Best Zero Balance Account in UAE: 2024 Guide

25 May 2024

Zero balance accounts, as the name suggests, are bank accounts that do not require the account holder to maintain a minimum balance. This type of account stands out in the banking sector for its flexibility and ease of maintenance, making it particularly attractive to a wide range of customers, from students and low-income individuals to small business owners and expatriates. These accounts offer flexibility, reduced fees, and easy management, aligning with the needs of the UAE's large expat community and supporting the country's goals for financial inclusivity. 

Benefits of Zero Balance Accounts in the UAE

Zero balance accounts in the UAE stand out for their ease of setup, cost-effectiveness, and the array of financial benefits they offer to residents. The streamlined, often digital-first application processes make these accounts accessible and convenient, eliminating the need for in-person bank visits and extensive paperwork.

There are many incentives to using a zero balance account, some of which includes the fact that many banks in the UAE incentivize customers to use zero balance accounts by offering rewards and cashback on transactions. These perks can include cashback on bill payments, shopping, and other everyday transactions. Some even offer higher interest rates compared to traditional accounts, providing an unexpected advantage for savers. Also, contrary to what one might expect, some zero balance accounts in the UAE offer higher interest rates compared to traditional accounts with minimum balance requirements.

Zero Balance accounts are great as there is no minimum balance requirement. Account holders do not have to worry about checking their balance frequently to avoid penalties. This aspect is particularly appealing to those who may have fluctuating income levels, such as freelancers, small business owners, or part-time workers.

Top Zero Balance Accounts in UAE

The following tables provide a detailed comparison of some of the top zero balance accounts available in the UAE, highlighting their features, benefits, eligibility criteria, and required documents.

ADIB Smart Banking Account

Features & Benefits

  • Transfer yo​ur salary and get a chance to win rewards through ADIB salary bonus
  • Earn profit on whatever you save​
  • Enjoy over 1500 deals and discounts through the smartdeals app
  • Send money home for free ​with 1 free domestic and international transfer per month


For Income-based Applicants

  • The minimum salary of the applicant must be AED 5000 per month
  • The account must be entirely for personal use.
  • The applicant must be either a salaried individual or business owner's partner.

For Non-income-based Applicants

  • Applicants who are housewives and hold a housewife visa status.
  • The account must be used for personal use only.
  • In case of a student, the minimum age of the applicant must be 24 years old and the individual must have a student ID.

Required documents

  • Valid Emirates ID (applicable to both UAE nationals and residents)
  • Valid UAE residence visa
  • Original passport

HSBC Esaver Account

Features & Benefits

  • High Interest Rates: Offers up to 5.00% p.a. interest on new deposits until 30 June 2024 to celebrate the festive season. Standard rates apply thereafter with interest up to 1.05% p.a. based on account balances.
  • No Minimum Balance Requirement
  • No Monthly Account Fees
  • Multiple Deposit and Withdrawal Options: Includes online transfers from HSBC UAE accounts, cheque deposits, and telegraphic transfers.
  • Flexible Saving Schemes: Allows both lump sum and recurring monthly deposits.
  • Free money transfers within the UAE and internationally in multiple currencies.


  • Must be a UAE national or a resident with a valid UAE residence visa..

Required documents

Existing HSBC UAE Account Holders:

  • No additional documents are required.

New Customers:

  • Sole Account: Requires original passport, valid UAE residence visa (non-GCC nationals only), original Emirates ID, and proof of UAE residence (e.g., utility bill, rental/lease agreement, title deed, employment letter).
  • Joint Account: The same documents as for a sole account are required from each applicant.

Emirates NBD Liv. Account

Features & Benefits

  • Earn up to 2% interest rates annually
  • Access to free cheque book
  • Complimentary LIV Visa debit card
  • Exclusive savings at select merchants
  • 25% off Reel Cinemas tickets
  • AED 200 discount on flight bookings
  • Careem ride discounts
  • Buy 1 Get 1 Free deals at Burger King and Papa John's
  • 1.5% annual profit rate
  • Complimentary Platinum credit card
  • Earn 1.5% annual interest on balances up to AED 500,000
  • Flexible daily spending up to AED 25,000


  • The applicant must be a UAE resident. 
  • The applicant must have a valid Emirates ID, passport, and visa.

