Do you want to make sure that your child starts learning about money management early? Opening a child bank account is one of the finest methods to support your child’s financial independence while maintaining control over their spending. In the United Arab Emirates, a number of banks permit the parent or legal guardian to open a bank account for their minor kid, which occasionally may even be linked to the parent’s account.
Here is everything you need to know if you’re a parent looking to open an account for your child or a child trying to persuade your parents to open an account for you.
ADIB Amwali Savings Account
Children between the ages of 8 and 18 can open an “Amwali Savings Account” with Abu Dhabi Islamic Bank (ADIB). The father or other designated guardian of the child may open the account, which has no minimum balance requirement. However, the father or legal guardian must already have an account with ADIB and have a working relationship in order to open the account.
Documents required
– Passport of the minor
– Emirates ID of the minor
– Visa of the minor (for expatriates)
You can utilize the Amwali mobile application, which is accessible for Apple and Android smartphones, or go to the local branch to open the account.
You would need to download the app and then upload a copy of your child’s passport, Emirates ID, and visa to open the account. The welcome package will be sent to you after your child’s account has been validated and enabled.
ADIB Banoon Children’s Savings Account
The parent or legal guardian can open a Banoon Children’s Savings account with Abu Dhabi Islamic Bank on behalf of their children, and there is no minimum balance requirement. The youngster must be younger than 13 to qualify for this account.
Documents required
– Passport (of both the guardian/parent and the child)
– Emirates ID (of both the guardian/parent and the child)
– Valid visa for expatriates (of both the guardian/parent and the child)
– Opening deposit of Dh1,000
You must go to an ADIB branch to submit an application for this account.
Ajman Bank #YOUNG Account
Individuals under the age of 18 may open a #YOUNG account with Ajman Bank, which has no minimum balance requirement. The child’s father or legal representative may open the account.
Documents Required
– Account opening application form
– Original Passport and Emirates ID
– Original Visa page for expatriates
– Opening deposit of Dh500
The guardian and the minor both need to have access to the documents.
You must go to a branch of Ajman Bank to open the account. By getting in touch with the bank’s phone center, you can also begin the process.
Al Hilal Bank Seghaar Savings Account
A parent or legal guardian may open a “Seghaar Savings Account” with Al Hilal Bank on behalf of a child who is younger than 13 years old. There is no minimum balance requirement for the account. The parent must, however, already be a customer of the bank.
Documents required
– Emirates ID (for both guardian and minor)
– Passport (for both guardian and minor)
– Birth certificate of the child (if the mother is opening the account)
– Opening deposit of Dh500.
You can open the account in person at the closest branch or online using the “Al Hilal Digital” app, which is accessible on Apple and Android phones and tablets. The beginning deposit might not be required if you are opening the account through the application.
Al Hilal Youth Account
Additionally, between the ages of 13 and 18, children can open a “Youth Account” with Al Hilal Bank, which has no minimum balance requirements. To apply for this account, the parent must already have an account with the bank.
Documents required
– Emirates ID (for both guardian and minor)
– Passport (for both guardian and minor)
– Birth certificate of child (if mother is opening the account)
– Opening deposit of Dh500.
You can open the account in person at the closest branch or online using the “Al Hilal Digital” app, which is accessible on Apple and Android phones and tablets. The beginning deposit might not be required if you’re opening the account through the application.
Al Maryah Eyalna Minor Account
An under-21 person’s father or legal guardian may open a minor account with Al Maryah Community Bank, which has no minimum balance requirement.
Documents required
– Valid Emirates ID of the minor (for UAE Nationals)
– Valid Emirates ID and valid passport along with valid residence visa of the minor (for expatriates)
– Court notarised guardianship letter if the father is not the minor’s legal guardian
If you are a new customer, you must additionally present your father’s or your legal guardian’s Emirates ID.
Through the “Mbank UAE” application, the father or legal guardian can open the account.
DIB Shaatir Savings Account
Children under the age of 18 can open a Shaatir Savings account with Dubai Islamic Bank (DIB). There is no minimum balance requirement for the account.
Documents required
– Account opening application
– Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) Declaration signed at the time of application
– Valid Emirates ID
– Valid Passport
– Valid Residence visa (For ex-pats)
– A source of funds plus a document proving revenue, such as a pay stub, a trade license, or any other form of income
– Documentation showing a physical residential address, such as a utility bill
The paperwork mentioned above pertains to the father or guardian. Along with these documents, you will also need the minor’s regular paperwork, including their Emirates ID, and the guardian’s or father’s permission.
The account must be opened at a DIB branch.
Emirates Islamic Child Savings Account
Emirates Islamic offers a “Child Savings Account” that can be opened by the father or the legal guardian for youngsters between the ages of six months and eighteen.
Documents required
– Emirates ID (for both father/guardian and child)
– Passport (for both father/guardian and child)
– Birth certificate of the child
You must go to an Emirates Islamic branch with the necessary documentation to open the account.
Mashreq Neo NXT
Mashreq provides a “Neo NXT” account that a parent can open for a kid between the ages of 12 and 18. The parent must, however, already be a Mashreq customer.
Documents required
– Emirates ID of the minor
The parent can sign in to the account using the “Mashreq Neo” or “Mashreq Mobile” applications.
SIB Hassalati Account
Hassalati accounts, which need a minimum balance of Dh500, are available from Sharjah Islamic Bank (SIB) to juveniles under the age of 18. The parent or the appointed guardian may open the account.
Documents required
– Emirates ID (for both guardian/father and minor)
– Passport (for both guardian/father and minor)
– Visa for expatriates (for both guardian/father and minor)
– Copy of the child’s birth certificate
– Initial deposit of Dh100
To open an account, you need to visit an SIB branch.
Al Masraf Arab Bank Minor Savings Account
The father or other designated guardian may open a minor account with Al Masraf on behalf of the minor who is under the age of 18. The account needs to have at least Dh3,000 in it.
Documents required
– Emirates ID (for both guardian/father and minor)
– Passport (for both guardian/father and minor)
To open the account, you need to visit an Al Masraf branch.
RAKBANK Minor Account
For minors under the age of 18, RAKBANK permits the parent or guardian to open an account. The account needs to have at least Dh3,000 in it.
Documents required
– Emirates ID (for both guardian/father and minor)
– Passport (for both guardian/father and minor)
– Visa for expatriates (for both guardian/father and minor)
To open the account, you need to visit a RAKBANK branch.
National Bank of Fujairah
The father or the child’s legal guardian may open a minor account on behalf of the juvenile at the National Bank of Fujairah (NBF). There must be Dh2,500 in the account to open it.
Documents required
– Passport(for both guardian/father and minor)
– Emirates ID (for both guardian/father and minor)
– A photo of the child (not mandatory)
To open the account, you need to visit an NBF branch.