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. 141 of 2023
Procedures
- 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
- 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. 141 of 2023
- 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
Treasury Department
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:
- Submit the bank account opening official letter along with the open account request form published by Ministry of Finance.
- 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)
- The account to be opened must be in the name of the federal entity.
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:
- Submit the bank account closure official letter along with the close account request form published by Ministry of Finance.
- Reason for the Closure
- Submit last bank Reconciliation report
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
Requirements for requesting for account opening:
- The account details ( Account Name in Arabic & English, Account Currency, Bank Name ).
- The account to be opened must be in the name of the federal entity.
- Reason for opening new bank account.
- Type of bank account (zero balance account, current account, revenue account, accounts for donation, custody account, petty cash account and call/ deposit account).
- List of the current bank accounts
Requirements for requesting for account closing:
- The entity must ensure that there are no uncleared cheques.
- The Account details ( Account Name, Account Number, IBAN, Bank Name )
- Reason for the Closure
- Last bank account reconciliation report
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
