Are you looking for a bank account as well as premium banking services? An option to consider is bank accounts offered by HSBC. Based on your needs, you can manage your finances with a current, savings, deposit or premium account. Below find out how you can open an account with HSBC.
Which account should I open?
HSBC offers a range of accounts such as the HSBC Current Account, HSBC Savings Account, HSBC e-saver Account and HSBC Term Deposit among others. To manage your daily transactions with ease, you can opt for the HSBC Current Account which provides you with 24/7 access to your funds through online, mobile and phone banking. This account can be opened in currencies such as Euro, Dollar, Dirham and Chinese Renminbi. Also receive a free international visa debit card with this account and a HSBC Visa Platinum Select credit card if you transfer your salary.
Earn interest on your savings with the HSBC e-saver Account. Interest is calculated on the daily closing balance and paid to you at the end of the month. For greater savings, you can lock your money in HSBC Term Deposit Account with a choice of tenures ranging from one to twelve months.
HSBC also offers premium banking services in the form of HSBC Advance and HSBC Premier accounts. As an HSBC Advance customer, get dedicated HSBC Advance specialists to help you round the clock for your banking needs. Other benefits include fee-free cash withdrawals at any bank ATM across the GCC, free multi-trip worldwide travel insurance and free emergency cash advance up to USD 10,000 from any HSBC branch. Along with these features, HSBC Premier customers get a dedicated relationship manager who will cater to your unique needs and preferences. Additional benefits include wealth management services, HSBC Premier MasterCard credit card, Zurich Private and Client Insurance products.
What is the eligibility criteria?
HSBC requires all applicants to be 21 years and above to apply for their accounts. While the minimum balance requirement for the current and savings accounts is AED 3,000, it’s higher for advance and premier accounts. For HSBC Advance Savings or Current Account, a monthly income of AED 15,000 or a minimum monthly average balance of AED 100,000 in deposits is required. Whereas, to be eligible to apply for a HSBC Premier Account, a monthly income of AED 50,000 and above or a minimum monthly average balance of AED 350,000 in deposits or investments is required. The HSBC eSaver Account does not have a minimum balance requirement.
How to open the account?
You can apply for the HSBC eSaver Account online. For all other accounts you are required to visit any HSBC branch in the UAE. You will be asked to submit necessary documents such as copy of your Emirates ID, visa, passport, recent salary certificate and proof of UAE residence. Make sure to carry the originals with you. For opening a joint account, both account holders need to be present with the above documents. For more information on account opening you can request a call back from HSBC online or call on 600 55 4722.
Ask all the important questions
Read through the schedule of fees to find out about any account charges. HSBC Current and Savings accounts entitle you to two free cash withdrawals and one free balance inquiry on non-HSBC ATMs per month. There is a monthly charge if the minimum balance is not maintained, which varies based on the account type. While savings account gives you the flexibility of unlimited withdrawals, eSaver account lets you withdraw once a month without losing your interest. Also find out if you get charged for breaking your term deposit before maturity. On successful opening of your account, you will receive an account number, IBAN number, international ATM/debit card and a personalized cheque book based on the account you opted for.