The UAE Central Bank has instructed all banks to suspend planned increases to the minimum balance requirement for personal accounts. This decision follows media reports suggesting that several major banks intended to raise the minimum deposit from Dh3,000 to Dh5,000 starting June 1. The Central Bank announced it would conduct a formal assessment of how such changes could affect customers before allowing any adjustments to proceed.
According to a circular obtained by Emarat Al Youm, the Central Bank addressed the issue directly, referencing public concern and social media discussions about the proposed hikes. At least one major bank had already implemented the increase and had planned to impose penalties of up to Dh105 per month for customers who failed to maintain the new minimum balance.
The now-paused policy would have resulted in a monthly fee of Dh25 for customers not maintaining a Dh5,000 balance, unless they qualified for exemptions. These exemptions included transferring a monthly salary of Dh15,000 or more, maintaining a total relationship balance of at least Dh20,000 across all accounts, or having an active credit card, overdraft, or loan product with the bank.
The proposed changes sparked significant concern among account holders, particularly those in lower-income brackets and small businesses, who felt the added financial pressure would be unfair. Some banks were reportedly considering even higher penalties—up to Dh100 or more—based on account type and banking history.
Until the Central Bank completes its review and issues further guidance, all banks are required to hold off on enforcing any increases or related fees.
