Dubai hosts ample options to foreign investors for selecting a specific bank. It has the presence of some of the large global banks as well as a number of local and Islamic banks that offer a wide variety of banking solutions to cater to every business need. Banks play a vital role in facilitating the success of a business. It can be a very tedious task to select a specific bank, but it is equally important to choose the one that aligns with your specifications, goals, objectives and interests.
Listed below are some of the favorable business accounts in Dubai:
Emirates NBD Business banking
The Emirates NBD provides a number of customized banking packages, one of which is its Business banking account. It facilitates all the basic banking necessities.
Features and benefits
- Exclusive facilities of business banking can be availed.
- It has branches, ATMs and cash deposit machines throughout the UAE.
- Online banking facilities related to the business are available.
- The account can be accessed in multiple currencies like USD, AED, JPY and Euro.
Fees and charges for the Emirates NBD Business banking account:
- 0% Interest rate
- Minimum balance to be maintained AED50K
- AED 250 is charged on Non-maintenance of minimum balance
- Currency account
- Approval time 3 days
- Local transfer cost AED 45 & International transfer cost AED 85
Best Business Accounts
Business banking services for your business from checking account to interest-earning is provided by Emirates.
- Call Deposit Account– In a range of major currencies. Call Deposit provides a convenient and flexible account.
- Current Account– Current account is best for routine business needs
- Fixed Deposit– Business balance can be grown and maintain the flexibility that you need.
Abu Dhabi Commercial Bank (ADCB) Premium Current Account
ADCB commits on addressing various business needs and meeting each requirement. They provide six different business accounts, each tailor-made to meet specific requirements. Premium Current account is one of the six accounts, it fulfills all the basic requirements of commercial banking
Features and benefits:
- Unlimited teller transactions
- Internet banking
- Multi-Currency flexibility accounts are available in USD, EUR and AED and GBP
- Payment preferences are made for internet banking and transactions.
- Dedicated and Responsible Relationship Manager
- Card facility for easy access
- Products are Shariah Compliant
- Receive special discounts on payment transactions- ProCash
Fees and charges for the ADCB Premium current account:
- Interest rate 0%
- Min balance to maintain AED 100K
- AED 300 is charged on Non-maintenance of minimum balance
- Relationship Manager
- Approval time 3 Days
- Loan against Import LC-Trust Receipt
Commercial Bank of Dubai (CBD) My Business account
CBD offers business bank account packages that are not only value-packed but also designed to meet your everyday banking requirements and expectations. The My Business account package is suitable for clients who prefer to maintain lower bank account balances.
Features and benefits:
- Choice of 6 account currency denominations.(AED, USD, GBP, EURO, JPY, CNY)
- Approval time 2 days
- Free first chequebook and complimentary business debit card.
- Branch-based client relationship management.
- Complimentary Dubai Chamber of Commerce prepaid card.
- Access to website-based business advisory services and business planning toolkits through Resource Centre.
Fees and charges for the CBD My Business account:
- Minimum monthly balance AED 20k or equivalent in foreign currency.
- Monthly charge AED 150 for not maintaining the minimum balance
- Interest rate 0%
- Local transfer cost AED 50 & International transfer cost AED
Business Banking Solutions
Flexible business financing– It provides fast and quick access to secured and collateral free loan with more ease and convenience.
Cash Flow Management– With greater ease and convenience you can manage your business cash flow and working capital requirements.
Multiple Delivery Platforms– Round the clock safe and secure access to your bank accounts and business funds.
Dedicated Relationship Management– Experienced business banking relationship managers to provide advice, guidance and individual client support.
FAB Business Advantage Account
FAB offers an array of banking solutions tailor-made for every business type and size. The business advantage account is offered with cheque book facilities and low minimum balance requirements.
Features and benefits
- Highly competitive fee structure.
- Should maintain a balance of AED 10,000 as minimum.
- Mid-Market, SMEs and multinational companies can avail multiple currency options.
Fees and charges for the FAB Business advantage account:
- Interest rate 0%
- Minimum balance to maintain AED 250K
- Free unlimited cheque books
- Relationship Manager.
- Currency Account.
- Approval time 2 Days.
- Free inwards local and international remittances
Abu Dhabi Islamic Bank (ADIB) Business Elite Account
ADIB’s Business Elite account offers personalized business banking solutions to cater to every single need. It comes with a Relationship manager for banking convenience.
Features and benefits:
- Free monthly statements and unlimited teller transactions.
- Minimum monthly average deposit balance more than AED 500,000.
- Business Platinum debit card with high ATM and POS limits.
- Personalized ADIB business Platinum chequebooks.
- Over 15 currencies including USD, EUR, GBP, JPY, CNY, etc.
