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Opening a bank account in Dubai requires a lot of paperwork and formalities. The formalities and rules in opening a bank account in Dubai have become extremely stringent over the years. The requirements of opening a bank account depends upon the type of account you want to open. The following will guide you through the essentials that you need in order to open a bank account in Dubai.


By basic requirements we mean those items which are necessary to open a bank account irrespective of its type.

1. Residence Visa: – This is absolutely necessary in order to open bank account in Dubai. Residence Visa determines the right of a person to be in a country.

2. No Objection Letter (NOC):- This is a letter from your employer that needs to be presented in order to open an account in any bank of Dubai. The employer letter will need to state the salary of the person.

3. Tenancy agreement: -Some banks also ask for the tenancy agreement. This acts as a proof of residence.

4. Copy of Passport: – The photocopy of passport is demanded by almost all the banks in Dubai. This is required in order to establish the identity of the person.


Opening a saving account or a deposit account facility can be availed from any bank in Dubai. All banks in Dubai give the facility of opening these types of account but there are no banks that deal only with these kinds of accounts. Like in all other countries, the interest rates in savings accounts are lower as compared to the deposit accounts.   However, the savings accounts holder has several other conveniences like

1.  They have an advantage of easy withdrawal at any time.
2.   A passbook is issued to the users in order to help them in keeping the records.
3.  Some banks also provide the monthly statement in order to keep record of the transactions and details of the account.
4.  Cash card may also be provided for ATM use.
5.  A cheque Book and a credit card may also be issued depending on the type of account and the bank from where the account is being opened.

The various facilities provided with the bank account vary from Bank to bank. In addition to this, the interest rates are also variable and depends on the bank.

Just like the saving accounts, deposit accounts are also of many types. The interest rates will depend on the amount that is going to be deposited and the minimum time of the deposits. The time period is usually a month but some banks also pay interest after a week (usually for large amounts). Most of banks in Dubai also allow the user to get benefited from the higher rates of interest in deposit accounts. In order to avail this advantage, the users need to deposit the substantial sums of money so that their account qualifies for the higher levels of interest. Some banks in Dubai also offer standing order facilities and cheque books but to avail these facilities there might also be maintenance charges and limit of the cheques that can be issued.

Most banks in Dubai also provide the facilities of opening savings accounts created specifically for foreign currencies like American Dollar and British Pound.


Most of the transactions that take place in Dubai occur in the form of cash. This is due to the fact that people are generally suspicious of the cheques. The cheques are most unlikely to be accepted by the local retailers and people, as this form of the payment carry no guarantee. Like in other parts of the world, issuing a cheque without funds is a serious crime. Current accounts therefore are not cheque book based.

The current account provide many facilities

1.  Current account holder can avail the facilities like cheque clearance, standing orders, direct debits and credit card repayment.
2 . Interest rates are low (or nil) as compared to savings account and vary from bank to bank. It is better to keep the surplus funds in a savings or deposit account.
3.  Transactions are free up to some limit, after which you might be charged.
4.  Cheques are available in two languages English and Arabic.

For a tourist or a person working in Dubai, these formalities are quite easy but for opening the business accounts things may vary. If you are a non-resident and are looking to start a business in Dubai, consultation is a must as it requires lots of paperwork and knowledge.

For further queries, get in touch with us.



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