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Savings account

A savings account is an account of a bank or any other financial institution where you can deposit some amount of money at a modest interest rate. Usually, a savings account is used for regular transactions by people who are salaried and by those who have considerable financial goals.

  • Salary/Income proof
  • 3-6 months bank statements
  • Valid Passport
  • Valid Residence Visa

Benefits of savings account

  • A savings account is one of the flexible types of bank accounts that allows you to withdraw money based on your needs however the number of withdrawals depends upon the bank you chose
  • Savings accounts are easy to access. You can just use your ATM card or visit the bank to make a withdrawal and money transfer can also be done easily online or using the mobile app.
  • Maximum liquidity is offered by savings account protecting it from threat, mutilation and other forms of loss.
  • As you get paid with interest, it is beneficial to deposit your money in a savings account as it helps your money grow with time.

Features and Charges of savings account

Debit card annual charges

Some banks offer debit cards free for a lifetime while some offer free cards only for a year.

Unlimited usage of ATMS

Few banks provide the facility of unlimited transactions. Even though the charges are less, they can be increased with time.

Currencies permitted

Some banks provide savings account in foreign currencies. You have to make a choice depending upon your requirement.

Charges on minimum balance requirement

Savings account demands a minimum balance requirement. If you don't maintain the same, charges can be imposed upon you depending upon the bank you approach.

Remittance charges

Remittance charges are applied to expats who send money outside the country. Some banks offer free transactions. It's always wise to choose a bank that offers best and amicable remittance charges.

Eligibility for a savings account

  • The person who is opening the account should be greater than 18 years of age.
  • Nonresidents can also have a savings account.
  • BHD 20 is the minimum balance required to open the savings account.

Documents required for a savings account

For Bahrain citizens

  • CPR or smart card
  • Driver’s license
  • Passport

For Non-Bahrain citizens

  • CPR or smart card
  • Passport with valid resident permit

Islamic savings account

Most banks in the Middle East follow Islamic principles in banking approved by Shari’a and supervisory board. Features of this account might include

  • SMS banking, mobile banking, free debit cards, internet banking etc.,
  • Shari’s compliant rules are followed while investing your funds and profits and losses are shared between you and the bank.

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