In general, financial accounts can be divided into two categories: personal and business accounts.
You should note that if you need a bank account for a commercial reason you can’t use a personal account for a firm, that is, you have to set up a company and open a company account for it. It is not permitted to do business with a personal account.
Many banks in USE offer wealth management services. There are many bank accounts that offer investment features. Private bank accounts offer personalized services along with various products to the customers.
Here are a few famous bank accounts in the UAE.
The current account is the trade balance of a nation plus net revenue and direct transfers. The trade equilibrium is the import and export of products and services by a nation. International capital flows are also measured in the current account.
A corporate account is balanced if the citizens of the nation are sufficient to finance all transactions. Men, enterprises, and government comprise residents.
Profits and investments provide funds. Purchases include both household expenditure, enterprise expansion, and government expenditures on infrastructure.
A savings account is a bank’s or other financial institution’s interest payable account. While these accounts usually pay a moderate interest rate, their security and stability make it a fantastic choice for short-term parking cash.
Savings plans have some restrictions on how much you will withdraw money, but usually have extraordinary versatility that is suitable for creating a fund for emergency use to save on a short-term target such as a vehicle or going on holiday.
An organization’s payroll account is opened in order to credit the employee’s salary. A person whose business has a salary agreement with the bank can open a corporate salary account. The boss creates a salary account.
The key advantages of the salary account include a zero balance account and free ATM transfers from a branch, a free ATM cum-debit card, an extra ATM card, free Online banking, free multi-city cheques, and so on.
Fixed Deposit Account
It is an especially invested investment portfolio with a negotiated interest rate and tenor. At the end of the negotiated (tenor) contract, the deposit will be rolled over or liquidated at the end of the agreed-upon term (reinvested), based on the orders of the customer for the balance of the interest paid.
A fixed deposit or “FD” is a form of bank account promising a fixed interest rate to the lender. In exchange, the investor promises that for a specified amount of time he will not withdraw or touch his funds. Interest is payable in a fixed account only until the very close of the time of investment.
Recurring Deposit Account
A revolving deposit is a deposit form where fixed rates are required for a period of time to be deposited in a fixed account. Because the payments are replicated or reduced on daily basis, it is referred to as a revolving deposit.
Various banks may determine various frequencies of installments, e.g. per month, quarterly or half-yearly. The monthly installment scheme is the most common alternative provided by most banks. In that case, the depositor shall pay the revolving bank account each month with a pre-decided sum.
Under the minimum regulations laid down by the bank, the investor can choose the installment number.
If you are looking for wealth management services or private bank accounts Mashreq is always here to assist you. You can open an account with all the unique features with one click. Mashreq offers a dedicated team of professionals to guide you.