First Abu Dhabi Bank (FAB) is one of the most recognized and influential financial companies in the UAE that provides different types of banking services that may be interesting for both UAE residents and foreigners. FAB offers a savings account called FAB ISave Account and it is one of the many services that the bank provides as mentioned below; Overall, the FAB iSave account is an ideal product when you strive to save money for future expenses or just need a secure place for your savings.
This guide will provide you with step-by-step instructions on how to open an FAB iSave account through different channels, important considerations to keep in mind, and what you need to be eligible for the account.
What is the FAB iSave Account?
The FAB iSave account is an interest-bearing savings account offered by the First Abu Dhabi Bank. This type enables you to deposit, and even earn interest on your cash while providing the option of withdrawing your money at any time. It is for those who want to conserve more on their money through high-interest rates and is conveniently available through a digital device.
Key Features of the FAB iSave Account
- Attractive Interest Rates: Get interest on your savings with competitive rates.
- No Minimum Balance Requirement: First of all, there are no required minimum balances that are to be kept in the account by the customers to save money.
- Instant Access: Access your account and do the following at any time anywhere through FAB electronic banking.
- No Hidden Fees: Enjoy transparency with no hidden charges for maintaining the account.
Eligibility Criteria
To open a FAB iSave account, you must meet certain eligibility criteria:
- Existing FAB Account: The only way to open an iSave account is if you are already a holder of an FAB account. And if you are using eBanking you have to open an account first before applying for the iSave account.
- Emirates ID: A valid Emirates ID is required for all account holders. This is a mandatory identification document for residents of the UAE.
- Proof of Income: Depending on the company’s requirements, you may be required to present documents that prove your income, for instance, a pay cheque or an income statement.
Documents Required
It was also suggested that applicants should have all necessary documents prepared prior to applying to successfully avoid such issues.
- Emirates ID: A copy of your valid Emirates ID.
- Passport: An identification such as a photocopy of your passport (for expatriates).
- Resident Visa: A copy of your valid resident visa (for expatriates).
- Proof of Income: Salary slip or income certificate.
Make sure that all necessary documents are present and clean photocopies are tendered if needed.
Also Read: How To Get FAB Personal Loan: Step-By-Step Guide
How to Open an FAB iSave Account?
There are two primary methods to open a FAB iSave account:
- Through FAB Online Banking
- Through the FAB Mobile App
We’ll guide you through both methods step-by-step.
Method 1: Open a FAB iSave Account through Online Banking
If you are already an FAB customer and have access to FAB’s online banking platform, opening an iSave account is a simple process. Follow the steps below to get started.
Step 1: Log in to Your FAB Online Banking Account
Go to the official FAB website and enter your online banking account details to log into your account. Before proceeding to open the iSave account, make sure that you have an existing FAB account.
Step 2: Navigate to the “Accounts” Section
After accessing the home page of the platform, scroll to the left-hand side menu and click on the “Accounts” tab. This section includes all current account features and links to apply for new accounts.
Step 3: Select the “iSave Account” Option
Look for the option to open a new account and select “iSave Account” from the list of available account types.
Step 4: Complete the Online Application Form
You will be directed to an application form. Ensure that you complete all the fields that pertain to the person, as well as the fields that pertain to the financial aspect. Such details may include, but are not limited to, Emirates ID number, contact details, employment history, and more.
Step 5: Submit the Application and Upload Documents
You may also be asked to scan and attach documents to support some of the details in the form after you have filled it. These often include Emirates ID, passport, and proof of income like a salary statement, or income certificate.
Step 6: Review and Confirm
Carefully review all the information you have entered. It is essential to ensure that all details are accurate, as any errors could delay your application. Additionally, review the terms and conditions associated with the iSave account.
Step 7: Account Activation
After you complete and submit the application, FAB will review your request. At the successful completion of the iSave registration process, you will be informed of approval and account activation shortly. You can then begin to operate the new savings account through FAB Online Banking.
Method 2: Open a FAB iSave Account through the FAB Mobile App
Through FAB’s Mobile App, you can conveniently complete all your banking requirements, including signing up for an iSave account. And so here is how it may be done.
Step 1: Download the FAB Mobile App
If you do not have it already, please download the FAB Mobile App through the Apple Store for Apple devices or Google Play Store for Android devices.
Step 2: Log in to Your FAB Mobile Banking Account
Open the app and log in with your FAB Mobile Banking credentials. Ensure that you have an existing FAB account before proceeding.
Step 3: Navigate to the “Accounts” or “Savings” Section
After you have signed in to the app, you will need to navigate towards the “Accounts” or “Savings” tab. It is here that you can get choices on how to open a new savings account.
Step 4: Select “Open iSave Account”
Depending on the layout of the app, choose an option that says something like “Open iSave Account.”
Step 5: Fill in the Required Details
Provide all required personal and financial details in the application form. Make sure the information you provide is accurate to avoid any delays in the approval process.
Step 6: Submit the Application
After filling in all the necessary information, send the application form. You will be required to submit relevant documents to support your application, which may include your Emirates ID, passport, and proof of income. In this step, you will just have to follow a series of prompts that will appear on the screen.
Step 7: Account Activation
Once you complete the application process, FAB will review it, and you will receive a notification when your iSave account is ready. You can also log in to the FAB Mobile App and be able to begin savings account management.
Read Also: Dubai Business Setup: A Step-by-Step Guide
Final Words
To open an FAB iSave account, one simply needs to access the FAB Online Banking or the FAB Mobile App. The iSave account does not have minimum balance restrictions, pays decent interest on balances, and is available both online and via a mobile app.
With the information given in this guide and other significant factors such as eligibility and requirements for account opening in mind, one can open the FAB iSave account and begin to reap the benefits.
