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What is this product and how does it work?

Open Account

This Key Facts Statement provides you with indicative information about the features, interest, fees and charges of this product, but please refer to BSI Schedule of Charges for more information.

A Current Account is a non-interest bearing transactional account for everyday banking needs which can be used for making deposits (including salary transfers), withdrawals, payments and funds transfers.

UAE Nationals and Expats with valid UAE residence visa are eligible to apply for this account.

Terms & Conditions

Bank may from time to time, and at its sole discretion, change or amend any of the Terms and Conditions pertaining to this product. Such changes will be communicated to you with a 60-day prior notice.

Key Features
  • Minimum Balance Requirement* AED 3,000.00
  • Interest & Currency There is no interest paid on this account. The account is available in the AED currency Only.
  • Cheque Book The account will be eligible for a cheque book subject to the Central Bank’s policy on the number of cheque leaves.
  • ATM Card Individual customer is eligible for an ATM card, which allows a customer to access the funds in their account through ATMs. Each ATM card will have a daily ATM transaction limit of AED 5,000.00 and weekly limit of AED 25,000.00 Max.
  • Mode of Access & Limitation
    • The account can be accessed through branches, BSI ATMs/UAE Switch & GCC Net.
    • The Bank has a protocol to identify the customer at these channels for the security of the account.
    • Enquiries can be made through our branches.
    • BSI may review the nature of your business or details of your source of income prior to confirming your account openning.
Fees & Charges
  • Breach of Minimum Balance Fee AED 25.00 per month
  • Account Opening Fee Free
  • Account Closer Free
  • Cheque Book First cheque book (10 leaves) free; thereafter AED 1 per leaf
  • Cheque Return AED 100.00 per returned or bounced cheque
  • Replacement ATM Card (Lost/Damaged) AED 25.00 Issuance & renewal of ATM card is free
  • ATM Withdrawal Free (BSI ATM, UAE-Switch)
  • Teller Transaction Free
  • Charges mentioned above are excluding of 5% VAT
  • *Fall below fee will apply in case the monthly average balance falls below the minimum balance requirements.
  • All other product and services pricing will be as per the Bank’s Schedule of Charges. Please refer to http://www.banksaderat.ae

Key Obligations

  • If any payment instrument /instruction is given, please ensure to keep your account adequately funded to avoid any penalties.
  • Each banking package has specific fees and charges applicable. To review the latest Schedule of Charges please visit our website: http://www.banksaderat.ae/
  • If you have any queries, you are unsatisfied with our services or to report fraud / complaint / dispute, please contact our Customer Service on +971 4 6035267 or businesscare@bsi.co.ae
  • Never sign blank cheques, record all details of payments made by cheque on the cheque stub, report any lost or stolen cheque book, cheque leaf or ATM card immediately through our Customer Service.
  • You must ensure all information provided is correct and up-to- date, in case of any change in your KYC details, please inform the Bank so your account is updated and transactions are not disrupted. Failure to update the KYC, account may be blocked or closed.
  • You should carefully check the transactions (including ATM card transactions) in the statement and any error or discrepancy must be notified in writing to the Bank within (15) fifteen days from the date on which the statement is sent to the customer’s address as entered in the Bank’s records. If you give no notice, the statement will be deemed to be correct.
  • BSI reserves the right to decline any customer application at its sole discretion.
  • As per the mandate from the Central Bank of the UAE, cheque books issued during the first 6 months of opening the account could be limited to 10 leaves depending on the Individual’s rating with the Al Etihad Credit Bureau (AECB). Additionally, account may not be opened if there is a negative rating with the Al Etihad Credit Bureau (AECB).
  • Bank, without referring to the customer, may debit the customer’s accounts with any charges, expenses, or commission payable against the banking services rendered in accordance with the approved and announced banking charges and commissions.
  • BSI is obligated to share customer information with the designated government entities as per Bank’s applicable Terms & Conditions.

Warning:

  • In the event of cheque returns or DDS (Direct Debit System) returns from your account, according to the instructions of the UAE Central Bank, the customer’s account will be closed and added to the blacklist in case 4 cheques returned unpaid within one year due to insufficient balance.
  • Please do not share any information related to your account for the safety of your funds. The account number and your cheque book must be stored securely, and ATM card details and PINs and any other identity details must not be shared with anyone.
  • The Bank may close the account if account conduct is found to be unsatisfactory as per the Bank’s Compliance Policy and the UAE Central Bank’s regulations.
  • In the event of failure to meet the product terms and conditions before and during your relationship with us, there will be consequences which may include restriction, blockage or closure of your account.
  • The Bank may apply any credit balance which is held in the customer’s name in any account and / or at any branch of the Bank towards any indebtedness or amounts due.
  • In case of account being non-operational for period of 3 years, account will be marked as dormant as per regulatory guidelines.
  • No debit / credit transactions or accounts status with nil (zero) balance for consecutive 6 months, account will be considered non-operational, and the Bank reserves the right to close the account without prior notice.

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