Picture for illustrative purposes only. EXPAT MEDIA

Major banks across the UAE are increasing the minimum required balance for current accounts from Dh3,000 to Dh5,000 starting June 1, as part of a broader compliance move with the Central Bank's regulations on personal finance. The new policy will affect thousands of residents with current accounts who risk being charged a monthly fee of Dh25 if they fail to meet the Dh5,000 minimum balance. To avoid this fee, customers must meet one of the following conditions: • Maintain a total account balance of at least Dh20,000 • Transfer a monthly salary of Dh15,000 or more • For those with salaries between Dh5,000 and Dh14,999, hold an active loan, overdraft, or credit card with the bank Those earning less than Dh5,000 or who fail to meet the requirements will automatically be charged. For certain accounts, monthly fees could increase to Dh100 or even Dh105. Previously, since 2011, the minimum balance threshold was set at Dh3,000 for personal accounts linked to loans, with a Dh25 fee imposed if the threshold was not met. The change is expected to impact many low- to mid-income residents who rely on affordable banking options. ICA/Expat Media
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