Frequently Asked Questions

Deposit Products       Private Banking       Lending Products      

Deposit Products
What type of accounts are offered?
The following accounts are offered:
  • Current Account
  • Savings Account
  • Call Deposit Account
  • Time Deposit Account


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    What is a Current Account?
    A current account is a non-interest bearing account and available to both personal and commercial customers.
     
    Can a Current Account be opened in multiple currencies?
    Yes, our Current Accounts can be opened in US Dollar, Euro, Pound Sterling, Deutsche Mark, Swiss Francs, French Francs, Japanese Yen, Australian Dollar and UAE Dirham.
     
    What are the benefits of a Current Account?
    A Current Account comes with the following benefits:
  • 10 to 50 leaves cheque book.
  • HBZweb, an online web banking facility via the Internet.
  • HBZwap, an online WAP banking for mobile phone or PDA's.
  • HBZatm, ATM facility using Gold or Silver ATM card, with UAESWITCH network connectivity.
  • HBZgsm, GSM SMS message service for mobile phones.
  • Statement of Account on weekly or monthly basis.
  • Standing Instructions can be taken for payments and transfers of funds at regular intervals.
  • Overdraft facilities are available by arrangement.
  • Collection cheques and Drafts can be deposited in Current Account.
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    What are the requirements to open a Current Account?
    The following documents are required for different types of Current Accounts:
  • Account opening form and specimen card duly filled and signed.
  • Passport(s) copies (including valid residence VISA in certain cases).
  • Original passport(s) enabling attestation/validation of photocopies.
  • Sponsor's or company's letter of introduction (for personal current account singly/jointly).
  • Trade License (for Sole-proprietor & Limited Liability Company).
  • Chamber of Commerce Membership Certificate (if any, for Sole-proprietor & Limited Liability Company).
  • Commercial Registration Certificate (for Sole-proprietor & Limited Liability Company).
  • Power of Attorney to Expatriate (if any, for Sole-proprietor).
  • Memorandum of Article of Association of the Company duly certified by the court (for Limited Liability Company).
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    What is a Savings Account?
    A Savings Account is an interest bearing account with interest paid every six months.
     
    What are the requirements to open a Savings Account?
    The following documents are required to open a Savings Account:
  • Account opening form and specimen card duly filled and signed.
  • Passport(s) copies (including valid residence VISA in certain cases).
  • Original passport(s) enabling attestation/validation of photocopies.
  • Sponsor's or company's letter of introduction (for personal savings account singly/jointly).
  • Introduction from an existing banker or existing client of the bank (for non-residents).
  • Physical presence of the account opener(s) at the time of submitting the application (for non-residents).
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    What is a Call Deposit Account?
    A Call Deposit Account is an interest bearing deposit account, where interest is calculated on average daily balance, which is then credited to the account at the end of every month.
     
    What are the requirements to open a Call Account?
    The following documents are required to open a Call Account:
  • Account opening form and specimen card duly filled and signed.
  • Passport(s) copies (including valid residence VISA in certain cases).
  • Original passport(s) enabling attestation/validation of photocopies.
  • Sponsor's or company's letter of introduction (for personal call deposit account singly/jointly).
  • Introduction from an existing banker or existing client of the bank (for non-resident).
  • Physical presence of Account Opener(s) at the time of submitting the application (for non-residents).
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    What is a Time Deposit Account?
    A Time Deposit Account is an interest bearing account in which funds can be placed for weekly, monthly, quarterly, half-yearly or yearly rollover basis.
     
    What are the requirements to open a Time Deposit Account?
    The following documents are required to open a Time Deposit Account:
  • Account opening form and specimen card duly signed and filled.
  • Passport(s) copies (including valid residence VISA in certain cases).
  • Original passport(s) enabling attestation/validation of photocopies.
  • Sponsor's or company's letter of introduction (for personal time deposit account singly/jointly).
  • Introduction from existing bank and existing client of the bank (for non-resident personal).
  • Physical presence of the account opener(s) at the time of submitting the application (for non-residents).


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    Private Banking
    What are the areas of investments that you offer?
    You can invest through Habib Bank AG Zurich in equity, bonds, structured products, equity mutual funds, fixed income mutual funds, balanced mutual funds, capital protected products etc.
     
     
    How can I open an investment account with Habib Bank AG Zurich & what documentation do I need to open an investment account?
    You can visit any of our branches. First you will need to have a valid Habib Bank AG Zurich account (such as a current, investment or time deposit account etc.) for which we will require proof of identity.
     
    On what basis do you operate joint accounts?
    In case of a joint account the terms and conditions associated with it will apply to both account holders, i.e. both together and separately.
     
