Personal finance: Your guide to UAE banks, interests, loans and loan payments

Personal finance: Your guide to UAE banks, interests, loans and loan payments

A current account is mostly used for routine financial transactions. You will be issued a debit card and a cheque-book. The account can be used to receive salaries and can be maintained in several currencies, such as USD, GBP, Euro, AED, etc. When opening the account, you have to opt either for a current salary account (monthly salary is transferred to this account), or a current account (it requires minimum balance, mostly for business). In the second option, funds can be transferred to the account whenever you want, without having to do it every month like in a salary account. This is particularly useful if you are a businessman. For current salary account, the bank decides the minimum salary required for an applicant to be eligible to open an account. This can range from Dh3, 500 to Dh5, 000. Savings accounts usually offer higher interest rates than current accounts. It can be fixed or variable interest. Savings account too can be operated in different currencies, and can receive salaries. If the salary is too low, companies tend to open savings accounts for their employees. Often referred to as business accounts, corporate bank accounts are used by businesses to hold their