Zero Balance Business Account - Features, Account Opening

Zero Balance Accounts

For those who are not into savings in the bank account, zero balance accounts are very much beneficial. Banks levy penalties on non maintenance of minimum balance in the accounts. Banks in UAE provide several zero balance accounts on understanding their customer’s needs. There are zero balance accounts for business banking customers as well.

Features of Zero Balance Business Accounts

• There is no minimum balance requirement for this loan, offering you greater flexibility with your funds. Additionally, unlike traditional business accounts that accrue interest, zero balance accounts typically do not have interest rates, which can simplify your financial tracking. 
• This account is specifically designed to be linked to your primary business account, working seamlessly with it to streamline the management of your company's funds
• Transactions are easy and convenient, so depositing, withdrawing, and making payments should be a straightforward process.
• Furthermore, you'll be pleased to know that there are no monthly fees associated with this account. While it's worth noting that some banks might have different fee structures, this particular Zero Balance Account has no recurring monthly charges. 
• Debit cards are provided with the account for easy access to your funds. 
• You can also enjoy free money transfers with our zero balance accounts, though it's always a good idea to confirm the specifics of any potential transfer fees with your bank, as policies can vary. 
• Depending on your eligibility, you may also find access to business loan facilities through this account. Finally, cheque book facilities are provided by the bank for your convenience.

How to open an Zero Balance Business Account in UAE?

Below is the requirement and detailed information on opening an account. 

First you have to be eligible and to be eligible, you generally need to meet the following criteria: you must be at least 18 years of age, and you should be either a UAE national or possess a valid UAE residency visa. 

For identification purposes, you will likely need to provide a valid passport and your Emirates ID. 

If you are an expatriate, holding a valid UAE residence visa is also a prerequisite.

There are several convenient ways to open a zero-balance account. Many banks in the UAE now provide the option to complete the entire account opening process online. 

Alternatively, you can visit a physical branch of the bank to open your account. 

Regardless of where you choose to open your account, there are standard documents that are typically required. These include 

• A completed account opening application form, a
• Photocopy of your valid passport, a copy of your valid Emirates ID, and
• If applicable, a copy of your labor contract and a no-objection certificate from your sponsor.
• You will also likely need to provide 2 recent passport-size photographs and,
• If applicable, a copy of your tenancy contract or Ejari. 
• Remember to take the original documents with you for verification purposes, especially if you are opening the account in person at a bank branch.

List of Zero Balance Accounts for Business

RAKstarter Account

RAKBank - RAKstarter Account - Benefits & Features

• There is no minimum balance requirement
• Get free cheque book and free debit card
• You will be assisted with dedicated relationship manager
• Get access to online and mobile banking
• Offers zero balance business account
• No ledger or minimum balance fees
• Get exclusive business financing facility
• Provides unlimited cheque book facility

Fees & Minimum balance required:

• Min Balance to Maintain- 0 AED
• Monthly Fee- 0 AED
• Local Transfer Cost- 0 AED 
• International Transfer Cost- 0 AED

Mashreq Neo biz Lite Account

Mashreq Neo biz Lite Account - Benefits & Features

• There is no minimum balance requirement
• Get free cheque book and free debit card
• You will be assisted with dedicated relationship manager
• Get access to online and mobile banking
• Offers zero balance business account
• No ledger or minimum balance fees
• Get exclusive business financing facility
• Provides unlimited cheque book facility

Fees & Minimum balance required:

• Min Balance to Maintain- Yes
• Monthly Fee- AED 200
• Local Transfer Cost- 0 AED
• International Transfer Cost- 0 AED

HSBC’s BSP Premium Account

HSBC’s BSP Premium Account - Benefits & Features

• Zero balance requirement
• Premium services and global banking support
• Dedicated relationship manager
• Easy online banking access
• No Minimum balance requirement
• Can get e-Statements for free

Fees & Minimum balance required:

• Min Balance to Maintain- AED 5,000
• Monthly Fee- 0 AED
• Local Transfer Cost- 0 AED 
• International Transfer Cost- 0 AED

Emirates NBD - Business Banking Account Online

Emirates NBD -  Business Banking Account Online - Benefits & Features

• It is designed for Entrepreneurs & freelancers
• Provides digital solutions
• Offers Digital account opening
• Free local transfers
• Provides Zero balance account
• Mobile Banking Solutions
• Minimal documentation required

Fees & Minimum balance required:

• Min Balance to Maintain- 0 AED
• Monthly Fee- 0 AED
• Local Transfer Cost- 0 AED 
• International Transfer Cost- 0 AED

FAB - Business Account

FAB - Business Account - Benefits & Features

• Get Zero balance maintenance
• Offers free online banking
• Customised solutions for different business types
• Access to trade services and overdraft facilities
• Can get e-Statements for free
• Get access to online and mobile banking
• Minimal documentation required

Fees & Minimum balance required:

• Min Balance to Maintain- 0 AED
• Monthly Fee- 0 AED
• Local Transfer Cost- 0 AED 
• International Transfer Cost- 0 AED

DIB E-trader Business Account

DIB E-trader Business Account - Benefits & Features

• No minimum balance criteria
• No annual fee for the first year
• No Fee on full access to Al Islami Business Online
• No Fee on SMS charges
• Internationally accepted VISA Debit Card

Fees & Minimum balance required:

• Min Balance to Maintain- 0 AED
• Monthly Fee- 0 AED
• Local Transfer Cost- 0 AED 
• International Transfer Cost- 0 AED

Sharjah Islamic Bank - Business Plus Account

Sharjah Islamic Bank - Business Plus Account - Benefits & Features

• No Minimum Balance requirement.
• Monthly maintenance fee of AED 250
• Foreign Exchange solutions for > AED 50000 transactions
• 5 free teller transactions per month in branches
• Access to essential banking offerings, including Online & Mobile banking.

Fees & Minimum balance required:

• Min Balance to Maintain- 0
• Monthly Fee- AED 250
• Local Transfer Cost- 0
• International Transfer Cost- AED 50000 transactions