ADIB Banoon Children’s Savings Account

Abu Dhabi Islamic Bank is one of the most preferred Islamic banks in the UAE offering numerous products and services. The latest offering from the bank is Banoon Children’s Savings Account, specially designed for minors. The account is Sharia compliant and based on the principles of ‘Mudaraba’ for profit generation. 

ADIB Banoon Children’s Savings Account has some distinct benefits like higher expected profit rates, no maintenance fee, etc. It also offers a prepaid debit card ‘Darhoom’ for easy access to funds. The savings account is backed by services like mobile banking, standing instructions facility and accepts multiple international currencies. The profit is credited into the account on a quarterly basis.

Features and Benefits of ADIB Banoon Children’s Savings Account

The Banoon Children’s Savings Account offers numerous benefits and services as per the child’s need. Some key features of ADIB Banoon Children’s Savings Account are mentioned below:

• Minimum Initial Deposits - An individual needs to deposit a minimum of AED 1000 or its equivalent in other currencies.
• No Minimum Balance - No minimum balance is required in the account; however, a minimum of AED 5,000 must be maintained in the account to earn profit.
• Multiple Currencies Accepted - Abu Dhabi Islamic Bank accepts multiple currencies like AED, USD, GBP and EUR in the Banoon Children’s Savings Account.
• Expected Profit Rates - The account offers expected profit rates ranging from 0.31 to 0.61% depending upon the principal amount. However, the profits rates are applicable only when the funds are equal to AED 5,000 or more.
• No Maintenance Fee - ADIB does not charge any annual or monthly maintenance fee on the Banoon Children’s Savings Account. 
• Darhoom Debit Card - ADIB issues Darhoom prepaid debit card specially designed for children, which provides easy access to the funds. 

 * Darhoom is an interactive cartoon character developed by the bank to teach children about savings in an easy way.

• Standing Instructions - ADIB Banoon Children’s Savings Account also includes the standing instructions facility for automatic fund transfer periodically.
• Digital Services -  The account also offers numerous digital services, including online banking via the ADIB mobile app, giving instant access to the savings account.

ADIB Banoon Children’s Savings Account: Profit Rates

Given below are the latest profit rates based on the deposits in the Banoon Children’s Savings Account.

Note: The profit rates can fluctuate without prior notice.

Eligibility Criteria for ADIB Banoon Children’s Savings Account

Given below is the list of eligibility criteria that an individual needs to fulfil to open the Banoon Children’s Savings Account.

• Initial Deposit - An individual needs to deposit a fund of AED 1000 before opening the ADIB Banoon Children’s Savings Account. 

• Nationality - UAE nationals, residents and expatriates are eligible to apply for the bank account.

Documents Required to Open ADIB Banoon Children’s Savings Account

To open a Banoon Children’s Savings Account, an individual needs to submit a few documents as identity and address proof. Given below are the documents required to apply for ADIB Banoon Children’s Savings Account.

For Non-Residents of UAE 

• Passport or a valid ID proof of parents 
• Passport or a valid ID proof of child
• A valid visa is required for expatriates 
• Account opening amount of AED 1,000

For Residents of UAE

• A valid Emirates ID of parents
• A valid Emirates ID of child. 
• Account opening amount of AED 1,000

How to Apply for ADIB Banoon Children’s Savings Account?

ADIB offers a smooth and easy application process to open Banoon Children’s Savings Account. An individual can apply for the account either through online or offline mode or by making a phone call. Following are the ways to apply for ADIB Banoon Children’s Savings Account. 

• Filling the Application Form Online - An individual can visit ADIB’s official website, enter the required details and submit the online form. The bank representative will later get in touch for the subsequent account opening process.
• Filling the Application Form Offline - To apply offline, individuals can visit the nearby branch with all the required documents and fill the application form as instructed by the banking personnel.
• Through Phone Call - ADIB also facilitates applications via phone call. You simply need to call on one of the following numbers, and the banking personnel will guide you with the subsequent account opening process.

Frequently Asked Questions

Q1: What is the minimum deposit required to open the ADIB Banoon Children’s Savings Account? 

Ans: An individual needs to deposit a minimum of AED 1,000 to open the Banoon Children’s Savings Account. 

Q2: Are there any charges or fees applicable on ADIB Banoon Children’s Savings Account?

Ans: No, Abu Dhabi Bank does not levy any monthly or annual charges on this bank account.

Q3: How much amount is required in the account to earn profit? 

Ans: A minimum amount of AED 5,000 is required in ADIB Banoon Children’s Savings Account to earn profit. 

Q4: How much is the profit rate on ADIB Banoon Children’s Savings Account?

Ans: The profit rate depends on the funds deposited in the Children’s Savings Account. The profit rate ranges from 0.31% to 0.61%. As per the latest rates, a maximum of 0.62% is provided on deposits greater than AED 250,000.

Q5: What are the banking services provided by ADIB on Banoon Children’s Savings Account?

Ans: Abu Dhabi Islamic Bank provides prepaid debit cards (Darhoom Debit Card) for children to access funds from the savings account. ADIB also gives the facility of a mobile app for easy operation of accounts. Apart from these, the standing instructions facility can be used for transferring funds to a child’s account periodically.