Having a savings account is essential once you start earning, as such a bank account can help you in securing your capital along with attractive interest rates.
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:
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.
The following documents would be required at the time of application:
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.
|Minimum monthly account balance||AED 50,000|
|Fall Below Fee||AED 250|
|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 draft issue charge||AED 30|
|DD Cancellation/ Amendment||AED 100|
|Cheque Return fee||AED 300|
|Post dated cheque deposit||AED 15|
|Collecting the cheque outside UAE||AED 100|
|Inward Remittances (Local or Foreign Currency)||Free|
|Outward Remittance||AED 30|
|Outward Telex transfer (within the GCC countries)||AED 30|
|Account Closure Fee within the first year||AED 150|
|Package Upgrade or Downgrade||AED 250|
|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.|
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.