These banks have stipulated that customers must hold a credit card or personal financing to be exempted from the minimum balance fee of Dh25
Several banks in the UAE are raising their minimum balance requirement to Dh5,000, an increase from the previous Dh3,000 threshold set by the Central Bank’s personal loan regulations.
This change will be effective from June 1st, although one bank has already implemented these new charges.
Customers who fail to maintain the minimum balance will face a fee of Dh25, according to the new guidelines.
Banks have stipulated that customers need a credit card or personal financing to avoid the Dh25 minimum balance fee.
A document from Emarat Al Youm specifies that fees are waived for customers who maintain a total balance of Dh20,000 or more, have a monthly salary transfer of Dh15,000 or more, or receive a monthly salary transfer between Dh5,000 and Dh14,999 and also hold a credit card, overdraft facility, or loan.
Conversely, a Dh25 fee will be charged to customers with a monthly salary transfer between Dh5,000 and Dh14,999 who don’t have a credit card, overdraft facility, or loan, as well as those with salary transfers less than Dh5,000.
Additionally, all other bank customers not meeting these criteria will incur a fee of Dh100 or Dh105, depending on their account type.
It’s worth noting that Central Bank regulations for personal loans, in effect since 2011, only require a minimum balance of Dh3,000 to be exempt from a Dh25 fee.
