UAE Central Bank suspends minimum balance fee by banks

The Central Bank of the UAE issued a circular on Tuesday instructing banks to suspend increases in minimum balance requirements and halt the application of related fees until further notice.

Several banks in the UAE had recently imposed monthly fees of up to Dhs26.25 on certain accounts due to customers failing to maintain the minimum balance or not transferring their salaries to these accounts.

These fees were introduced despite such accounts being free for years.

Additionally, banks had raised the minimum balance threshold required to waive fees from Dhs3,000 to Dhs5,000.