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10 Banks with The Lowest Current Account Opening Balance

Publish Date: 04 Oct 2022

Finance Today

10 Banks with The Lowest Current Account Opening Balance

What is a current account?

Join Faydety as we tell you all about the 10 banks with the lowest current account opening balance

 

A current account is a bank account without a rate of return (no interest rate). It comes with a debit card through which you can:

  • Deposit and withdraw through ATMs
  • Use it for purchases

 

Why should you open a current account?

 

Current accounts have many advantages such as:

 

  • Deposit and withdraw cash at any time as long as the account has enough balance.
  • Chequebook
  • Debit card that makes banking transaction convenient
  • You can open a joint current account.
  • Regular account statements
  • Transfer and receive money at anytime
  • Direct deposit your pay check into your bank account every month
  • Purchase certificates of deposit
  • The bank does not receive interest on your current account.

 

Requirements to open a current account:

 

  • Minimum age: 21 years old
  • Have the minimum balance required by the bank
  • Copy of national ID number
  • Proof of employment:
    • For employees: HR letter
    • For self-employed/ freelancers: a Tax Court and commercial register
  • Recent utility bill

 

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Banks with the lowest current account opening balance (in ascending order):

 

Commercial International Bank: no minimum opening balance

National Bank of Egypt (NBE): 500 EGP

ALEXBANK: 500 EGP

Agricultural Bank of Egypt: 1000 EGP

Banque du Caire: 1000 EGP

Faisal Islamic Bank: 1000 EGP

Banque Misr: 1500 EGP

Société Arabe Internationale de Banque (SAIB): 2000 EGP

Al Baraka Bank: 2500 EGP

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