Find Out What Fees are Set by the UAE Central Bank
Posted On July 21, 2013
All banks in the UAE must adhere to the following restrictions set by the Central Bank:
Bank Account Fees
|Account opening fees:
||Maximum of AED 3,000
|Monthly minimum balance penalty:
|New cheque book:
||Maximum AED 25 (first one is free)
|Standing order setup:
||Maximum of AED 50
|Standing order payment dishonored:
|Manager’s cheque issue fee:
|Acccount balance letter:
|No liability certificate:
|Bounced cheque fee:
||AED 100 (no charge if cheque written to yourself)
Only customers earning a monthly salary of at least AED 5,000 (annual salary of AED 60,000), or customers who provide a pledged deposit of at least AED 60,000 can be issued credit cards.
The maximum loan amount is 80% of the value of the vehicle, with a maximum repayment period of 60 months (5 years).
The overall total limit on monthly repayments is 50% of a borrower’s net income, including salary and any other revenue. This includes personal loans, credit card repayments, home mortgages, car loans and any other financing.
The maximum loan amount allowed is 20 times the monthly salary of the borrower, with a maximum repayment period of 48 months (4 years).
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