| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
HSBC - Savings Account
|
Minimum Balance Required: AED 3,000 | Annual Return: 0.1% | Features: Free Credit/Debit Card, Online Banking, Multiple Currencies |
An HSBC Savings Account is the secure and flexible way to save for the things that are important to you. Not only do you earn interest, but you also have immediate access to your money.
Product features:
- No fee for cash withdrawals and balance inquiry on non-HSBC UAE Switch ATMs1
- Choice between AED, USD, EUR, GBP and RMB account currencies
- 32 cheque deposit machines at key locations in the UAE without requiring a card and PIN
- International Visa debit card: Accepted at over 25 million outlets worldwide and giving you access to your accounts at over 1 million ATMs around the world.
- Six over-the-counter transactions every month if done using AED with no charge
- 24/7 banking through online banking, phone banking, mobile banking and SMS alerts
- Access to 91 cash deposit machines around the UAE for instant credit into your account
- Money transfer: Transfer funds within the UAE and abroad in multiple currencies.
Additional Information:
- Customer needs to maintain a minimum balance of AED 3,000
- Interest/profit rate (FLAT) of 0.10%
- Internet banking
- No annual fees
- Account available in AED, USD, GBP, EUR, CNY
Documents required:
- Original passport (for all customers)
- Valid residence visa (for non-GCC national customers only)
- Proof of UAE residence (utility bill or rental agreement or employment letter (for GCC national customers only) dated within the last two months)
- Original labour card/work ID (including female applicants on father's or husband's sponsorship)
- Original trade licence (for all self-employed customers)
- Salary certificate (for customers working in government or public sector companies)
- Salary transfer letter (for customers working in private sector companies)
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
