Learn About First Abu Dhabi Bank (FAB) Online Banking – Corporate and Business Account Features
First Abu Dhabi Bank (FAB) is among the largest and most well-known banking solutions providers worldwide. The bank provides multiple tailor-made banking services and products. They include loans, bank accounts, investment options for corporate customers and individuals, mortgages, and credit cards.
FAB provides many different types of business accounts with unique features and benefits. The best part about business accounts is that customers can access them from any location using mobile and online banking. Here is helpful information about FAB corporate accounts.
Types and advantages of an FAB corporate account
FAB provides six kinds of business accounts for its customers. Here are the benefits and features of these accounts in detail.
Basic Account
This account enables account holders to meet all their primary financial needs. The advantages and features of a FAB basic account include:
Ability to open it in various currencies, including GBP, AED, EUR, USD, and JPY.
It offers free inward remittances for international and local currencies.
It provides online banking services for customers to enable them to access their account details easily.
The customers should maintain a minimum balance of AED 50,000.
The account has minimized rates for customers using the banking services.
Business Advantage Account
This FAB account provides simple and flexible banking services with affordable rates and special privileges for customers. Its features and advantages include:
Customers can open the account in multiple currencies, including JPY, EUR, USD, GBP, and AED.
It provides free inward remittances for international and local currencies.
It offers online banking services for customers.
The account holders must maintain a minimum balance of AED 250,000 every month.
The account provides reduced rates on the banking solutions the customers use.
It offers unlimited checkbooks for customers.
Business Preferred Account
This account provides account holders with comprehensive premium banking services. Its features and benefits include:
The minimum monthly requirement for account holders is AED 500,000.
It offers online banking services for customers.
It provides free inward remittances for international and local currencies.
Account holders can make unlimited teller transactions.
Customers can open accounts in several currencies, including GBP, AED, EUR, USD, and JPY.
Free checkbooks for account holders
Low banking rates for account holders.
Business Call Account
This account is available for both U.A.E non-residents and residents. It offers attractive interest rates, a competitive fee structure, and a tariff for account holders. Here are its features and benefits:
Customers should maintain a minimum monthly balance of AED 10,000 to keep the account active.
Interest rates allow account holders to earn more from savings.
Multiple currencies for U.A.E non-resident customers.
Fixed Deposit Account
Customers can open the account in foreign and local currencies. It ensures that customers earn more with roll-over facilities upon maturity and preferential interest rates. Its benefits and features include:
Flexible deposit terms begin from a week to ten years.
Customers can open the account in their preferred currency.
The minimum balance requirement is AED 50,000 or its equivalent in foreign currency.
Account holders can withdraw their deposits prematurely depending on their financial preferences but may lose some of the interest gained.
It offers customers competitive interest rates based on the deposit duration and currency.
What are the requirements to open an account?
To open a FAB business account
You need to meet the following requirements:
Your business should have a valid trade license.
One representative should be a U.A.E resident.
The account holders must keep the minimum average balance to maintain their accounts.
Documentation required
To open a First Abu Dhabi(FAB) bank business account
You need the following documents:
Business plan
Articles and memorandum
The shareholder representative’s residence visa.
A valid passport of the company director and shareholder representative.
Trade license
Incorporation certificate
Existing contracts
Reference letter from every business partner.
Company extract from the company’s official registry.
Registry of shareholders.
Sources of fund disclosure.
Emirates identification card of shareholder representative
Certificate of good standing.
How do you open an account?
You can open a FAB corporate account in the U.A.E in the following ways:
Online-FAB provides an online banking portal that is easy to access. You can visit the online portal and open the account after uploading the necessary documents.
Mobile app: You can download the bank’s mobile app from App Store or Google Play Store to open an account. You can log in to the FAB mobile app and request to open a bank account.
Phone banking: The bank offers full-time support and help for its customers. You can call the bank’s official phone number and request to open an account.
Branch visit: This involves visiting the closest FAB branch and providing the essential documentation.
How do I close a FAB account?
To close your bank account, you should visit your branch and request account closure. What you need to remember is:
The account should not have a balance. You can transfer the existing balance to another bank account having your business name. The bank charges a certain amount to customers closing their accounts.
Interest rates
First Abu Dhabi bank enables its account holders to achieve their savings goals faster by offering great savings interest rates. If you open an iSave account, you can earn 4.5% interest annually on deposits made from October 1 to December 31, 2022.
The variable interest rate for a personal loan is 3.99% per annum on a reducing balance basis. The fixed interest rate is 4.99%, and the base rate is 7.25% per annum.
The interest rate for overdrafts is 15% to 19% per annum.
What can I do with a FAB account?
One thing you can do with your FAB account is get a personal loan. Both UAE nationals and expats can obtain personal loans. With the loan, expats can borrow up to 2 million AED. You can also save money, get a credit card, send money and use FAB Rewards to pay bills.