Some UAE banks to raise minimum balance requirement from June 1, report says
Several banks operating in the UAE are set to increase the minimum balance requirement to Dh5,000, up from the previous Dh3,000 threshold established under the Central Bank's personal loan regulations.
The new requirement will take effect from June 1, with one bank having already implemented these charges recently.
Customers who fail to maintain the minimum balance will face a fee of Dh25, according to the new guidelines.
These banks have stipulated that customers must hold a credit card or personal financing to be exempted from the minimum balance fee of Dh25.
A document obtained by Emarat Al Youm details that 'fees will be waived for customers maintaining a total balance of Dh20,000 or more, those with a monthly salary transfer of Dh15,000 or more, or customers with a monthly salary transfer between Dh5,000 and Dh14,999 who also have a credit card, overdraft facility, or loan.'
The document further states that 'a fee of Dh25 will be imposed on customers with a monthly salary transfer between Dh5,000 and Dh14,999 without a credit card, overdraft facility, or loan, as well as those with salary transfers less than Dh5,000.'
Additionally, 'all bank customers who do not fall under the above categories will be required to pay a fee of Dh100 or Dh105, depending on the account type.'
It is worth noting that the personal loan regulations issued by the Central Bank, in effect since 2011, require a minimum balance of Dh3,000 to be exempt from a fee of only Dh25.
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