Enjoy unlimited online transfers and bill payments*
1.50% p.a expected profit rate across all slabs for three months on AED and USD for new customers
Profits paid out quarterly
*There are no limits to transactions made on the account. In case of a withdrawal from your e-Savings Account during any month, profit will be paid on the basis of the prevalent Savings Account rate of that particular month.
Click Here to view the Key Facts Statement, Schedule of Charges and other important information for this product.
Expected Profit will be distributed based on average balances if there are no debits in e-Savings account.
Expected Profit is distributed on Calendar Quarterly basis.
In case of a withdrawal from your e-Savings Account during any month, expected profit will be distributed on the basis of the prevalent Savings Account rate of that particular month.
Deposit Range(AED) | Expected Profit Rates for AED Deposits % p.a |
Expected Profit Rates for USD Deposits % p.a |
---|---|---|
From 5,000 to less than 50,000 | 0.50% | 0.50% |
From 50,000 to less than 3.5 Million | 0.80% | 0.80% |
From 3.5 Million to less than 25 Million | 1.25% | 1.25% |
From 25 Million and above | 1.50% | 1.50% |
For existing customers, to open an e-Saving Account, simply:
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 Sharia 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 3,000
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 to the bank will get 1.50% p.a. expected profit rate across all slabs, for the first 3 months including the month of account opening.
Profit will be paid based on Average Balances if there are no debits in e-Savings account.
If there is any debit transaction in the calendar month, profit rate on e-Savings for that month will be the same as prevailing Savings Account Rate declared by the bank.
Profit is distributed on Calendar Quarterly basis. Below table shows the expected profit rate as per the balance slabs.
Deposit Slab - AED | Range in AED | Expected profit rates for AED | Expected Profit Rates for USD |
---|---|---|---|
e-Savings 5K | 5K to 50K | 0.50% | 0.50% |
e-Savings 50K | 50K to 3.5 Million | 0.80% | 0.80% |
e-Savings 3.5 Million | 3.5 Million up to 25 Million | 1.25% | 1.25% |
E-Savings 25 Million | 25 Million and above | 1.50% | 1.50% |
Average balance is the sum of your daily closing balances for a given month divided by number of days in a month.
Yes. You will be eligible to earn the expected profit. However please note that for any 1 debit transaction or more, prevalent Savings Profit rate will be applicable on monthly Average Balance effective 1st April 2017.
Customer requires to have Bank NET ID for e-Savings Account. Existing Customers with Bank NET ID can simply login and open the accounts.
New customers can open an Account with EIB and obtain Bank NET ID to open e-Savings Account.
Transactions on e-Savings Accounts can only be done through the Bank's online / mobile banking channels. You pay bills, transfer funds to your accounts or to other external accounts through this account however any debits will attract a lower profit rate.
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 |