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e-Savings Account e-Savings Account

e-Savings Account

Earn up to 1.0% 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% p.a expected profit rate across all slabs for three months on AED and 0.9% on 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.

Features

  • Shari'a compliant Wakala based profit bearing Account.
  • Earn up to 0.80% p.a. expected profit rate for AED Currency and up to 0.60% p.a. expected profit rate for USD Currency, as per the deposit slab.
  • Enjoy 1% p.a expected profit rate across all slabs for three months on AED and 0.90% on 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:

Profit will be paid based on average balances if there are no debits in e-Savings account.

Profit is distributed on Calendar Quarterly basis.

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.

Deposit Slab - AED Range in AED Expected profit rates for AED Expected Profit Rates for USD
e-Savings 5K 5K to 50K 0.40% p.a. 0.20% p.a.
e-Savings 50K 50K to 3.5 Million 0.60% p.a. 0.40% p.a.
e-Savings 3.5 Million 3.5 Million up to 25 Million 0.80% p.a. 0.60% p.a.
*For more than AED 25 Million, expected profit rate is 0.80% *For more than AED 25 Million, expected profit rate is 0.60%

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% 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 e-Savings, there will be 2 (two) ways to calculate the profit:

Profit will be paid based on Average Balances if there are no debits in e-Savings account, or, Effective 1st April 2017, profit will be paid based on Average Balances if there is 1 or more than 1 debit transactions. However, Profit Rate applicable will be prevailing Savings Rate declared by the bank.

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 0.40% p.a. 0.20% p.a.
e-Savings 50K 50K to 3.5 Million 0.60% p.a. 0.40% p.a.
e-Savings 3.5 Million 3.5 Million up to 25 Million 0.80% p.a. 0.60% p.a.
*For more than AED 25 Million, expected profit rate is 0.80% *For more than AED 25 Million, expected profit rate is 0.60%
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 0.60% 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.

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 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
*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.