Minimum age
18 years
DIB Al Islami Payroll 2-in-1 Account
DIB Al Islami Payroll 2-in-1 Account is a salary account with a cheque book and quarterly Mudaraba profit, for staff of companies on DIB's payroll service.
At a glance
Account access
For UAE nationals or legal residents over age 18 employed by a company listed with DIB for Payroll services. Request the optional debit card when opening the account; the first card is complimentary.
The Payroll 2-in-1 gives employees of companies on DIB's payroll service one account that does two jobs. It works as a current account, with a debit card on request and a 25-leaf cheque book you can apply for, and its balance also takes part in profit sharing under Mudaraba. You must be a UAE national or legal resident over 18 whose employer runs its payroll through DIB. The account opens with no balance and is offered in dirhams and US dollars. It mirrors the bank's open-market Al Islami 2-in-1 Account, except that the monthly fee is set by your employer's arrangement and not by your balance.
Who can open it
Residency
UAE resident or national
Employer on DIB payroll
Your company must be registered with DIB for its payroll service.
Fees and balance
Your balance does not decide the monthly fee here. DIB assigns each payroll employer to a fee category, and the fee follows from that and from your salary. One category is free for everyone, one charges AED 5 to every employee, and the remaining four charge AED 5, AED 10, AED 15 or AED 20 a month to employees earning AED 3,000 or less. Linking the account to an active Wakala or Investment Deposit removes the fee, as does Aayan or Wajaha status. The first cheque book is complimentary. If you close the account within 6 months of opening, the bank charges AED 26.25.
Minimum opening amount
None
Monthly fee
Free
Employer fee category A; also exempt when the account is linked to an active DIB Wakala or Investment Deposit, or for Aayan and Wajaha customers.
Monthly fee
AED 5
Employer fee category B: monthly salary AED 3,000 or below.
In plain words
- Fee levels
- The monthly fee has more than one level. The condition you meet decides which one applies, and you pay that one level only, never the levels added together. More on this
- Account closure fee
- A one-off charge of AED 26.25 for closing the account within 6 months of opening it. Closing it later costs nothing. More on this
Profit
Profit is paid quarterly and calculated on the average monthly balance. No profit is calculated for a month if the minimum balance drops below AED 10,000 or more than 2 withdrawals are made in that month.
How your profit is worked out
Profit is declared quarterly and calculated on your average monthly balance. The bar for earning it is high for a salary account: the balance must stay at AED 10,000 or more on every day of the month, and you can make no more than two withdrawals in that month. In a month where either condition fails, the account behaves as a plain current account and receives no profit. So the profit side mainly benefits people who keep a large cushion in their salary account. The bank does not fix a rate ahead of time, and it publishes the rates declared in past quarters.
Benefits
Optional Debit Card
Issued if you apply for it when the account is opened. The first card is complimentary.
25-Leaf Cheque Book
Available on dirham accounts after a credit bureau check. The first book is complimentary.
Dirham and Dollar Accounts
The account is available in AED and USD.
Shariah-compliant
Banking model
How to open
Before you apply
1.For UAE nationals or legal residents over age 18 employed by a company listed with DIB for Payroll services. Request the optional debit card when opening the account; the first card is complimentary.
Application steps
1.Confirm that your employer uses DIB for payroll.
2.Apply at a branch, at a Wealth Management Centre, through the Direct Sales Team or in the mobile application.
3.Complete the account opening application and sign the FATCA and CRS tax declarations.
4.Provide your Emirates ID, passport and, for expatriates, residence visa, each valid for at least 30 days.
5.Provide proof of income and proof of your residential address.
6.Request the debit card and cheque book when opening the account if you want them.
Good to know
Good option for
Payroll employees who keep AED 10,000 or more in their salary account all month and want a cheque book as well.
Consider another account if
Your salary account regularly falls under AED 10,000 before the next payday. You would hold a profit-sharing account that pays no profit in those months.
Frequently asked questions
Get answers to common questions about the DIB Al Islami Payroll 2-in-1 Account