e-Savings Account

Earn more up to 2% p.a. expected profit exclusively online

Open an e-Savings Account and enjoy the convenience of Online Banking and higher expected profits than regular savings accounts.

New account customer with incremental money brought to bank will get 2% p.a. expected profit rate for AED Currency and 1.25% p.a. expected profit rate for USD Currency across all slabs for the whole amount (capped at AED 25M or equivalent for USD), for the first 3 months including the month of account opening.


  • Shari'a compliant Wakala based profit bearing Account
  • Earn up to 2% p.a. expected profit rate for AED Currency and up to 1.25% p.a. expected profit rate for USD Currency, as per the deposit slab.
  • Enjoy 2% p.a expected profit rate across all slabs for three months on AED and 1.25% on USD for new customers
  • Quick and easy self-opening account through Online Banking
  • Convenience of online transfers
  • No limit on number of withdrawals, however withdrawals impacts profit balance calculation*
  • Available in AED and USD


*Please refer to our FAQs


  • Required Online Banking access
  • Available for Individuals
  • No minimum balance requirement

  • No documentation required as this account is opened by customers having any other Emirates Islamic account along with Online Banking access

  • Profit will be paid based on average balances if there are no debits in eSavings account
  • Profit will be paid based on minimum average balances if there are more than 1 debit transactions
  • Profit is distributed on Calendar Quarterly basis
  • Calculation for profit rate is based on profit rate slab instead of split balance profit effective from July 1, 2015

Deposit Slab - AED Range in AED Expected profit rates for AED Expected Profit Rates for USD
e-Savings 5K 5K to 50K 2.0% p.a.

Click here to view promotion rates for USD

e-Savings 50K 50K to 3.5 Million 1.3% p.a.
e-Savings 3.5 Million 3.5 Million to 25 Million 1% p.a.
*For more than AED 25 Million, expected profit rate is 0.75%

For existing customers, to open an e-Saving Account, simply:

  • Step 1: Log in on Online Banking with your existing User name and Password.
  • Step 2: Go to 'New Accounts' option
  • Step 3: Select e-Savings as 'Product Type' and desired currency of e-Savings Account
  • Step 4: Read terms and conditions carefully and submit the request

Your e-Savings account is now opened. Feel free to transfer funds to your e-Savings Account through Online Banking

For new customers, please click "apply now" below to request for a Current Account. Once your Current Account is opened, you can simply login on Online Banking to create your E Savings Account.


What is an e-Savings Account?

e-Savings Account is offered to EI customers via online banking. Customer can earn higher expected profit rates. Customer can operate the account through online. The account is based on Shariah structure of Wakala

How many e-Savings Accounts can I open?

One e-Savings Account per Currency

Is there a minimum balance requirement to open e-Savings Account? Does e-Savings have a fall below fee?

No minimum balance requirement. Fall below fee is applicable on total customer relationship balance of AED 3000

Does the e-Savings Account come with Cheque book and ATM Card? Will I be able to do transactions through branches?

No cheque book or ATM Card is issued. Transactions cannot be done through branches. Account can only be accessed through Online Banking.

Will I get SMS alerts on e-Savings Account?

Yes. If you are enrolled for the SMS Alert service.

Is there any special offer for e-Savings account?

Yes we have. New account customer with incremental money brought to the bank will get 2% p.a. expected profit rate across all slabs for the whole amount (capped at AED 25 million), for the first 3 months including the month of account opening.

How will I earn profit on e-Savings Account?

