Closing a bank account in the UAE is a fairly straightforward process that will help you avoid any unnecessary hassles in the long run. Let us consider some of the requirements, processes, and other details of closing a bank account in Dubai.
Why should I close my bank account?
Banks have specific account policies that require certain conditions to be met. The exact requirements may differ between banks, so it’s best to call your bank in advance to double-check what they require.
Bank accounts left open could be incurring fees as many banks across Dubai require a minimum balance to be maintained. Failure to maintain the minimum required amount could result in penalties and charges.
Additionally, when there are no activities on the account like transactions, the account will be frozen by the banks. Most of the banks in the UAE freeze an account that is inactive for 6 months. Once the account is frozen, they check the fees and charges levied on the account and request the account holder to pay the fee to close or restart the account.
How to close your bank account?
- Visit a branch or send a request to the bank
The account holder is expected to visit the bank to close his account. But if for some reason you can't do it offline, you can contact the bank officials to explain to them your situation. In this case, the account holder needs to send an official email from the registered email address to the bank.
- Pay off all debts and charges
Once your account closure request is processed, check if there are any charges levied. Check the amount and ask the bank about the ways to pay these fees. Also, some banks may charge a minimal fee if you are closing the account.
- Get the account closure notification
After the fees are cleared the bank will process your closure request. It takes 3-5 working days for banks to process the account closure application and close it.
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