Minimum balance
AED 3,000
DIB Millionaire Account
DIB Millionaire Account is a Wakala savings account with monthly profit and a monthly prize draw. Each AED 15,000 of average balance earns one entry.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Minimum BalanceAED 3,000
Account TypeIslamic
Account access
Request the optional debit card when opening the account; the first card is complimentary.
Open in the app.
The Millionaire Account is a dirham savings account that adds a monthly prize draw to ordinary saving. Your money is placed under Wakala. You appoint DIB as your agent to invest it, the bank tells you the profit it expects based on past results, and profit is credited at the end of each month on your average monthly balance. Alongside that, keeping AED 15,000 or more as an average balance enters you in that month's draw. The prizes are funded from the bank's shareholders' funds, not from customers' deposits or the investment pool. The account can be opened and run digitally, for a minor, or jointly. If the draw does not matter to you, compare DIB's Al Islami Savings Account.
Fees and balance
Opening needs no money. The monthly fee is AED 26.25 and it applies when your average balance for the month is below AED 3,000. This account has one more way out of the fee than DIB's other savings accounts: a monthly salary transfer of AED 5,000 or more into it. The fee is also not charged on the account you repay a DIB finance from, on the account linked to a Wakala or Investment Deposit, for Aayan and Wajaha customers, or on accounts opened for minors. You can close the account at any time with no early closure fee, but closing forfeits any profit not yet paid and any pending draw eligibility.
Monthly fall-below fee
AED 26.25
How to avoid the monthly fee Meet any one of these conditions.
- Keep a balanceAverage monthly balance of AED 3,000 or more
- Other exemptionsNot charged with a monthly salary transfer of AED 5,000 or more, on the account that settles an active DIB finance, the account linked to an active Wakala or Investment Deposit, or for Aayan and Wajaha customers
Minimum opening amount
None
Account closure fee
Free
In plain words
- Fall-below fee
- A monthly charge for holding less than the balance the bank asks for. Here it is AED 26.25, charged in a month when your average balance for the month is under AED 3,000. The average is taken over every day of the month, so a few low days do not trigger the fee on their own. It is not charged in a month when you stay at or above that amount. More on this
- Opening amount and minimum balance
- The opening amount (AED 0) is what you pay in to start the account. The minimum balance is what you keep in it afterwards. More on this
Profit
Profit is paid monthly and calculated on the average monthly balance. A minimum average balance of AED 15,000 qualifies for the prize draw.
How your profit is worked out
Profit is calculated on the average of your end-of-day balances over the calendar month and credited at month-end. The bank quotes an expected rate and can revise it. Expected has a specific meaning under Wakala. The bank cannot promise the figure. If the investments earn less, you receive what was actually earned, and if they earn more, the bank may keep the excess as its performance incentive on top of its agency fee. The draw has its own threshold. An average balance of AED 15,000 qualifies, which is above the AED 3,000 needed to avoid the monthly fee.
Benefits
Monthly Prize Draws
A monthly draw with a grand prize of AED 1 million in cash and an electric vehicle.
Optional Visa Debit Card
Issued if you apply for it when opening the account. The first card is complimentary.
Digital Account Opening
Can be opened through DIB's Alt mobile and online banking.
Shariah-compliant
Banking model
How to open
Before you apply
1.Request the optional debit card when opening the account; the first card is complimentary.
2.Open in the app.
3.Minimum balance: AED 3,000.
Application steps
1.Apply in DIB's Alt mobile banking application, at a branch, through Direct Sales staff or at a Wealth Management Centre. Existing account holders can also use Alt online banking.
2.Complete the account opening application and sign the FATCA and CRS tax declarations.
3.Provide your Emirates ID, a residence visa if you are an expatriate, or a passport if you are a non-resident.
4.Provide proof of income and proof of your residential address.
5.Apply for the debit card while opening the account if you want one.
Good to know
Good option for
Savers holding AED 15,000 or more who want a monthly draw on top of profit, and salaried customers who can route AED 5,000 a month into the account.
Consider another account if
Your balance will stay under AED 15,000. You would earn profit but get no draw entries, so the account's main feature would not apply to you.
How draw entries are counted
Each AED 15,000 of average monthly balance gives one entry. An average balance of AED 45,000 or more adds a bonus entry, and so does a salary transfer of AED 10,000 or more into any of your DIB accounts. Eligibility is fixed on the last calendar day of each month.
Who cannot take part
DIB staff and their spouses and children cannot open the account or enter the draws. A customer can win only one prize in a month.
Frequently asked questions
Get answers to common questions about the DIB Millionaire Account