Broadly speaking, a savings account is one you use to deposit your savings in and earn profit, while a current account is used to carry out multiple daily transactions and enables the cheque book facility.
Current accounts are usually opened for salary transfer purpose, and it comes with cheque book and debit card facilities free of charge on first issuance.
Here’s how a current account differs from a savings account:
Transactions
Current accounts are meant for multiple daily transactions, but not all savings accounts are meant for this.
Cheque Book
Current accounts provide you with a cheque book facility, but savings accounts do not.
Profit
Savings accounts earn you profit, but current accounts do not.
Emirates Islamic Current Account and Savings Accounts offer you a host of benefits you will enjoy.
|
Account Type |
Eligibility |
|
(Can be opened as a joint account) |
· UAE Residents · Companies* |
*Sole Proprietorships, Partnership Companies, Joint Stock Companies and Limited Liability Companies.
|
Account Type |
Eligibility |
|
(Can be opened as a joint or minor account) |
· New and existing Emirates Islamic account holders who are UAE Residents or Non-Residents · Companies* |
|
(Can be opened for minors) |
· New and existing Emirates Islamic account holders who are UAE Residents or Non-Residents · Emirates Islamic and ENBD Group employees & their family are not eligible for the draw |
|
Super Savings Skywards Account (Can be opened for minors) |
· New and existing Emirates Islamic account holders who are UAE Residents or Non-Residents · Valid Skywards Membership number |
|
Super Savings Etihad Guest Account (Can be opened for minors) |
· New and existing Emirates Islamic account holders who are UAE Residents or Non-Residents · Valid Etihad Guest Miles Membership number |
|
· Existing Emirates Islamic account holders who are UAE Residents or Non-Residents |
|
|
Child Savings Account (Minor) |
· Separate account for children with no fall below service charges & minimum balance requirements |
|
· New and existing Emirates Islamic account holders for UAE Nationals only (Primary holder) |
*Sole Proprietorships, Partnership Companies, Joint Stock Companies and Limited Liability Companies.
You can close your Account by visiting any of the Emirates Islamic branches.
You cannot convert your Current Account to a Savings Account. However, you can open a new Savings Account and transfer the balance of your Current Account to it.
No, you cannot convert an existing Current Account to any other current account. The same applies for Savings Accounts as well.
If your salary is being transferred to Emirates Islamic, you will not be required to maintain a minimum monthly average balance. If this is not the case, or if you are holding a company account, you will be required to maintain a minimum monthly average balance based on your Banking Package in the absence of which you may be charged a fee.
We only issue cheque books in AED currency. To issue a cheque in a different currency you can apply for a demand draft.
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