Best Banks UAE | North Loop Official Blog
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12 Nov 2020

Best Banks UAE

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The United Arab Emirates serves as a financial hub for the middle east and is easily one of the biggest trading hubs around the world. The financial prospects have attracted a lot of investors and promoters from around the world.
Due to this, the banks in the UAE have been growing at a steady pace in terms of asset size as well as customer base.
There are majorly four types of banks in Abu Dhabi- Commercial Banks, Islamic Banks, Merchant Banks, and Industrial banks. This article uncovers a comprehensive list of the best banks in the UAE.

Best Banks UAE-

1. First Abu Dhabi Bank- FAB is undeniably one of the biggest banks in the UAE and offers a wide range of investment banking, commercial and personal banking services.
The bank has over 200 employees, with its presence in 60 branches across 17 countries. The basic savings account is available in DIrham and other currencies and the account holder would be required to maintain a minimum monthly balance of AED 3000. An account holder can enjoy the benefits of a free debit card and complimentary airport lounge access. The interest rate that can be earned on the basic savings account is up to 1.30%

2. Emirates NBD- Emirates NBD Bank is one of the biggest government-owned banks in the UAE, with its headquarters in Deira, Dubai. The company has a strong workforce of over 10,000 employees and has a strong network of over 925 branches across various countries. Emirates NBD is into retail banking, commercial banking, private and investment banking. Emirates NBD offers a hassle-free savings account available in AED, offering a free debit card to account holders and up to 0.20% interest. The bank requires a minimum balance of AED 3000 and the benefits differ based on how much minimum balance is maintained.

3. Abu Dhabi Commercial Bank- This is a public sector bank established in 1985, with its headquarters in Abu Dhabi. The bank has employed over 5000 people, with its presence in 55 branches and 425+ ATMs across the UAE. ADCB offers a wide range of commercial and retail banking services to its customers. A basic savings account with Abu Dhabi Commercial Bank would require account holders to earn a monthly remuneration of AED 5000 and deposits earn 0.2%.
The account can be opened by UAE residents as well as non-residents and is available in AED as well as USD currencies.

4. Abu Dhabi Islamic Bank (ADIB)- Abu Dhabi Islamic Bank is one of the more recent banks in existence, which was established in 1997. The bank has its headquarters in Abu Dhabi, with a strong workforce of over 2000 employees and a strong network of 69 branches and 67 ATMs in the UAE. ADIB has a wide range of commercial banking and retail banking services for customers across various demographics. The Basic Savings account requires account holders to keep a monthly minimum balance of AED 5000, upon which deposits earn an interest rate of up to 0.35%. The benefits of this account are the Free Unlimited Teller Transactions and the Free ADIB Visa Electron Debit Card, bundled with free e-statements service.

5. Dubai Islamic Bank- This is one of the more older banks in existence, which was established in 1975. DIB is one of the biggest public sector banks and it is the first Islamic bank to have been incorporated in line with Islamic principles. The bank has over 90 branches in the UAE with over 4200 employees working for the bank. A basic savings account with Dubai Islamic Bank would require account holders to maintain a minimum balance of AED 3000, and the accounts accrue competitive interest rates.

6. RAK Bank- RAK Bank is a public joint-stock company with its headquarters in Ras Al-Khaimah, UAE. The bank offers business banking, personal banking, and wealth management services to its customers. The Bank has over 3900 employees and has its presence across 39 branches in the UAE. The basic savings account with Rak Bank allows customers to maintain their accounts with different currencies like Dirham, US Dollar, Euro or Pound Sterling. The Bank offers up to 0.25% interest rates on deposits and the minimum balance required to be maintained is AED 3000.

7. Al Hilal Bank- Al Hilal Bank was established relatively recently in 2007 and has its headquarters in Abu Dhabi. The bank offers retail banking services, treasury and wealth management to its customers. The bank has a strong workforce of over 750 employees and has 14 branches spread across the UAE and 3 in Kazakhstan.
The bank offers a fully shariah-compliant savings account, available across a variety of currencies such as AED, USD, GBP, EUR, & CAD. The account provides a free personalized Visa Debit Card, free E-Statement as well as free Internet, Mobile, SMS & 24/7 Automated Banking facilities.

8. Mashreq Bank- Mashreq Bank is one of the oldest privately owned banks in the UAE, which was established in 1986 and has its headquarters in Deira, Dubai.
The bank provides regular as well as Islamic Banking Services to its huge customer base. The bank has over 4000 employees working for it and has 32 branches across the UAE and 20 (representative offices) branches around the world.
A basic savings account with Mashreq Bank earns a 0.25% interest rate credited every 6 months and customers can avail of instant debit cards at select branches. The account requires account holders to maintain an initial balance of AED 3000 and is meant for customers earning a minimum monthly income of AED 5000.

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