Liv. account is free of any monthly maintenance charges if:

  • The applicant is a student below the age of 23 years.
  • The user maintains a monthly average balance of AED 2,500.
  • A monthly salary of at least AED 4,000 is transferred to Liv.
  • The user spends at least AED 1,000 with their Liv. card/ month.
  • The applicant has a Liv. personal loan or a Liv. credit card.

Required documents

  • A valid Emirates ID
  • A Valid UAE mobile number

Commercial Bank of Dubai Esaver Account

Features & Benefits

  • No minimum account balance or account maintenance charges
  • Up to 1.25% interest on your monthly average balances
  • 3 debits per month (transfers, payments, etc.) from Esaver account
  • Instant opening through CBD Online Banking for CBD customers


  • If you are UAE National or UAE resident and minimum 18 years of age.

Required documents

  • Valid Emirates ID 
  • Valid passport 
  • Valid residence visa

FAB iSave Account

Features & Benefits

  • 5.25% per year on new funds deposited from 01 May 2023 to 31 May 2024
  • Instant account opening through the FAB Mobile app or Online Banking
  • No minimum balance requirement
  • No restrictions on the number of withdrawals


  • Applicants must be UAE residents.
  • Individual applicants are eligible to open an account.

Required documents

  • Valid Emirates ID
  • Valid residence visa

RAKBANK Fast Saver Online Account

Features & Benefits

  • Enjoy interest rates of up to 0.50% p.a. for AED and up to 0.25% p.a. for USD at your F@st S@ver savings account in UAE
  • 1 withdrawal and/or 5 Utility* / RAKBANK Credit Card payments allowed per month
  • No minimum Account Balance or Account Maintenance Charges
  • No cap on maximum account balance on which interest can be earned for AED F@st S@ver Accounts
  • Available in AED or USD currencies
  • Interest for your Savings Account calculated every day, paid every month


  • Only individual applicants are allowed to open an account.

Required documents

  • Valid Emirates ID Note: The bank may require other documents according to its requirements.

These are some of the best zero balance accounts in the UAE. All of them offer a range of benefits tailored to meet the needs of various customer segments in the UAE, providing flexibility, high returns on savings, and easy access to banking services with minimal documentation requirements.

Earn 4.7% p.a. with StashAway Simple™

In addition to traditional zero balance accounts, you may want to consider diversifying your savings with a low-risk investment option that offers higher returns. StashAway Simple™ is a great choice for those looking to maximize their savings while keeping their money easily accessible.Some of the features include:

  • No Minimum Balance: Just like zero balance accounts, StashAway Simple™ does not require a minimum balance, making it an ideal option for those starting their savings journey.
  • Higher Returns: StashAway Simple™ aims to provide an annualized projected return of 4.7% p.a. by investing in a diversified portfolio of low-risk money market funds.
  • Easy Access to Funds: You can easily withdraw your money without any penalties or fees, ensuring that your funds are always available when you need them.
  • User-Friendly Platform: StashAway Simple™ offers a seamless online experience, with an intuitive platform that makes it easy to manage your investments and track your returns.

Eligibility and Necessary Documents

Opening a zero balance account in the UAE is an attractive concept for those looking to open an account. But there are some general criteria that need to be fulfilled, and necessary documents to be provided. By understanding these requirements, you will enjoy a smooth account opening process.

General Criteria for All Zero Balance Accounts in the UAE

For all zero balance accounts in the UAE, the general eligibility criteria include:

  • Age Requirement: The applicant must be at least 18 years old.
  • Residency: Applicants must be UAE nationals or hold a valid UAE residency visa.
  • Identification Documents: A valid Emirates ID and passport are typically required. For expatriates, a valid UAE residence visa is also necessary.

