UPDATE YOUR ACCOUNT DETAILS


It is essential to update your account details to ensure uninterrupted banking services. It’s a regulatory requirement for the bank to maintain valid identity documents / information of their customers, at all times. It’s also prudent for banking customers to ensure that their accounts are used regularly and remain on active status. Please note the below FAQs on KYC Update, Dormant Account and Unclaimed Account. 


Expired ID Update

 

Q. What is an expired ID?

A. Identification document is the customer’s passport and for citizens/residents in the UAE it’s the Emirates ID card as well. For companies, this refers to the identification document which is trade / commercial license. If the submitted identification document has passed its expiry date, then it’s called an expired ID.

 

Q. Why does the Bank require valid / renewed ID?

A. As part of the Bank’s regulatory requirements, it is mandatory for the customer to submit a valid passport and citizens/residents in the UAE, a valid Emirates ID card as well. If previously submitted documents have expired, the customers are required to immediately provide updated identification documents to the Bank.

 

Q. What is the impact on an account with expired ID?

A. Cheque clearance activity is restricted if the ID has expired. Accounts of companies will be closed by the Bank if the updated trade/commercial license is not provided. Also there may be a general delay in the provision of banking services hence updated ID is required for uninterrupted banking services.

 

Q. Are there any additional requirements?

A. Yes. Customers are also required to update/provide their FATCA and CRS related declaration forms. FATCA is an information standard for automatic exchange of tax and financial information with USA. CRS is an information standard for the automatic exchange of tax and financial information between the Organization for Economic Co-operation and Development (OECD) member countries.

 

Q. How do I update my valid / renewed ID?

A. Customers can request for ID update using the Service Request Form.. This completed form can be submitted by visiting the customer service section at the branch. The customers are advised to have on them their original Identification cards for identification purposes.  Alternatively customers can scan the completed form and ID and email it to kyc@samba.com. 

Inactive / Dormant Account Status

 

Q. What is a Dormant Account?

A. A bank account which does not have any transactions for a continuous period of 12 months is classified as a Dormant Account. 

 

Q. What is the impact on an account which becomes Dormant?

A. A dormant bank account can continue to receive credits into the account. However any debits to the account are restricted. Also there may be a general delay in provision of banking services.

 

Q. Which debit transactions are restricted on a Dormant Account?

A. In order to safeguard against any unauthorized activity, all customer initiated debit activity at Teller counter e.g. cheque clearance and Teller counter transactions are restricted. Customer initiated activity via alternate channels like ATM withdrawal, Fund transfer via online or phone banking, can also be restricted. 

 

Q. Will the account statement be sent if the account is on Dormant status?

A. No. In order to safeguard against any unauthorized activity, accounts on dormant status do not receive statement. 

 

Q. How do I activate my account?

A. Customers can request for account activation using the Service Request Form. This completed form can be submitted by visiting the customer service section at the branch. The customers are advised to have on them their original Identification document for identification purposes. Alternatively if the customer has signed a Fax Indemnity, the Service Request Form can be faxed on +97147091122. 

 

Q. Are there any additional requirements?

A. Yes. Customers are also required to update/provide their FATCA and CRS related declaration forms. FATCA is an information standard for automatic exchange of tax and financial information with USA. CRS is an information standard for the automatic exchange of tax and financial information between the Organization for Economic Co-operation and Development (OECD) member countries. 

 

Q. Can I close my account if I don’t intend to use it?

A. Yes: Customers can request for account closure using the Service Request Form

This completed form can be submitted by visiting the customer service section at the branch. The customers are advised to have on them their original Identification cards for identification purposes. Alternatively if the customer has signed a Fax Indemnity, the Service Request Form can be faxed on +97147091122.


Q. Are there any responsibilities on the customers part?

A.Yes. If the customer changes his/her address or the contact number, he/she should inform the bank’s branch where he/she maintains the account. The customer should keep all the correspondence related to the account held with the bank in a secure place for future reference and the customer should check the statements sent to him/her and acknowledge receipt where required by the bank to do so (even if the entries are in order) to confirm to the bank that the address on record is in order.

Samba Terms and Conditions Apply



 

Unclaimed Account Status

 

Q. What is an Unclaimed Account?

A. A bank account which does not have any transactions for a continuous period of 60 months is classified as an Unclaimed Account.

 

Q. What is the impact on an account which goes Unclaimed?

A. In order to safeguard against any unauthorized activity, an unclaimed bank account will not receive any incoming remittance credits. All customers initiated debit activity whether at the Teller counter or via alternate channels like ATM, Online or Phone banking is also restricted. Also there may be a general delay in provision of banking services.

 

Q. Will the account statement be sent if the account is on Unclaimed status?

A. No. In order to safeguard against any unauthorized activity, accounts on unclaimed status do not receive statement

 

Q. How do I activate my account?

A. Customers can request for account activation using the Service Request Form. This completed form can be submitted by visiting the customer service section at the branch. The customers are advised to have on them their original Identification document for identification purposes.

 

Q. Are there any additional requirements?

A. Yes. Customers are also required to update/provide their FATCA and CRS related declaration forms. FATCA is an information standard for automatic exchange of tax and financial information with USA. CRS is an information standard for the automatic exchange of tax and financial information between the Organization for Economic Co-operation and Development (OECD) member countries. 

 

Q. Can I close my account if I don’t intend to use it?

A. Yes. Customers can request for account closure using the Service Request Form. This completed form can be submitted by visiting the customer service section at the branch. The customers are advised to have on them their original Identification cards for identification purposes.


Q. Are there any responsibilities on the customers part?

A. Yes: If the customer changes his/her address or the contact number, he/she should inform the bank’s branch where he/she maintains the account. The customer should keep all the correspondence related to the account held with the bank in a secure place for future reference and the customer should check the statements sent to him/her and acknowledge receipt where required by the bank to do so (even if the entries are in order) to confirm to the bank that the address on record is in order.

Samba Terms and Conditions Apply