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Key Facts Statement
e-Savings Account e-Savings Account

e-Savings Account

Earn up to 1.50% p.a. expected profit exclusively online.

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Key Benefits

Convenience

Convenience

Enjoy unlimited online transfers and bill payments*

Profit Rates

Profit Rates

1.50% p.a expected profit rate across all slabs for three months on AED and USD for new customers

Profits

Profits

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.

Features

  • Shari'a compliant Wakala based profit bearing Account.
  • Earn up to 1.50% p.a. expected profit rate for AED Currency and USD Currency, as per the deposit slab.
  • Enjoy 1.50% p.a expected profit rate across all slabs for three months on AED and USD for new customers.
  • Account holders can enjoy a range of benefits, including online transfers and bill payments.
  • There are no limits to transactions made on the account, however the transactions will impact calculation of profits.*

Eligibility

  • 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
  • Required Online Banking access
  • Available for Individuals
  • No minimum balance requirement
  • *Please refer to our FAQs

Profit Calculation:

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%

Account Opening

How to open your account?

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

FAQs

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%
Example:
If a customer has a balance of AED 170,000 in the account i.e. in the 'e-Savings 50,000' slab, the expected profit will be 0.60% p.a. for the whole amount.

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
*In case of cross currency transactions, the overall maximum transferable amount is limited to USD 10,000 or equivalent (per Business Day).
Terms and Conditions apply.

  • Conventional Bank is a financial body which receives money from the depositors against fixed rate of interest and it offers liquidity to borrowers against interest. And it is governed by conventional banking laws.
  • Islamic Bank is a financial body which executes commercial contracts likes sale, leasing, construction and are governed by Islamic Banking laws which allow for financial bodies to carry on commercial activities for profitable purposes.

  • In Conventional Banking, Savings Account and Fixed Deposit (FD) are a special type of Savings Account that pays a predetermined interest over a predetermined period of time. The depositors from conventional banks receive Interest from their investments in the form of predetermined interest rates irrespective of bank’s performance.
  • In Islamic Banking, bank depositors receive their returns depending solely on the bank’s performance. Unlike Conventional Banks, an Islamic Bank acts as an intermediary between the depositor and the financee. As such, Islamic banks declare their profits on a monthly basis as part of their risk sharing scheme “Mudaraba Scheme”.

  • Interest is certain amount of return from specific sum of money invested over predetermined period of time. This is not permissible as per Shari’a.
  • Profit is an undetermined return from specific sum of money invested over a predetermined period of time and it may vary from month to month, directly depending on how the bank performs. This is permissible as per Shari’a.