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How to Open FAB iSave Account in UAE in 2024

First Abu Dhabi Bank (FAB) offers the FAB iSave Account, which provides some of the best savings rates in the UAE. With an interest rate of 5.25% per year, the FAB iSave Account is a highly attractive option for both new and existing customers. 

If you already have an account with FAB, you can easily open an iSave Account using the FAB Mobile app or Online Banking.

Open FAB iSave Account or Zero Balance Account

Features and Benefits of FAB iSave Account

Here are the key features of this online savings account:

  • High Interest Rate: Earn 5.25% per year on new funds deposited between May 1, 2023, and September 30, 2024.
  • Instant Account Opening: Open your iSave Account instantly using the FAB Mobile app or FAB Online Banking.
  • Currency: The account is available in AED, the local currency of the UAE.
  • No Minimum Balance: Enjoy the flexibility of having zero balance or no minimum balance requirement.
  • Unlimited Withdrawals: Make withdrawals anytime without any restrictions on the number of transactions.

Eligibility Criteria for FAB iSave Account or Zero Balance Account

To open a FAB iSave Account, applicants need to meet specific eligibility criteria. Here are the key requirements:

  • Average Monthly Balance: The average monthly balance maintained in the account is crucial in determining both the eligibility and the interest rate offered on the FAB iSave Account.
  • Minimum Age: Applicants must be at least 18 years old to qualify for opening a FAB iSave Account, in line with general FAB savings account requirements.
  • Employment Status: The account is open to salaried individuals, self-employed individuals, and non-salaried individuals.
  • Nationality: Only individual customers and UAE residents with a valid Emirates ID are eligible for the iSave account.

Documents Requirements for FAB iSave Zero Balance Account

To apply for the FAB iSave Account, applicants must provide specific documents that verify their identity, income, and residency. Here are the required documents:

  • Identity Proof: A copy of your Emirates ID, passport, or resident visa.
  • Application Form: A filled-out application form.
  • Income Proof: A salary slip from your current employer or an income certificate.

Step by Step Guide to Open FAB iSave Account Online & Offline

You can open a FAB iSave Account through the FAB Bank website or the FAB Mobile App. Follow the steps below for each method.

Open FAB iSave Account Through Website

Visit the FAB Website:

Start the Application:

  • Click on the “Apply Now” button.

Fill Out the Form:

Complete the “Apply Now” form by entering the following details:

Open FAB iSave Account Through Website
Open FAB iSave Account Through Website final
  • First Name
  • Last Name
  • Company Name (Optional)
  • Phone Number
  • Email
  • Choose Your City
  • Salary Per Month
  • Nationality
  • Accept Terms & Conditions:
  • Click on the box to accept the “Terms & Conditions”.
  • Click on the “Apply Now” button to complete the process.

The bank personnel will contact you within 24 hours.

Open FAB iSave Account Through Mobile App

Opening a FAB iSave Account using the FAB Mobile App is quick and easy. Follow these steps to get started:

Download the FAB Mobile App:

  • For Android devices, download from the Google Play Store.
  • For Apple devices, download from the Apple App Store.
  • For Huawei devices, download from the AppGallery.

Install and Open the App:

Once the app is installed on your device, open it.

Open an Account:

  • Use your Emirates ID to begin the account opening process.
  • Select the “FAB iSave Account” from the list of available account options.
  • Follow the prompts to apply for the iSave Account.
Open FAB iSave Account Through mobile App

Enter Personal and Employment Details:

Fill in your personal and employment details as required.

Open FAB iSave Account Through mobile App fill personal Information

Submit the Application:

Once you have completed the online form, submit it. Your account will be opened instantly.

Open FAB iSave Account Through mobile App Complete details

Deposit Funds:

After the account is opened, you can deposit funds into your new iSave Account.

Manage Your Account:

FAB iSave Account Interest Rates and Conditions

Interest Rates

The interest rates for the FAB iSave Account vary based on your account balance:

  • Balance Less Than AED 500,000: Up to 2.465% per year
  • Balance Between AED 500,000 and Less Than AED 5,000,000: 2.465% to 3.251% per year
  • Balance Equal to or Greater Than AED 5,000,000: Up to 3.251% per year

Special Campaign Rates

  • 5.25% per year: Valid on new funds for individual customers from 1 May 2023 to 30 September 2024.
  • 4% per year: Valid on new funds for individual customers from 1 July 2022 to 30 April 2023.

Conditions

  • Eligibility Calculation: Based on the average monthly balance.
  • Base Balance for 5.25% Rate: The overall balance at the customer level as of 30 April 2023 is considered the base balance for the 5.25% interest rate.
  • Differential Interest Amount: Applied within 45 days from the campaign’s extension end date (30 September 2024) for the extension months (June, July, August, and September).
  • Prevailing Interest Rate for Existing Funds: Existing funds until 30 June 2022 are subject to the prevailing interest rate, applied monthly.
Haris Ali
About the author

I'm Haris Ali, and I've been working with identification documents in the GCC countries for over 8 years. I've gained valuable experience from working with various government authorities in the region, especially with documents like the Emirates ID.

In my free time, I enjoy playing cricket and exploring new destinations around the world.

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