With over a million customers, ADCB is one of the largest financial institutions in the UAE. The bank’s headquarters is in Abu Dhabi and the government of UAE owns 60.2% of its shares. With innovative and award-winning digital solutions, ADCB offers the highest level of services and facilities to the customers. The bank comes with a host of financial products and services ranging from consumer banking, business, corporate and investment banking and credit and loan services.
For efficient financial management of businesses in the UAE, ADCB comes with a range of business banking solutions. Among those, ADCB Business Choice Silver current account is popular for its facilities to young entrepreneurs and small scale businesses. The current account allows high volume business transactions with frequent payment options. In addition, the business account has a low average balance requirement, thus suiting the needs of young and growing businesses. The article below gives an insight into the features, benefits and various aspects of the ADCB Business Silver Choice current account.
Benefits of ADCB Business Silver Choice Current Account
Ladened with a range of business banking services, ADCB Business Silver Choice current account offers impeccable benefits to the customers. With a low average balance requirement and access to the full suite of online business banking, ADCB business accounts are most suitable for entrepreneurs.
- The silver choice current account is specifically designed for new and micro-businesses and entrepreneurs. It offers the flexibility of frequent transactions with safety and security.
- With the ADCB Silver Business Choice account, you get a free chequebook every quarter to make quick and convenient payments.
- Since the account is fabricated for young entrepreneurs and business owners, it is lenient with service and maintenance charges.
- To offer the convenience of regular payments, the silver business choice account comes with a standing instructions facility. You can set up standing instructions with a nominal fee, and the account automatically transfers the amount to the beneficiary.
- With this ADCB business account, you get free inward remittance for AED denominations. For foreign currency inward remittance, you need to pay a nominal fee of AED 10.50.
- You can open the ADCB Business Choice Current account with a minimum deposit of AED 10,000. Thereafter, you need to maintain an average balance of AED 10,000 every month.
- To access the funds digitally and across the chain of ATMs in the UAE, the bank offers an internationally accepted debit card without any charges. In addition, you get one free supplementary debit card.
- ADCB business bank account offers unlimited deposits and withdrawals across ATMs, CDMs and fund transfers within the same customer ID.
- Within the monthly statement cycle, the bank does not charge any e-statement fee.
Detailed Features of ADCB Business Silver Choice Current Account
Along with numerous benefits, the bank offers discrete features to support the growing businesses financially and provide unmatched fund management. Following are the key features of the ADCB Business Choice Silver current account.
- Low initial Deposit - To open a business account, ADCB bank requires applicants to deposit an initial sum. An individual can open the silver business current account with an initial deposit of AED 10,000.
- Average Monthly Deposit - The account holders need to maintain a minimum average balance of AED 10,000 or above in their Silver Choice business current account.
- Fall Below Charges - In case the account holder does not maintain the average monthly balance, the bank is liable to charge a fall below fee of AED 150. ADCB bank charges the fall below fee in each particular month when the minimum balance criterion is not met.
- Chequebook Facility - The bank offers a free chequebook every quarter, totalling four booklets every year. For each additional chequebook, the account holder needs to pay a fee of AED 52.50.
- Free Business Debit Card - To access the account funds conveniently, you get a free debit card that you can use across various ATMs and CDMs in the UAE. Additionally, the bank does not levy any charges on withdrawals and deposits through ADCB ATMs and CDMs.
- Standing Instructions Facility - Businesses require frequent and large volume payments for their operations. Considering the same, ADCB offers the standing instructions facility that automatically transfers funds to the beneficiary at fixed intervals, reducing your effort and time.
- Minimal Banking Service Charges - With an ADCB Business Silver Choice current account, you pay minimal banking charges and receive greater flexibility. Transactions such as inward remittances, ATM withdrawals and deposits are free of charge. Additionally, you get free bill payment options through online and mobile banking, IVRs and ADCB ATMs.
- Currency Option - ADCB Business Silver Choice Current account accepts funds in UAE Dirhams only.
Top Reasons to Choose ADCB Business Silver Choice Current Account
If you are planning to open a business account in the UAE, here are the top reasons to choose the ADCB Business Choice current account.
