Student bank account in UAE

The United Arab Emirates is the fast developing country that enjoys the world’s highest standards of living. Today, a young Arab nation offers the most favourable conditions for both living and carrying on business, educational and other activities.

In this overview, we would like to provide the most significant and actual information on the current financial opportunities for students. In particularly, we will dwell on the features of opening a student bank account in the UAE.

Today, the United Arab Emirates is turning into one of the world’s major educational hubs. Both local and international students have the opportunity to get a superior education in the leading educational institutions of the UAE. Besides, the Government of the UAE and the Ministry of Education offer the continuously developing system of educational and related services.

Among the numerous advantages, which are available to the UAE students, there is the efficient and flexible system of financial tools and banking services.

The Government of the UAE jointly with the national and commercial banks of each Emirate has elaborated the advanced system of the efficient student banking servicing. It includes the possibility of opening private student bank accounts, getting private student loans, etc. These options are designed to facilitate the educational process and to improve the quality of education.

What is a student bank account?

A student bank account is a special banking instrument that is designed to satisfy the financial and banking needs of students. In general, a student bank account may be considered as a subtype of a usual private bank account. However, has its own features and different compliance requirements.

The UAE student bank account is a multifunctional financial tool that provides its holders with the right to take advantages of the most various opportunities both on the territory of the country and across the entire Middle East.

In fact, the most universities offer special discount plans for the student bank account holders. So, for example, the National Bank of Abu Dhabi’s Student Savings Account provides the opportunity to enjoy various dining offers in the UAE. Moreover, the holders of this account get a complimentary lounge access in all the Middle Eastern countries.

Other universities also offer various additional incentives. Among the most popular advantages, there are discounts for obtaining medical insurance certificates and loyalty schemes for applying for other programmes and services.

How to open a student bank account?

It should be noted that almost all the UAE banking institutions tend to simplify the procedure of opening student bank accounts and provide advantageous account maintenance requirements.

A standard set of documents that must be submitted to the banking institution usually includes:

• Copy of a passport;
• Copy of a visa;
• Copy of the Emirates ID card;
• Copy of the University student ID card (or a letter of enrolment from a university).

At the same time, such documents as an income certificate or account statements from other banks are required only in the case of applying for credit facilities.

Besides, you should take into account that the originals of all the above-listed documents must also be presented when submitting their copies.

Where to open a student bank account?

We need to mention that there are numerous banks that provide for the possibility of opening student bank accounts on the territory of the United Arab Emirates. However, there are some best banks for students in the UAE, namely:

• Emirates NBD;
• National Bank of Abu Dhabi (NBAD);
• Mashreq Bank;
• Abu Dhabi Commercial Bank (ADCB).

Let us turn our attention to the major features of each banking institution.

The Emirates NBD is the first UAE bank to launch the programme of opening student bank accounts. This bank does not set any requirements to the minimum monthly balance. However, to open a bank account you need to provide a no objection letter from your educational institution alongside with the abovementioned standard set of documents.

The National Bank of Abu Dhabi offers the opportunity of opening either a Student Savings Account (for students between 18 and 24 years of age) or a Personal Student Current Account (for students between 21 and 24 years of age). You can choose any of these accounts depending on your personal needs. At the same time, you should take into consideration that you will need to make a deposit of AED 250 to activate the Personal Student Current Account.

The main advantage of the Mashreq Bank is availability of a well-developed education loan program with a flexible system of repayment options. At the same time, the minimum required monthly income should be equal or more than AED 7000.

Speaking about the Abu Dhabi Commercial Bank (ADCB) it should be noted that it provides the possibility of opening student bank accounts for both the UAE students and students from the numerous other universities across the globe. Besides, this option is provided under the standard requirements.

Conclusion

The United Arab Emirates has the well-developed banking system. A student bank account is one of the most popular banking instruments among the both local and international students of the UAE colleges and higher educational institutions.

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