CBD Business Bank Account with No Minimum Balance Requirement

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  | Published: 09 September 2021

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With several awards and recognitions worldwide, the Commercial Bank of Dubai is famous for its digital as well as conventional banking in the UAE. In 2018, the bank won the Best Online Cash Management Award by Global Finance. Over the years, CBD has worked relentlessly, transforming itself into a modern and progressive banking institution. It offers a variety of products and services ranging from individual and business bank accounts to help customers manage their finances conveniently. 

CBD business bank accounts in UAE are robust and tailor-made to fulfil the customers’ needs and provide the freedom to expand businesses worldwide. Considering the need to nurturing businesses and entrepreneurs, it also offers CBD cc with no minimum balance (CBD Business Starter Accounts). These accounts levy minimal service charges and provide ample opportunities for their quick financial growth. In this article, we will learn more about such accounts and their advantages. 

Why Choose CBD Business Bank Account with No Minimum Balance in UAE?

Specifically designed for young and talented entrepreneurs, the CBD business account provides a strong foundation for business startups to grow at lightning speed. With no minimum balance criteria, they can easily handle the ups and downs in the early stages of the business without being liable to the bank. Following are some of the advantages of CBD business bank accounts with no minimum balance requirement. 

  • The first and foremost benefit is the zero balance account which ensures no liability towards the bank and provides freedom to take risks. 
  • Standard banking fees ensure nominal account charges for frequent and large transactions during business operations. 
  • The starter business account holders get a dedicated SME service desk to redress and resolve bank-related issues in no time. 
  • The bank also offers a dedicated virtual relationship manager to assist the new ventures with investment strategies and business savings to build a strong foundation.
  • The bank provides numerous banking services along with foreign remittance with nominal Forex charges and a digital banking platform for quick access to the funds. 

Features and Benefits of CBD Business Accounts with No Minimum Balance

Providing a favourable environment for startups and entrepreneurs, the Commercial Bank of Dubai offers various features and benefits with its zero balance accounts. Some of the key features and benefits are listed below. 

  • No Minimum Account Balance - CBD Starter Business Account comes with no minimum balance requirements, unlike other business bank account that requires a minimum amount in the account for its operation.
  • Multiple Currencies Accepted - The bank account accepts multiple foreign currencies including USD, GBP, EUR, JPY and CNY in addition to UAE Dirham. 
  • Free Debit Card with Higher Cash Withdrawal - The starter business package offers a free internationally accepted debit card with higher cash withdrawal limits than normal bank accounts.
  • Standard Banking Fees - The bank levies standard banking fees and monthly maintenance charges on the starter business bank account, providing more freedom and less liability towards the bank. It also offers standard forex rates and trade finance rates.
  • Digital Banking Platform - New businesses can conveniently access funds anywhere and anytime around the world using digital platforms like online and mobile banking.
  • Dedicated Relationship Manager and Service Desk - CBD offers a dedicated virtual relationship manager for investment assistance and an SME service desk for quick grievance redressal. 

What are the Fees and Charges on CBD Business Account without Minimum Balance Requirement?

The bank promises standard account charges specially optimised for startups and entrepreneurs. The bank levies a monthly account maintenance fee, standing instruction charges, remittance fee, and other charges as mentioned below - 

Charges and Fees Type Amount in AED
Minimum balance AED 0
Non-maintenance of Minimum Balance Charges  AED 0
Maintenance Fee per month AED 125
Standing Instructions
Set-up Charges AED 50 Per Set up
Execution Charge AED 15 Per Transaction
Insufficient fund failure charges AED 100 Per Transaction
Amendment and Cancellation AED 20 
Remittances Incoming
Local within UAE AED 1 
Foreign Remittance AED 20/ USD 10/ EUR10
Managers Cheques and Demand Draft
Managers Cheques charges per cheque AED 20
Demand Drafts charges per cheque AED 20
Cheques
Chequebook 1st Chequebook is Free AED 50 Per Chequebook thereafter
Inward clearing (Clients payments) Free
Outward clearing  Free
Inward clearing return cheques (Clients payments) AED 500 per cheque
Return cheques: Outward clearing Free
Deposits
Counter cash deposit  AED 50 per transaction
Machine Cash deposits  Free
Withdrawal
Counter cash withdrawal AED 40 per transaction
ATM Cash withdrawal  Free
see more

Note - Additional 5% VAT is applicable on all the charges.

Who can Apply for CDB Business Bank Account with No Minimum Balance?

CDB Starter Business Accounts are designed for new businesses and startups. The starter account is available for:

  • New business establishments in the UAE. 
  • Small and medium enterprises in the UAE.  

What are the Required Documents for CBD Starter Business Account with No Minimum Balance?

Individuals willing to apply for CBD zero balance business account need to submit the following documents during application.  

  • National ID or passport with UAE residence visa along with Emirates ID of all the shareholders and signatories. 
  • All legal documents like Trade License/Certificate of Commercial Registration/Free Zone Certificate/MoA/Partnership Agreement, etc. 
  • Power of Attorney or Board Resolution
  • Proof of Address
  • Bank Reference Letter and Company Profile

How to Apply for CBD Business Account with No Minimum Balance 

Owing to its modernised digital banking system, CBD business accounts are easy to open through various channels. Applicants can visit the bank’s branch or log in to CBD’s official portal and fill the application form. Following are the ways to open no minimum balance business accounts in the Commercial Bank of Dubai. 

  • Online Application - Applicants can open an account without visiting the bank branch. They simply need to visit the bank’s portal, fill the account opening form and submit the requisite documents. The process is quick and easy and takes only a few minutes. 
  • Offline Application - At their ease, the individuals can also visit the nearest bank branch with the aforementioned documents and fill the account application form. To locate a local branch, you can visit the official website and find out the location. 
  • Application via Phone - Individuals can also apply for the account through phone calls and SMS. They simply need to SMS ‘BUSINESS’ to 4266 or call on the following numbers - 
Within UAE 04 211 2818
Outside UAE +971 4 211 2818

The Bottom Line

As it’s vital for any business to have a strong financial base, the CBD business account with no minimum balance offers a suitable banking platform to develop new businesses in UAE. These accounts levy standard maintenance and transaction charges, thereby reducing the entrepreneurs’ liabilities towards the bank and making it a perfect choice for new ventures and startups.