The strategy behind opening Zero Balance Account in UAE

There are many reasons why you should open Zero Balance Account in UAE. Here we will discuss the most important reasons behind opening Zero Balance Account in UAE.

Normally, whenever we want to open some kind of account in the bank, the procedure consists of a few terms and conditions. For example, we have to maintain our bank account with a specific minimum amount. if we do not take care of its balance we will have to pay a penalty from the bank. On the other hand, if we talk about zero balance accounts, such kind of conditions do not apply to zero balance accounts. In a zero balance account case, no amount is required in that account to maintain it regularly. The bank will not impose any penalty on you if you are not maintaining a zero balance account with a minimum balance.    

This article is related to the concept of zero balance accounts in the UAE and the article is also rotating around its key features. We will try to know about the strategy of this zero balance account throughout the United Arab Emirates. How can someone open a zero balance account, and what circumstances push them to make that account? We will try to get all the answers related to these questions through a quick review of the bank’s requirements. So, let’s start to find out the major features and reasons behind it.  

Purpose of Making zero balance account in UAE

The main purpose is to save the amount without paying any kind of initial charges. A person can also withdraw the entire amount from a zero-balance account without maintaining the lowest required amount. This account is not like the other accounts, where maintaining the account balance is an essential thing. where if you forgot to update your account, the bank will charge a fine against you. So, in that sense, it would be a valuable account for all people living in UAE.     

Why zero Balance account is essential for an individual and business owner? 

Everyone can make this account, whether you are a businessman or an individual living in UAE. It will be beneficial for both, but businessmen can use this account for heavy kinds of transactions in relation to other accounts. An individual can also get financial services in time of need or in an emergency. An individual can withdraw the total amount in time of an emergency without leaving the minimum amount. Similarly, a businessman can withdraw the whole amount for a specific business need or investment objective. So, the zero balance Accounts are favorite accounts for business owners and individuals including the ex-pats of UAE, because no amount is required for its maintenance. Expats of the UAE can also take advantage of it equally with the residents without following any strict policies of the UAE.   

Advantages of zero balance account 

• The major and biggest benefit of zero balance accounts are, that there are no specific charges required related to its supervision. The bank will not interrupt you or can’t impose any extra fine on you for not updating your account. 
• Like any other account, you will not have to transfer money on a regular or monthly basis.  
• If you are not a regular customer of a bank and don’t have any previous operating accounts in the bank. So, you will also allow making your zero balance account without any previous record of accounts. Even if you are a jobless individual or even none working woman, so you will be also eligible.  
• While opening the zero balance account, the bank will not force you to deposit some initial amount into it.  

• Now open this zero balance account in UAE within the boundary of your home. This can happen through the online application procedure. Now, you don’t have to go outside in search of various branches of banks for opening an account. 
• You can avail many discounted offers related to restaurants in UAE and can also do shopping at discounted prices.  
• You will receive a checkbook and debit card also while opening an account. 

In what terms and conditions we can make a zero balance account in HSBC UAE? 

There will be a few terms and conditions applied while making the zero balance Account. The following terms are as mentioned below:- 

• Usually, people ask about the age restriction for zero balance accounts, the answer is, that 18 years old also can open this account but only with the original identity card UAE.  
• Expats can also apply for it but they should show a valid original passport or visa with 2 photocopies. 
• To open this zero balance account you will have to show some of your utility bills also. Through that bills, the bank will gather your home information also.  

•  To open an HSBC zero balance account in UAE  you have to visit the HSBC branch or you should go through the website online. Through the online form, you can easily apply at home.