Detailed Features About FAB Business Basic Account

By Ruchi Gohri
  | Published: 29 October 2021

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First Abu Dhabi Bank may be considered to be one of the largest financial institutions in the United Arab Emirates, if not perhaps the largest. It came into operation following an agreement to merge between the erstwhile National Bank of Abu Dhabi and the First Gulf Bank in July 2016, thus creating the new colossal institution in the process. FAB aims to firmly establish itself in the UAE economy, by creating value for customers, shareholders and prospective international clients through innovation in product ideation. 

The main verticals under the Bank are operating under the Corporate Investment Banking Group and the Personal Banking Group. The Corporate Investment Banking vertical continues to be FAB’s premier franchise, as it seeks to provide both domestic and international clients customer-centric services through its products, global transaction facilities etc. Simultaneously, the Personal Banking Group vertical caters to the needs of the aspirations of private businesses or players in small and medium enterprise domain. This vertical maintains several facilities such as credit cards, current accounts to more sophisticated investment options such as business banking products and services. The Business Banking Account is a facility provided by the FAB to enable private businesses and SME’s to leverage these facilities for their own optimization. 

The Business Banking Accounts seek to provide the business persons with the options that they need for smoothly running the finances and operations of their businesses. In this product line, FAB has the following options: 

  • Business Basic Account
  • Business Advantage Account
  • Business Preferred Account
  • Business Call Account. 

Eligibility

The businessman or the corporation needs to maintain an average balance of AED 500,000 in order to avail of the concerned account, in addition to being in possession of the requisite documents.

Documents Required

The following documents would be required at the time of application:

  • Business plan clearly stating the outline of the business that one wishes to undertake.
  • Trade license that has been issued by the competent authority, in this case, the Department of Economic Development.
  • Fund disclosure statement.
  • Registry ID of the various shareholders.
  • Emirates ID of the shareholder representatives.

Features and Benefits 

The Business Basic Account is ideal for those who are attempting to grow their business, which is at the early growth stage. This package is specifically designed keeping in mind such clients, and their needs, and the focus is on creating an Account where there is least intervention of bureaucratic processes.

  • A Cheque Book will be granted for free to all prospective clients, so that they may promptly withdraw any amounts that may be required to keep the business process running smoothly. 
  • Access granted to FAB personal internet banking and mobile banking. A wide coverage of ATMs and cash deposit machines can be availed thus ensuring network coverage throughout the UAE.
  • Free Debit Card will be provided to the customer.
  • The business transactions that are carried out this business have multi-currency options. In addition to AED, there are options for US Dollar, Great Britain Pound, Euro and Japanese Yen.
  • No charge on domestic remittances for local as well as foreign currencies. 
  • Subsidized rates while the customer is availing banking services for the purpose of one’s business development if one has subscribed to this scheme.

Fees and Charges

Account Feature Charges
Minimum monthly account balance AED 50,000
Relationship Fee Free
Fall Below Fee AED 250
Debit Cards
Debit Card replacement AED 25
ATM withdrawal limit per day AED 50,000
Point of Sale transaction limit per day AED 75,000
International Transaction fee (in AED currency) 2.5% of transacted amount
(Non-AED currency) 3.15% of transacted amount
Demand Drafts
Demand draft issue charge AED 30
DD Cancellation/ Amendment AED 100
Cheque Facility
Cheque Return fee AED 300
Post dated cheque deposit  AED 15
Collecting the cheque outside UAE AED 100
Remittances
Inward Remittances (Local or Foreign Currency) Free
Outward Remittance AED 30
Outward Telex transfer (within the GCC countries) AED 30
Maintenance charges
Account Closure Fee within the first year AED 150
Package Upgrade or Downgrade AED 250
Teller Transaction
AED Cash deposit in Bulk at teller counter and cash deposit center 0.10% for amounts up to AED 1   million and 0.25% above that.
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Why Should You Choose FAB Business Basic Account?

  • As compared to other plans in the Business Banking Accounts, the Basic Scheme makes sense when one has a low operating capital. For instance, the Business Advantage and the Business Preferred Accounts would require a minimum capital holding of AED 250,000 and AED 500,000 respectively.
  • Low Monthly Balance: This scheme is meant to enable business growth for smaller businesses, and hence requires a relatively low amount of credit for subscription.
  • Low Banking Rates:  The FAB Business Basic Account entitles one to subsidies on banking rates, with the intent being to make the process for small and medium enterprises and upcoming businesses. 

FAQs

Q1: How can one access their IBAN details?

Ans: An International Bank Account Number is used to direct international payments to the appropriate gateway. It contains information about the country that the payment is supposed to go to, and also reduces any chances of error in transmission. To generate, one can simply log in to the site, and enter the 16-digit account number on the portal, and this will help them in generating the IBAN.

Q2: What is the Business Continuity Plan?

Ans: The First Abu Dhabi Bank group presents a well-established programme for handling of emergency affairs by seasoned management professionals, in order to ride over emergency situations. This is in line with corporate governance rules, and standard industry practices.

Q3: How can you issue complaints regarding dubious transactions on the credit card or debit card facilities?

Ans: In case there is a confusion in the mind of the client, they have the option of filling the form available, in order to notify the management. The issue must be raised within 60 days of the period of the occurrence of the grievance. The forms available on the site are regarding the cash deposit machine, or the credit/debit cards issued.

Q4: Is it possible to defer outstanding payments on personal loan or home/ car loan due to adverse circumstances?

Ans: The option for deferring payments, specifically for mortgages, credit cards, auto loans is available for a period of up to three months. On the provision of documentary evidence, deferral may be granted by decision of management to people who have suffered loss in employment, who have tested positive for Covid, landlords who have not been able to gather payment from rentiers etc.

Ruchi Gohri
Ruchi Gohri

Senior Content Writer | She has a penchant for writing and with over 5 years of experience, she plays around with words elegantly, crafting simple content for all to read. In her free time, she loves her couch either to read or catch on to her sleep.