Current accounts are usually opened by business-owners to facilitate the banking needs of their businesses. Also known as a Checking account, it fulfils the business’s need of frequent money transfers to and from the account. While savings accounts are targeted at helping people save money, current accounts help businesses fulfil their transactional requirements.
If you are a business owner running an organization, then you would be aware of the high number of monetary transactions that happen every day. Whether it is sale or purchase of goods, salary payments or manufacture costs, you will find yourself writing a cheque or handing out cash. A current account is usually designed to help you with such transactions.
In UAE, banks offer a huge variety of current accounts. Certain banks might offer special accounts for certain businesses. For businesses, current accounts are the backbone of their financial transactions. Hence, it is advisable to look for options before opening an account. Broadly, three types of current accounts are available in UAE:
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There are a host of features to be taken into consideration while opening a savings account. Most importantly, you need to align these features offered by different banks to your needs. Some of these features are
These are some basic features/charges of current accounts in UAE. There are numerous variants available, one suiting the need of each business. Research well before opening an account.
Some fees and charges associated with current accounts are:
Every bank has its own eligibility criteria which needs to be checked individually. However, some basic requirements are as follows:
As is the case with eligibility, every bank can have its own requirement of documents to process your account application. Apart from the application form, some basic documents needed are:
Please refer to the list of documents required by the bank you wish to open your current account with.
Most banks also offer current accounts under Islamic laws of banking approved by The Shariah and Supervisory Board. Most banks offer free debit cards, internet banking, phone banking, SMS-banking and mobile banking services. Usually, banks offer Islamic savings accounts in AED, GBP, EURO and USD.
Most banks offer current accounts with a plethora of services. Here is a look at a few of them:
A. Anyone who fulfils the eligibility criteria mentioned above, can open a current account.
You must contact the bank and understand the eligibility criteria before applying.
A. Charges can vary with every bank. Most banks charge a nominal fee for account closure of account maintained for less than a year. Please check with the bank.
A. Most banks do not permit opening a joint current account with a minor. However, you may talk to the bank for options to meet your requirement.