- The bank levies low banking services and account maintenance charges.
- You can open the account with a minimum initial deposit of just AED 10,000.
- The account has an average monthly balance requirement of AED 10,000, which is low compared to other banks’ business accounts.
- You get a free e-statement within the specified billing cycle.
- With the ADCB business silver choice account, you get an internationally accepted debit card. Additionally, you get a supplementary debit card free of charge.
- With a business banking account, you get access to the full suite of online business banking, mobile banking and personal banking services without any charges.
Eligibility Criteria for ADCB Business Silver Choice Current Account
To open ADCB Business Silver Choice current account, the applicant needs to satisfy a few eligibility criteria. The bank may have different criteria for various types of business. However, the common eligibility criteria for opening a business silver choice current accounts are as follows.
- Minimum Initial Deposit - As aforementioned, the applicants need to deposit a minimum amount of AED 10,000 to open a Sliver Choice business account.
- Nationality - UAE nationals/residents and expatriates can open a business silver choice current account, subject to fulfilling the documents requirement. The bank has separate documents requirement for UAE nationals and expats. Additionally, an expat business owner may require the partnership of at least one UAE national to operate the business and open the bank account. The applicant needs to verify the same from the bank.
Documents Required for ADCB Business Silver Choice Current Account
Before applying for the ADCB Business Choice current account, you need to ensure all your documents are ready. The following is the list of documents you need to submit during the account opening process in the UAE.
- A valid passport and residence proof of all the signatories and representatives
- A valid passport of the director of the company
- An original and a copy of Emirates ID of the shareholders or representatives
- A valid trade license from the DED (Department of Economic Development)
- Articles and Memorandum of Association
- Latest bank account statements of all the company’s stakeholders (last 6 months statements)
- Reference letter from the business partner/partners
- Registry of the shareholders
- A list of investors, current clients and potential clients
- Details about the business account-related activities
- Certificate of Company Incorporation
How to Apply for ADCB Business Silver Choice Current Account?
After your documents are ready, you can visit the bank or log in to ADCB’s official website and apply for an ADCB business choice current account. Following are various ways through which you can apply for the ADCB business current account -
- Online Application - For online application, individuals need to visit the ADCB’s official website and select the type of current account. Subsequently, they need to enter their contact details and click on the ‘Apply Now’ button. The bank representative will call them for the further application process.
- Application through Phone Call - You can contact the ADCB’s support team on 600-50-2030 and provide your details. The bank’s representative will assist you through the subsequent application process.
- Offline Application - Individuals can also visit the nearest ADCB branch and apply for the business current account. While doing so, they need to carry all the relevant documents and fill the application form as directed by the banking representative. To locate a nearby branch, you can visit the bank’s portal.
ADCB Business Silver Choice Current Account Charges and Fees
The following is the schedule of charges on the ADCB Business Silver Choice current account.
Frequently Asked Questions
Q1: What is the average monthly balance for ADCB Business Silver Choice current account?
Ans: An individual need to maintain a minimum of AED 10,000 in his account to avoid the fall below penalty.
Q2: Do I need to deposit an amount during the ADCB business silver choice current account opening?
Ans: Yes, to open a Silver Choice current account in ADCB, an individual need to deposit a minimum of AED 10,000.
Q3: Does ADCB offer online banking services with the Business Choice account?
Ans: Yes, with the ADCB Business Choice account, you get access to a full suite of online business banking services including mobile banking, personal internet banking, IVR and SMS banking.
Q4: Do I have to pay any fee for using ADCB online banking services?
Ans: No, the bank does not charge any fee for using online banking services.
Q5: Can I pay utility bills through my ADCB Business Choice Silver current account?
Ans: Yes, you can conveniently pay the utility bills free of charge through the Business Choice Silver current account.
Q6: Can an expat apply for the ADCB Business Choice Silver current account in the UAE?
Ans: Yes, expatriates can apply for an ADCB Business Choice Silver account if they have a valid UAE trade license and other documents as per the bank’s requirement.