Employer on DIB payroll
Your company must be registered with DIB for its payroll service.
DIB Al Islami Payroll Savings Account
DIB Al Islami Payroll Savings Account is a salary account for staff of companies on DIB's payroll service that also shares Mudaraba profit quarterly.
At a glance
Account access
For UAE nationals and legal residents or non-residents in the UAE working for a company listed with DIB for Payroll services. Request the optional debit card when opening the account; the first card is complimentary.
The Payroll Savings Account receives your salary and treats the balance as savings at the same time. It is offered to people working for a company that DIB provides payroll services to, whether they are UAE nationals, residents or non-residents, and it can be held jointly. The balance is invested under Mudaraba: the bank pools it with other depositors' money, invests it, and shares the net profit. The account can be opened with no balance and is available in seven currencies, including dirhams, US dollars, euros and pounds. Because profit depends on limiting withdrawals, think about how you spend your salary before choosing it over the Payroll Current Account.
Who can open it
Fees and balance
This account has no balance-based fee. The monthly charge, if any, follows your employer's fee category under its agreement with DIB. Category A is free. Categories B to E charge between AED 5 and AED 20 a month to employees whose salary is AED 3,000 or below, and category G charges AED 5 to everyone. The fee is dropped when the account is linked to an active DIB Wakala or Investment Deposit, and for Aayan and Wajaha customers. An early closure fee of AED 26.25 applies if you close within 6 months of opening, and the account stays open until any profit due for the current quarter has been paid.
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 1,000 or more than 1 withdrawal is made in that month.
How your profit is worked out
Profit is announced each quarter and paid quarterly on your average monthly balance. For a salary account the conditions are demanding. In any month, the balance must not fall below AED 1,000 on any day, and you may make only one withdrawal across tellers and electronic channels. A second withdrawal means the month is treated as a current account month with no profit. Someone who withdraws several times through the month will not qualify in that month, while someone who takes out their spending money in a single withdrawal and leaves the rest can. No rate is set in advance, since the profit depends on the results of the bank's investment pool.
Benefits
Optional Debit Card
Issued if you apply for it when the account is opened. The first card is complimentary.
Seven Account Currencies
Can be held in AED, USD, CAD, EUR, GBP, QAR or SAR.
Six Free Teller Transactions
Six branch teller transactions a calendar month at no charge. Each extra one costs AED 10.50.
Shariah-compliant
Banking model
How to open
Before you apply
1.For UAE nationals and legal residents or non-residents in the UAE working for 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.
5.Provide proof of income and proof of your residential address.
Good to know
Good option for
Payroll employees who leave most of their salary in the account and withdraw once a month.
Consider another account if
You draw on your salary many times a month. Profit would not be paid in those months, and the current account version is the simpler fit.
Frequently asked questions
Get answers to common questions about the DIB Al Islami Payroll Savings Account