Under this new features of eSavings, there will be 2 (two) ways to calculate the profit:

  • Profit will be paid based on Average Balances if there are no debits in eSavings account, or,
  • Profit will be paid based on Minimum Average Balances if there is 1 or more than 1 debit transactions


Profit is distributed on Calendar Quarterly basis where calculation for expected profit rate is based on profit rate slab

Deposit Slab - AED Range in AED Expected profit rates for AED Expected Profit Rates for USD
E-Savings 5K 5K to 50K 2.0% p.a. 1.25% p.a.
E-Savings 50K 50K to 3.5 Million 1.3% p.a. 0.75% p.a.
E-Savings 3.5 Million 3.5 Million to 25 Million 1% p.a. 0.75% p.a.
*For more than AED 25 Million, expected profit rate is 0.75% *For more than AED 25 Million, expected profit rate is 0.25%


Example:

If the customer is eligible for profit based calculation of AED 170,000 his account is in E-Savings 50,000 slab,with the expected profit 1.30% p.a. for the whole amount, which is different with the previous Split Calculation

What is the definition of Average Balance that used for eSavings profit calculation?

Average balance is the sum of your daily closing balances for a given month divided by number of days in a month.

What is the definition of Minimum Average Balance that used for eSavings profit calculation?

Minimum Average Balance is the lowest balance of the month being considered for the full month.

How to calculate the balance used

To see which balance used for profit calculation, please kindly see the illustration below:

Month Remarks Customers A Customer B Customer C
April-2015 Beginning Balance AED 100,000 AED 100,000 AED 100,000
End of Month Balance AED 100,000 AED 100,000 AED 100,000
Profit Balance used AED 100,000 AED 100,000 AED 100,000
May-2015 Beginning Balance AED 100,000 AED 100,000 AED 100,000
Debit Transaction
01/05/2015
(AED 10,000) - (AED 10,000)
Remaining Balance AED 90,000 AED 100,000 AED 90,000
Credit Transaction
01/05/2015
- AED 10,000 AED 25,000
Remaining Balance AED 90,000 AED 110,000 AED 115,000
End of Month Balance AED 90,000 AED 110,000 AED 115,000
Profit Balance used AED 90,000* AED 110,000** AED 115,000
June-2015 Beginning Balance AED 90,000 AED 110,000 AED 115,000
End of Month Balance AED 90,000 AED 110,000 AED 115,000
Profit Balance used AED 90,000 AED 110,000 AED 115,000
Profit balance used for profit calculation *** =(AED 100,000 + AED 90,000 + AED 90,000) / 3
= AED 93,333
=(AED 100,000 + AED 110,000 + AED 110,000)/3
= AED 106,667
=(AED 100,000 + AED 115,000 + AED 115,000) / 3
= AED 110,000
* profit balance used is the minimum balance of the month, since there's a debit transaction in that particular month
** profit balance used is average balance of the month, since there's no debit transaction in the month
*** For simplicity, the calculation of average balance in above illustration is using number of the month. In actual it might vary due to number of actual days of each month

Will I be able to earn profit regardless of number of debits/withdrawals in my e-Savings Account?

Yes. You will be eligible to earn the expected profit. However please be note that for any 1 debit transaction or more, the balance used to calculate your profit will be the Minimum Average Balance, that might be impacting to the total

Who is eligible to open e-Saving Account?

Customer requires to have BankNET ID for e-Savings Account. Existing Customers with BankNET ID can simply login and open the accounts.

New customers can open an Account with EIB and obtain BankNET ID to open e-Savings Account.

How can I make transactions on e-Savings Account?

Transactions on e-Savings Accounts can be made through online. You can use the existing payment options available online for payments. You can pay bills, transfer funds to your accounts or to other external accounts. You can request for TT/MC etc.

What is the limit on amount of transfer?

The limits would be the same as set by you for your online profile. You can change the transfer limit though online banking. Currently the maximum transfer limit allowed online are:

Transaction Type Amount (AED)
Utility Bill Payments (e.g. Etisalat) 15,000
Credit Card Transactions 50,000
Telegraphic Transfers 100,000
Transfer to Own Accounts 300,000
Account to Account Transfers 100,000


*Incase of cross currency transactions, the overall maximum transferable amount is limited to USD 10,000 or equivalent (per Business Day).




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