FAB Business Basic Account

First Abu Dhabi Bank is one the largest banks in UAE, with its international branches spanning across five continents. It provides global relationship, expertise and financial support to local and international businesses. The bank offers numerous business accounts like business basic, advantage and preferred accounts designed to meet the customers’ goals and needs. The business basic account supports businesses to meet banking requirements in the competitive corporate environment with safety and security.
FAB Business Basic Account provides multi-currency options, including major global currencies like USD, GBP, EUR, JPY apart from AED, giving your business international access with ease and reliability. In addition, the account also offers numerous advantages for nurturing business like reduced banking service rates, free inward remittance for both local and foreign currencies, etc. In this article, we will be looking into the detailed benefits, features and facilities of the FAB Business Basic Account.

Features and Benefits of FAB Business Basic Account

First Abu Dhabi Bank Business Basic Account offers suitable features for  new and upcoming businesses, covering all the basic requirements of a business in a single basket. Some of the key features of the FAB Business Basic Account are mentioned below:

• Multi-Currency Option - FAB Business Basic Account provides multiple currency options, including all major foreign currencies like USD, GBP, JPY, EUR apart from AED, giving international exposure.
• Reduced Banking Services Rates - First Abu Dhabi Bank offers reduced rates on banking services, making it a favourable choice for entrepreneurs and new, growing businesses. 
• Low Average Monthly Balance - The bank requires businesses to maintain an affordable average balance of AED 50,000 every month in their account.
• Free Inward Remittance - It offers free inward remittance for all types of acceptable currencies, both local and international, reducing the overall operational cost and keeping the business’ budget in check. 
• Wide Banking Network - First Abu Dhabi Bank has a wide network of branches, ATMs, cash deposit machines, thereby giving ease of access to all kinds of transactions across UAE and abroad.
• Online Business Banking Services - FAB Business Basic Account provides comprehensive online banking services, which adds to the ease of business operation and reduces the time for overall business transactions.
• Easy International Transactions - First Abu Dhabi Bank provides hassle-free and secure international transactions using SWIFT channels. 

Fees and Charges Applicable on FAB Business Basic Account

First Abu Dhabi Bank offers reduced banking charges. Some of the fees and charges on FAB Business Basic Account are mentioned below:

Eligibility Criteria to Apply for FAB Business Basic Account

Given below are the eligibility criteria to apply for Business Basic Account:

•  Minimum Average Balance - An organisation needs to maintain an average minimum balance of AED 50,000 every month.
• Requirement of Documents - First Abu Dhabi Bank may ask for documents related to the business, including ID and address proof, business activity certificate, etc. as per its sole discretion.

How to Apply for FAB Business Basic Account? 

First Abu Dhabi Bank offers convenient ways to open the business basic account via online and offline modes. Given below are the ways to open a business basic account. 

•  Online Mode - Visit the First Abu Dhabi Bank’s portal and fill in the required details. The bank personnel will contact you within the next working day for the subsequent application process.
• Offline Mode - To apply offline, the organisation’s representative needs to visit the nearest corporate branch of First Abu Dhabi Bank and fill the application form as per the instructions. They also need to submit the documents as per the bank’s requirements.

Frequently Asked Questions

Q1: What is the average monthly balance required in FAB Business Basic Account?

Ans: A minimum average balance of AED 50,000 is required in the FAB Business Basic  Account.

Q2: Is there any fall below charge in FAB Business Basic Account?

Ans: Yes, FAB charges a fall below fee of AED 250 on the Business Basic Account. 

Q3: Is there any relationship fee in FAB Business Basic Account?

Ans: No, there is no  relationship fee in FAB Business Basic Account. 

Q4: Are there any inward remittance charges in FAB Business Basic Account?

Ans: No, there are no inward remittance charges for AED or other currencies in Business Basic Account. 

Q5: Are demand draft and chequebook facilities available in FAB Business Basic Account?

Ans: Yes, FAB Business Basic Account offers demand draft and chequebook facilities, where the first chequebook is issued free of charge, while the charges for issuance of demand draft is AED 30.