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

It is offered in AED and USD

One e-Savings Account per Currency

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

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

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

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.

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

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

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

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

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

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.

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.

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).