    How do I transfer my account from another broker?
    Transferring an account from one brokerage house to another is a simple process. For the US Markets the process is supported by the Automated Customer Account Transfer (ACAT) system. To transfer your account, you fill out an ACAT form with us as your new broker. We will generally require a copy of your statements from the old brokerage house, plus some additional proof of identity. The transfer will be made within 5-10 business days for regular accounts. The paperwork starts the process, but thereafter it is all done electronically. In case of other markets, normally a simple instruction from you to your old broker instructing them to transfer your shares to Habib Bank AG Zurich will suffice.
     
    Will I receive a statement of account?
    Yes, statements will be issued to you in accordance with your request i.e. annually, semi-annually or monthly. In the event that you have a query about your statement or you do not receive your account statements, please contact our Private Banking Department on +971 4 221 4535.
     
    Do I need to have sufficient funds in my account before I place an order?
    Yes, you must have sufficient funds or the bank must provide you with sufficient facilities to pay for the transaction. In case you have the funds then you can send an order in writing or by fax.
     
    I want a good return and no risk.
    You should be aware that everything carries risk and anything that does worse than inflation over the long term is losing money.
     
    How do rising interest rates and inflation affect investments?
    For most stocks and bonds, particularly growth-style stocks, rising inflation will have an adverse impact on the value of the security. Inflation decreases the value of future cash flows associated with both growth stocks and fixed income investments. Specifically for bonds, rising interest rates will decrease the value of a bond while falling interest rates cause bond prices to rise. Why this inverse relationship? Let us say you have a 6% bond and interest rates fall from 6% to 5%. The price or value of your 6% bond will rise because other investors are now willing to pay a premium to receive a 6% coupon payment over the currently offered 5% coupon payments.
     
    What if I have more questions, whom shall I call?
    You can e-mail all your queries by clicking Mail on the top right hand corner of your screen or you may call +971 4 2214535 Ext. 705.
     

    Lending Products
    What types of Lending Products are offered by Habib Bank AG Zurich?
    The following are the types of lending products offered:
  • Overdraft
  • Trust Receipt Financing
  • Commercial Loan
  • Cheque Discounting
  • Export Bills Discounting
  • Packing Credit
  • Letter Of Credit
  • Auto Loan
  • Salary Loan
  • Rent Loan
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    What is an Overdraft?
    An overdraft is a credit facility aimed to meet the account holder's short term financial requirements. HBZ offers the account holder an overdraft facility against their deposit maintained with the bank whereby they may borrow on a continuing basis and they pay interest only on the amount and the period it is utilized.
     
    What is a Trust Receipt?
    Sometimes, due to the timing mismatch in receipt of sales proceeds and payment terms for imports, HBZ's import customers are offered financing of imported merchandise whereby the supplier needs to be paid.
     
    What are Commercial Loans?
    The bank provides medium term loans (from one to five years maturity) depending on the customer's financial requirements, the use of the funds, and the ability to pay back through its own sources, etc., amongst other considerations. Customers can borrow money from the bank to finance day-to-day operations like inventory financing, overheads, etc. or to bridge any mismatches with sales receipts.
     
    What is Cheque Discounting?
    The bank provides finance against the presentation of either a postdated cheque from acceptable parties wherein the Drawer has already accepted to pay on a certain date.
     
    What is meant by Export Bills Discounting?
    The bank also provides customers loans against Foreign Bills under Letter of Credit. If the documents presented by exporters are acceptable under the terms of the relevant letter of credit, the bank may provide value to the exporter in the domestic currency before receiving funds from the LC opening bank.
     
    What is a Letter of Credit?
    A written undertaking by the bank issued at the request of an applicant (importer) to pay a fixed sum of money on a specific date to a specific party (beneficiary/exporter) subject to the receipt of specified commercial and/or financial documents listed in the Letter Of Credit. The bank issues Irrevocable Letters of Credit, the terms of which cannot be amended after issuance until the beneficiary, the applicant and the bank agree to the changes. HBZ issues LCs in accordance with Uniform Customs and Practices for Documentary Credit Publication No. 500 of the International Chamber of Commerce.
     
    What is a Packing Credit?
    The bank provides this type of financing to help the exporter to mobilize funds for production of goods to be exported.
     
    What is an Auto Loan?
    HBZ offers its account holders the facility of having their vehicles financed through the bank. We offer financing of new or used cars at the most competitive interest rates with flexible loan tenors and low down payments.
     
    What is a Salary Loan?
    The bank offers its account holders personal loans against the transfer of their salaries to their accounts. The customer can choose to pay back their loan amount in equal monthly instalments - including interest - over a flexible convenient period ranging from 6 to 36 months.
     
    What is a Rent Loan?
    This is a revolving facility extended to the individuals and businesses in the UAE for the specific purpose of meeting rent cheques. Here the customers issue cheques to their landlord/real estate agent, in line with the practices of the area and HBZ meets these payments.
     
  • NOTE: Document(s) required to open different type of accounts may vary from country to country.
  • NOTE: Click here for Schedule of Charges for UAE branches.
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