Specific Requirements Per Account Type

1. Salaried Individuals:

Proof of Income: Salaried individuals need to provide recent salary slips or a salary certificate from their employer.

Employment Status: Confirmation of current employment from the employer or through a labour card/contract.

2. Non-Salaried Individuals:

Proof of Financial Stability: Bank statements or other financial documents that demonstrate financial stability may be required.

Source of Income: Documentation proving the source of regular income, if applicable.

3. Expatriates:

Residency Verification: A current UAE residence visa must be presented.. Local Address Proof: Utility bills or tenancy contracts can serve as proof of local residence.

4. Students:

Student Status: A valid student ID from a recognized educational institution in the UAE.

Guardian Details: Information and documents related to a guardian may be required, especially for younger students or those without a personal income.

5. Housewives:

Sponsor’s Documents: Documents such as a spouse’s employment details and income proof.

Dependency Proof: A marriage certificate or family book to prove the relationship with the sponsor.

Each bank and account type may have additional specific requirements, but these guidelines provide a comprehensive overview of what applicants can expect when applying for a zero balance account in the UAE. It's advisable for potential account holders to check with their chosen bank for any additional requirements or variations in the required documentation.

FAQs of Opening a Zero Balance Account in the UAE

When considering opening a zero balance account in the UAE, potential account holders often have several questions regarding the process, eligibility, and specific requirements. Here are some of the most frequently asked questions:

Can Expatriates Open Zero Balance Accounts in the UAE?

Yes, expatriates can open zero balance accounts in the UAE, provided they have the relevant identification proof such as a valid UAE residence visa and Emirates ID. Most banks in the UAE offer zero balance account options to expatriates, making it easier for them to manage their finances without worrying about maintaining a minimum balance.

Is Salary Transfer Mandatory for Opening a Zero Balance Account?

No, salary transfer is not mandatory for opening a zero balance account in most cases. However, some banks may offer additional benefits or higher interest rates if the applicant’s salary is transferred to the account. It is important to check with the specific bank for their policies regarding salary transfers.

Are There Any Zero Balance Accounts Available for Minors?

Yes, some banks in the UAE offer zero balance accounts for minors under the guardianship of their parents or legal guardians. These accounts are designed to help minors learn money management from an early age. Parents or guardians need to provide identification documents for both themselves and the minor, such as an Emirates ID and passport, to open these accounts.

Are there any fees associated with zero balance accounts in the UAE?

Generally, zero balance accounts do not have maintenance fees, but it's important to check if there are fees for other services like ATM withdrawals outside the bank's network or international transactions.

How long does it take to open a zero balance account in the UAE?

The time can vary depending on the bank, but some banks offer instant account opening, while others might take a few business days to process your application.

Can I earn interest on a zero balance account in the UAE?

Some zero balance accounts do offer interest on the balances maintained, although the rates may be lower compared to traditional savings accounts. It is advisable to check with the specific bank for details.

Is there a limit to the number of transactions I can make with a zero balance account?

Some banks may impose transaction limits on zero balance accounts, especially if they are offered free of charge. It is important to review the account terms and conditions to understand any limitations.

Can non-residents open a zero balance account in the UAE?

Typically, zero balance accounts are available to UAE residents only. Non-residents may have limited options and might need to meet specific criteria or choose different types of accounts.

Choosing the Right Zero Balance Account in the UAE

In conclusion, zero balance accounts in the UAE provide an accessible and inclusive banking solution. It eliminates the need for a minimum balance and opens up financial opportunities for a diverse range of individuals.

These accounts offer various benefits, including easy setup, cost-effectiveness, and potential rewards, making them an important option in the UAE's banking landscape. As you consider which account to open, make sure to assess the specific features, eligibility criteria, and required documents of each option.

We trust that this guide will help you in making an informed decision on choosing the perfect zero balance account to meet your financial requirements and lifestyle.

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