The Central Bank of the UAE has ordered a stop to planned increases in the minimum balance requirement for personal bank accounts across the country, following growing concern over its potential financial strain on customers.
The directive, issued Tuesday through a circular obtained by Emarat Al Youm, instructed all banks to suspend any moves to raise the minimum required balance from AED 3,000 to AED 5,000. The halt comes pending a formal review of the policy’s impact on account holders.
“With reference to what has been circulated in the media and social platforms about some banks’ intention to raise the minimum balance to Dh5,000, the Central Bank has decided to study the impact of this increase on customers,” the circular stated. “Accordingly, banks are instructed to suspend the increase and refrain from applying it until further notice.”
At least one major bank had already implemented the new threshold, with others expected to follow by June 1. Under the now-shelved plan, customers falling below the Dh5,000 minimum would have been charged monthly fees starting from Dh25, potentially rising to Dh105 depending on the bank and account type.
The proposed change drew backlash from the public, especially among low-income earners and small business owners, who expressed concern that the increased requirements would only deepen financial pressure.
Some exemptions had been outlined for those who met specific criteria, including salary transfers of at least Dh15,000, maintaining a Dh20,000 total balance, or holding active financial products like loans or credit cards. However, those outside these categories would have been subjected to automatic deductions.
