We’re updating our Schedule of Services and Tariffs to reflect VAT that we are required to collect from our customers on some of our fees and charges pursuant to Financial Services VAT Guide.
What are the changes?
Where applicable, VAT will be applied on top of the following existing fees and charges:
| Product |
Fee/Charge |
From |
To |
| Personal Account |
Breach of Minimum Balance (monthly - Current and Savings) - Personal Banking |
AED 25 |
AED 25 (AED 26.25 inclusive of VAT) |
| Breach of Minimum Balance (monthly for Foreign Currency - Current and Savings) - Personal Banking |
USD / GBP / EUR 5, CNY 40 |
USD / GBP / EUR 5 (USD / GBP / EUR 5.25 inclusive of VAT), CNY 40 (CNY 42 inclusive of VAT) |
|
| Service fee – Premier |
Premier AED 200 per month if eligibility criteria is not met |
Premier AED 200 (AED 210 inclusive of VAT) per month if eligibility criteria is not met |
|
| Service fee - Advance |
AED 100 per month if eligibility criteria is not met | AED 100 (AED 105 inclusive of VAT) per month if eligibility criteria is not met | |
| Penalty for insufficient funds for standing orders |
AED 25 |
AED 25 (AED 26.25 inclusive of VAT) |
|
| Cheque returned drawn on the account (per instrument/cheque) |
AED 100 |
AED 100 (AED 105 inclusive of VAT) |
|
| Personal Loan |
Late Payment Charge | 2% of the delayed amount with a minimum of AED 50 and maximum AED 140 |
2% (2.10% inclusive of VAT) of the delayed amount with a minimum of AED 50 (AED 52.5 inclusive of VAT) and maximum AED 140 (AED 147 inclusive of VAT) |
| Vehicle Loan |
Late payment penal charges |
2% of the delayed amount with a minimum of AED 50 and maximum AED 145 |
2% (2.10% inclusive of VAT) of the delayed amount with a minimum of AED 50 (AED 52.5 inclusive of VAT) and maximum AED 145 (AED 152.25 inclusive of VAT) |
| Credit Cards |
Late payment fee, per instance |
AED 230 |
AED 230 (AED 241.5 inclusive of VAT) |
| Returned Cheques |
AED 100 |
AED 100 (AED 105 inclusive of VAT) |
|
| Amanah Personal Finance |
Late Payment Fee | 2% of the delayed amount minimum of AED 50 and maximum AED 200 |
2% (2.10% inclusive of VAT)of the delayed amount minimum of AED 50 (AED 52.5 inclusive of VAT) and maximum AED 200 (AED 210 inclusive of VAT) |
| Amanah Home Finance |
Delayed Payment Amount |
AED 700 |
AED 700 (AED 735 inclusive of VAT) |
| Termination of the Ijarah lease |
AED 2,500 |
AED 2,500 (AED 2,625 inclusive of VAT) |
The updates to our Schedule of Services and Tariffs will take effect from 01 JUN 2019.
What do you need to do?
You should carefully review above changes to ensure that you understand the changes made and how they may affect you.
If you have any questions about these changes, please contact us by visiting your nearest Branch or Customer Service Unit.