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Request to open and close bank accounts for federal entities

Opening and closing the bank accounts of the federal entities with the central bank and the banks operating in the UAE, to help the entity in carrying out banking operations easily according to what was stated in Ministerial Resolution No. 81 of 2020

 

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Procedures

  1. The federal entity submit a request to open a new bank account or to close the existing bank account, along with attaching the official letter approved by the entity and the account opening/closing application form
  2. MOF reviews the application and compares data with available in the ministry’s system, in case of approval, the necessary measures are taken to open/close the account according to the steps regulating this matter in the Ministerial Resolution No. 81 of 2020
  3. The federal entity will be notified of the submitted application

Fees

No fees

Duration of service provision

10 Working days

Target Audience

Government Sector

Responsible Department

Financial Operations

Location of service provision

Website

Responsible Officer

Call Center 800533336
info@mof.gov.ae

Requirements to get the service

Guidelines for requesting for account opening:

  • The account to be opened must be in the name of the federal entity
  • The entity must adhere to the types of permitted bank accounts (zero balance account, current account, revenue account, accounts for donation, custody account, petty cash account and call/ deposit account)
  • Entities must ensure that there is no dormant bank account, which can be used instead of opening a new bank account
 

Guidelines for requesting for account closing:

  • The entity must ensure that there are no uncleared cheques and must submit the bank reconciliation report to Ministry of Finance
  • The entity must transfer any available balance in the account to one of the current accounts of the entity before sending the closure request to Ministry of Finance

Required Documents

Federal entities must submit the bank account opening request along with the form published by Ministry of Finance which includes:

  • Bank account name in Arabic/English
  • Bank in which the account will be opened
  • Purpose/type of account
  • Currency
  • Reason for opening new bank account
  • List of current bank accounts

Federal entities must submit the bank account closure request along with the form published by Ministry of Finance which includes:

  • Details of the bank account to be closed
  • Reason for the closure
  • The available balance in the account
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