Some UAE banks to raise minimum balance requirement from June 1
Some banks operating in the UAE have plans to raise the minimum balance requirement from Dh3,000 to Dh5,000, citing compliance with the Central Bank’s personal loan rules.
This modification will be operational from June 1, though at least one bank appears to have already instituted these costs recently. From now on, clients who do not keep the minimum balance set would incur a Dh25 charge per the new instructions.
These banks have set terms indicating that clients must possess a credit card or personal financing in order to qualify for the minimum balance fee of Dh25.
A document acquired by Emarat Al Youm describes that ‘fees will be waived for customers maintaining a total balance of Dh20,000 or more, those with monthly salary transfer of Dh15,000 or more, or customers with monthly salary transfer between Dh5,000 and Dh14,999 with a credit card, overdraft facility or loan.”
The document further states that “a fee of Dh25 will be imposed on customers with monthly salary transfer between Dh5,000 and Dh14,999 without credit card, overdraft facility or loan and salary transfers less than Dh5,000.”
“Additionally, all bank customers who do not fall under the above categories will be required to pay a fee of Dh100 or Dh105, depending on the account type,” the document adds.
It is worth noting that the personal loan regulations issued by the Central Bank which have been effective since 2011 accompanied with a minimum balance of Dh3,000 require a fee of only 25 Dh, which makes the need for a withdrawal add even more complex.
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