Launched in 2020, the Retire in Dubai visa programme allows eligible applicants to apply for a long-term UAE retirement visa. To qualify for the 5-year renewable Dubai retirement visa, one of the options for a retiree is to hold Dh1 million (approximately $275,000) in a 3-year fixed deposit in one of the local banks in the UAE. Retirees will need to bring a letter from the bank addressed to Dubai Land Department stating that the deposit cannot be released within 3 years. The applicant must be in the UAE.

Read More: Retire in Dubai: Eligibility, fees, criteria for UAE Retirement Visa

Retirees looking to open a bank account in Dubai will find plenty of good options to choose from. There are more than 50 local and foreign banks in the UAE.

All major banks in the country offer recurring and fixed deposit packages for their customers although interest rates can vary. The amount of interest (or profit rate, in the case of Islamic banks) that a bank offers also depends on the duration of the deposit.

Read More: Guide to applying for Dubai Retirement Visa

Dubai My Second Home has done the leg-work and put together a list of banks and financial institutions that offer a three-year deposit for those wishing to apply for a UAE Golden Visa using the fixed deposit option (data compiled in July 2021).

National Bonds

Deposit: Savings Bonds
Type: Conventional
Tenor: Varying
Annual expected profit rate: Up to 3.98 per cent
Minimum balance: Dh100
Available currencies: AED

National Bonds

Deposit: Sukook Booster
Type: Islamic
Tenor: Up to 4 years
Annual expected profit rate: Up to 4 per cent
Minimum balance: Dh25,000
Available currencies: AED

Dubai Islamic Bank

Deposit: Long-term Wakala Deposit
Type: Islamic
Tenor: Up to 5 years
Annual expected profit rate: 2.4 per cent
Minimum balance: Dh25,000
Available currencies: AED

Dubai Islamic Bank

Deposit: Monthly Payment Wakala Deposit
Type: Islamic
Tenor: 3 to 60 months
Annual expected profit rate: Up to 2.25 per cent
Minimum balance: Dh25,000
Available currencies: AED

Noor Bank

Deposit: Wakala Deposit – 36 months
Type: Islamic
Tenor: 1 to 36 months
Annual expected profit rate: Up to 3.05 per cent
Minimum balance: Dh25,000
Available currencies: AED, USD, GBP, EUR

Noor Bank

Deposit: Wakala Deposit
Type: Islamic
Tenor: 1 to 36 months
Annual expected profit rate: 1.6 per cent
Minimum balance: Dh25,000
Available currencies: AED, USD, GBP, EUR

United Arab Bank

Deposit: Escalator Deposits
Type: Conventional
Tenor: 12 to 36 months
Interest rate: Up to 2.5 per cent
Minimum balance: Dh25,000
Available currencies: AED

First Abu Dhabi Bank

Deposit: Advantage Plus
Type: Conventional
Tenor: Varying
Interest rate: Up to 2.25 per cent
Minimum balance: Dh350,000
Available currencies: AED

RAKBank

Deposit: Fixed Deposit Plus
Type: Conventional
Tenor: Up to 3 years
Interest rate: Up to 3.25 per cent
Minimum balance: Dh25,000
Available currencies: AED, USD

RAKBank

Deposit: Fixed Deposit
Type: Conventional
Tenor: Up to 3 years
Interest rate: Up to 0.7 per cent
Minimum balance: Dh25,000
Available currencies: AED, USD

Emirates NBD

Deposit: Wakala Deposits
Type: Islamic
Tenor: Up to 24 months
Annual expected profit rate: Varying
Minimum balance: Dh4,000,000
Available currencies: AED, USD

Emirates NBD

Deposit: Fixed Deposit
Type: Conventional
Tenor: Up to 5 years
Interest rate: Up to 1.86 per cent
Minimum balance: Dh5,000
Available currencies: AED, USD, GBP

Commercial Bank of Dubai

Deposit: Step-Up Time Deposit
Type: Conventional
Tenor: Up to 720 days
Interest rate: Up to 1.4 per cent
Minimum balance: Dh10,000
Available currencies: AED

Mashreq

Deposit: Fixed Deposit
Type: Conventional
Tenor: Up to 5 years
Interest rate: Up to 0.256 per cent
Minimum balance: Dh10,000
Available currencies: AED, USD, GBP, EUR