB iSave account offers a variety of benefits, such as a competitive rate on interest, a simple mobile banking application, and the capability to monitor and control expenses. This account is also integrated with all other FAB products, providing a full banking experience.
