For children under 18
Operated on the child's behalf by the adult who funds it.
ADIB Banoon Savings Account
ADIB Banoon Savings Account is a children's savings account for under-18s, run by the adult who gifts the money. No minimum deposit and no balance fee.
At a glance
Account access
Debit card included.
For children below 18, operated by the legal grantor. Child and grantor require passports and Emirates IDs. Debit-card withdrawal limit is AED 500; larger withdrawals for child expenses are through an ADIB branch.
ADIB Banoon is a savings account you open in a child's name to put money aside for them. The child must be under 18. The account is run by the grantor, the adult who donates money into it, which can be a parent such as the child's mother. Money paid in is a gift to the child, made under an Islamic Hiba contract. The grantor has to be an ADIB customer, and can set up a free standing instruction to move money across regularly from their own ADIB account. There is no minimum deposit to open it. A debit card is linked to the account with a cash withdrawal limit of AED 500. For an account an older child runs from their own app, see ADIB Amwali.
Who can open it
Grantor banks with ADIB
The adult opening the account must be an existing ADIB customer.
Fees and balance
Banoon has no fall-below fee, so the balance can be as small as you like without a monthly charge. The costs to know about are on the edges. Closing the account within 6 months of opening costs AED 105. The first debit card is free and a replacement is charged. Withdrawals, balance checks and transfers between ADIB accounts are free at ADIB ATMs, while other banks' ATMs in the UAE charge per transaction.
Minimum opening amount
None
Fall-below fee
Free
Account closure fee
AED 105
Charged only within 6 months of opening.
In plain words
- Account closure fee
- A one-off charge of AED 105 for closing the account within 6 months of opening it. Closing it later costs nothing. More on this
Profit
A minimum of AED 5,000 is required to qualify for profit.
How your profit is worked out
Banoon is a Mudaraba account: ADIB invests the balance and shares the achieved profit with the account. The account needs at least AED 5,000 in it to qualify for profit, so a small starter balance earns nothing until it grows past that level. Profit is distributed monthly, and ADIB's profit bands for children's accounts step up with the balance.
Benefits
Free Standing Instruction
Regular transfers from an ADIB account to the child's account
Linked Debit Card
Debit card with an AED 500 withdrawal limit
Shariah-compliant
Banking model
How to open
Before you apply
1.For children below 18, operated by the legal grantor. Child and grantor require passports and Emirates IDs. Debit-card withdrawal limit is AED 500; larger withdrawals for child expenses are through an ADIB branch.
2.Debit card included.
Application steps
1.Make sure the adult opening the account is an ADIB customer.
2.Gather the passports and Emirates IDs of the child and the grantor, plus the residence visa where one applies.
3.Visit an ADIB branch and complete the Banoon account opening form, including its donation declaration.
4.Set up a standing instruction from your ADIB account if you want to save into it regularly.
Good to know
Good option for
Parents who bank with ADIB and want a separate, Sharia-compliant pot in a young child's name that they control and top up automatically.
Consider another account if
Your child is 8 or older and you want them to manage money themselves in an app, or the balance will stay under AED 5,000 and you are counting on profit.
Taking money out
Withdrawals are made only at an ADIB ATM or through a teller in a branch. The card allows up to AED 500, and larger amounts for the child's expenses have to be withdrawn at a branch. Phone, mobile app, internet and SMS banking show information about the account but cannot be used to move money out of it.
Frequently asked questions
Get answers to common questions about the ADIB Banoon Savings Account