- A dedicated Relationship Manager assigned to meet your business needs
- Upto 40 monthly free teller transactions
- Business Platinum Debit Card with high ATM and POS limits
- Personalized ADIB Business Platinum Cheque books
- Open your account in select currencies
- Bank on the go and enjoy telex transfers with ADIB Business internet Banking by competitive pricing
- Preferred Rates on FX and Investment Accounts
Fees and charges for the ADIB Business elite account:
- Interest rate 0%
- Monthly fee AED 25
- Minimum balance AED 200K
- Approval time 1 day
- Relationship manager
- International and local transfer cost AED 0
There are a number of banks in the market offering customized/personalized banking solutions for smooth and ease of financial management. Every account is tailor-made to meet the need of certain business type/size. Understand your business banking requirement and compare them with what the banks are offering and go for the one that aligns.
Current accounts in UAE
Emirates Islamic – Business Classic Account
Minimum balance- AED 10,000; Islamic Banking- Yes; Annual fee- AED 1,200
ADIB- Business Elite Account
Minimum balance- AED 200,000; Islamic Banking- Yes; Annual fee- AED 300
ADIB- Business one Account
Minimum balance- AED 5,000; Islamic Banking- Yes; Annual fee- AED 1,200
ADIB- Business premium Account
Minimum balance- AED 25,000; Islamic Banking- Yes; Annual fee- AED 900
HSBC BSP Basic Account
Minimum balance- AED 5,000; Islamic Banking- Yes; Annual fee- AED 0
Noor Business Accounts
Minimum balance- AED 10,000; Islamic Banking- Yes; Annual fee- AED 0
Emirates Islamic – Business Platinum Account
Minimum balance- AED 250,000; Islamic Banking- Yes; Annual fee- AED 6,000
HSBC BSP Premium Account
Minimum balance- AED 0; Islamic Banking- No; Annual fee- AED 180,000
HSBC Business Call Deposit Account
Minimum balance- AED 25,000; Islamic Banking- No; Annual fee- 0
HSBC Standard Corporate Current Account
Minimum balance- AED 20,000; Islamic Banking- No; Annual fee- 0
Emirates Islamic – Business Platinum Account
Minimum balance- AED 250,000; Islamic Banking- Yes; Annual fee- 6,000
Emirates Islamic – Business Gold Account
Minimum balance- AED 100,000; Islamic Banking- Yes; Annual fee- 3,000
Dubai Islamic Bank – Business Account
Minimum balance- AED 50,000; Islamic Banking- No; Annual fee- No
ADCB – e-Business Account
Minimum balance- AED 0; Islamic Banking- No; Annual fee- 1,800
Zero balance accounts in the UAE
Below is the list of high performing zero balance accounts in the UAE
- RAKBANK – RAKstarter SME Account
RAKBank has brought up the business account with a low minimum balance for starting up business to maximize financial efficiency. Below is the list of features and advantages of the business account.
- Best interest rates on account balance
- Unlimited chequebook facility
- No falls below the zero balance
- Available in currencies Euro, AED, GBP, USD
- Competitive trade financing rates
- Attractive interest on fixed deposits
- Zero minimum balance requirement
- Full-time phone banking services
- Dedicated relationship manager
- HSBC BSP Premium Account
- One of the best business accounts in the UAE is HSBC BSP premium account. Below are the features and benefits of premium accounts.
- Available in different currencies like AED, JPY, USD, Euro, GBP and many more
- Competitive interest rates on forex transactions.
- Phone banking services
- Monthly maintenance is AED 1500
- Access to customer services in extended hours
- Free cheque book and cash transactions using ATM or CDM
3. ADCB Business Choice Current Account – Gold
ADCB Gold business choice current account is another zero balance business account which offers great benefits at best options with low min balance. Below are the features and benefits of the bank account.
- Free cheque book monthly
- 30 teller transactions monthly
- Free debit card
- Priority access to ADCB financial services
- Low remittance charges
4. ADCB Business Choice Current Account – Silver
ADCB provides 3 types of business current accounts for customers. One of them is the Silver Business Choice current account and here are the features of the bank account.
- Low Min balance required
- Free 4 cheque books per year
- Complimentary business choice debit card
- Free e-statements
- 15 teller transactions per month
- Quick access to ADCB financial products
5. ADCB Business Choice Current Account – Platinum
ADCB Business choice current account is known for its best interest rates on the balance maintained in bank accounts. Below are the features and benefits of the bank account.
- 1 free remittance monthly
- Free business choice debit card
- Free business insurance
- No charges unlimited teller transactions
- Easy access to ADCB financial products
- Cheque book will be sent to your preferred location
About the author
Hemanta Bijoy Kaushik is a personal finance writer. Discovering his love for writing, he has written a number of blogs on personal finances and other genres on various digital media platforms. He has completed his MBA from IMT and currently working at HDFC bank as Personal Banker. When he's not writing, you can find him exploring different cuisines and binge-watching TV series. Hemanta hopes to write a novel soon. You can check out his work on www.instagram.com/hemantakaushik
