First Abu Dhabi Bank PJSC
iSave Account: Key fact Statement
An iSave Account is an interest-bearing account for savings purposes without a cheque book or a debit card. The account can be
instantly opened by Customers who have an existing current or savings account through FAB’s Online Banking and Mobile Banking
services.
iSave Account
Currency AED only
Account Minimum
No minimum balance requirement
Balance
Effective interest rate
Interest rate*
Band Balance range**
(per year)
(per year)
< AED 50,000 2.00% 2.00%
AED 50,000 to < 100,000 2.25% 2.00% to 2.125%
AED 100,000 to < 500,000 2.55% 2.125% to 2.465%
AED 500,000 to < 1,000,000 2.85% 2.465% to 2.6575%
AED 1,000,000 to < 5,000,000 3.40% 2.6575% to 3.2515%
Interest Rate AED 5,000,000 to < 100,000,000 2.00% 3.2515% to 2.0626%
AED 100,000,000 to < AED 200,000,000 1.75% 2.0626% to 1.9063%
> AED 200,000,000 0.50% 1.9063% and less
*Note: Interest rate is only applicable for that balance portion, interest calculation will start from the lowest band
(2.00% pa) up to the upper limit of that band and will then move up according to the average monthly balance.
This is why the “effective rate” on the entire amount is different to the individual rate that may apply to a band.
For Example, 2.25% pa will be paid for the portion of balance which lies between AED 50,000 to AED 99,999.99
**Note: Because different rates apply to different bands, the effective interest rate applicable to the entire
balance is different to the individual rate that applies to any individual band. For further guidance on the “effective
interest rate range”, please refer to the Interest Calculation Method and illustrative examples below.
Interest Payment Interest is paid on the monthly average balance* and credited monthly to the iSave Account. Interest
Frequency is credited on the last day of the calendar month.
Interest is earned on the average monthly balance and calculated based on the ‘bands’ your
account balance is within. This is called an ‘Accumulative Band Method’, where different rates will
Interest Calculation apply to different bands.
Method Interest calculation starts from the lower band and will apply the band rate for each portion of your
average monthly balance.
Note: Interest will only be paid upto the previous interest payment cycle.
If the average monthly balance is AED 4,000,000 | Effective interest rate = 3.2144% per year
▪ 2.00% per year will apply on AED 50,000
Interest Calculation ▪ 2.25% per year on AED 50,000 (for the next band of AED 50,000 to AED 100,000)
Example ▪ 2.55% per year on AED 400,000 (for the next band of AED 100,000 to AED 500,000)
(Warning: This is an example for ▪ 2.85% per year on AED 500,000 (for the band AED 500,000 to AED 1,000,000)
illustrative purposes only.) ▪ 3.40% per year on remaining AED 3,000,000 (for the band AED 1,000,000 to AED 5,000,000)
This means, the effective interest rate for an average monthly balance of AED 4,000,000 = 3.2144%
per year
First Abu Dhabi Bank PJSC is licensed and regulated by the Central Bank of the United Arab Emirates.
Its registered office address is P.O. Box 6316, Abu Dhabi, UAE
Classified : Public
iSave Account
Interest = Average monthly balance * Effective Interest rate * Number of days/360
i.e., 4,000,000*3.2144%*31/360 = AED 11,071.82
An interest calculator is provided on the Bank’s website https://www.bankfab.com/en-
ae/personal/save/isave-account
Fees
Account Closure Fee (if AED 105
the account is closed within six
months of opening)
Notes:
- Any capitalized term used in this Key Facts Statement has the meaning given to it in the Bank’s terms and conditions
applicable to this product.
- *Monthly average balance is calculated by taking the closing balance at the end of each day and dividing it by the number of
calendar days in the given month.
- All the information / options provided by the Bank are for the purposes of the Customers’ informed decision making and will not
be deemed as a specific advice or recommendation.
- The Customer shall submit to the Bank all forms, documents and evidence relating to the opening of an Account that the
Bank may require, in form and substance satisfactory to the Bank.
- The Customer can contact the "atyourservice@bankfab.com'" mailbox for any queries related to any applicable terms and
conditions.
- It is the Customer’s responsibility to provide the Bank at all times with an up-to-date postal address, mobile telephone number
and electronic mail address and to notify the Bank of any change of contact information previously provided to the Bank.
- The Bank reserves the right, at its absolute discretion, to add / amend / delete / cancel any of the terms and conditions and
will provide customer with 60 days written notice prior to making such changes
- Consequences for failing to meet the Bank’s terms and conditions at any point either before or during the customer
relationship will lead to rejection of request / service or closure of account(s) or account conversion as deemed suitable by
the Bank.
- This Key Fact Statement shall be governed by and construed in accordance with the federal laws in the United Arab
Emirates, and any dispute concerning the interpretation of these terms and conditions shall be submitted to the exclusive
jurisdiction of United Arab Emirates courts.
- The detailed terms and conditions are provided on the Bank’s website https://www.bankfab.com/en-ae/personal/terms-and-
conditions and you can access the product details here iSave Account - No Minimum Balance| FAB - UAE (bankfab.com)
- The schedule of charges is provided on the Bank’s website https://www.bankfab.com/-
/media/fabgroup/home/personal/charges-and-fees/fees-and-charges-first-abu-dhabi-bank.pdf?view=1
Acknowledgement
In signing this Key Fact Statement below, I hereby acknowledge that I have received, read and understood this Key Fact
Statement, the Schedule of Charges, the General Terms and Conditions and any applicable Specific Conditions in
connection with the iSave Account.
Customer Name
Customer Signature
Date
First Abu Dhabi Bank PJSC is licensed and regulated by the Central Bank of the United Arab Emirates.
Its registered office address is P.O. Box 6316, Abu Dhabi, UAE
Classified : Public
