Highlights
Low minimum deposit
Competitive profit rates
Flexible deposit tenures
Overview
Whether for a short or long term, it makes sense to make your surplus business cash work for you. CBD Business Banking offers a choice of business savings and deposit accounts online that help customers to separate their surplus business funds from their day to day business finances and achieve a positive return. My Business Saving Account is available in AED and other currencies (USD, GBP, EURO, JPY, CNY )
Top Features
Features and Benefits
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Feature-rich business bank account
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No account maintenance fees providing a minimum monthly balance of just AED 25,000 is maintained
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Available in both Islamic Savings Account with competitive profit paid out rates
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Profit are paid out semiannual basis based on Minimum Monthly Balance during the last 6 months
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Choice of 6 account currency denominations
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Branch-based client relationship management
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Access to Business Banking Zones and fast track Business Banking tellers
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Free online banking account enquiry service, with the option to upgrade to a comprehensive interactive online banking service
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Free mobile banking service
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Free SMS transaction alerts
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Dedicated Business Banking call Centre
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Dedicated self-service phone banking
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Competitive rates on money transfers, remittances and foreign currency exchange
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Preferential pricing on a range of additional business banking and insurance products and services
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Optional WPS salary processing service
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Access to website-based business advisory services and business planning toolkits through Resource Centre
Eligibility
| Islami Savings & Deposits Accounts | Criteria |
|---|---|
| Annual Turnover | Applicable for all type of companies with annual sales turnover up to AED 250 Million |
Fees and Charges
| List of charges | Requirements / Charges | |||
|---|---|---|---|---|
| Currency | AED, USD, GBP, EURO, JPY, CNY | |||
| Minimum monthly average balance | AED 25,000 or equivalent in foreign currency | |||
| Monthly Service charge for not maintaining average balance | AED 250 | |||
| Standing Orders | Per Instruction | |||
| Setup | AED 50 | |||
| Execution | AED 15 | |||
| Failure due to insufficient funds | AED 50 | |||
| Amendment | AED 15 | |||
| Remittances Incoming | Per Transaction | |||
| Local within UAE | AED 1 | |||
| International |
| |||
| Remittances Outgoing | Per Transaction | |||
| Manual | Electronic | |||
| Local within UAE | AED 50 | AED 40 | ||
| International outside UAE | AED 100 | AED 75 | ||
| Within CBD Account to Account Transfer | AED 60 | Free | ||
| Managers Cheques/Demand Draft | Manual | Electronic | ||
| Managers Cheques - per cheque | AED 15 | AED 15 | ||
| Demand Drafts - per cheque | AED 15 | AED 15 | ||
| Stopped demand draft/managers cheque | AED 50 | AED 50 | ||
| SMS Fees and Charges | ||||
| Setup | 2 months free service from registration date | |||
| Starting from third month | 5 messages free per month | |||
| Above 5 messages | AED 0.20 per message | |||
| Cash Deposit | ||||
| Over the counter - Teller transactions* | AED 25 per transaction AED 250 per transaction for deposit transaction over AED 250,000 | |||
| Through Cash Deposit Machine | Free | |||
| Cash Withdrawal | ||||
| Over the counter - Teller transactions | Up to 10 Free withdrawals per month. Each additional withdrawal AED 10 per transaction | |||
| CBD ATM | Free | |||
| CBD i-Business (Business Online Banking Services) | My Business Savings Account | |||
| First time set up charges for enquiry only customer | Free | |||
| Monthly service charge for enquiry only customer | Free | |||
| First time set up charges for transactor customer | AED 400 | |||
| Monthly service charge for transactor customer | AED 200 | |||
| Hard Token charges | First 2 Tokens are free, each additional Token AED 100 | |||
| Soft Token charges | First 2 Tokens are free, each additional Token AED 75 per Token | |||
| Training support | First site visit is free AED 250 for subsequent visit for Dubai and Sharjah regions AED 400 for all other subsequent visit for all other regions | |||
** All fees and charges are applicable for 5% VAT
islami Savings & Deposit Account
Required Documents
- National ID or valid passport with UAE residence visa and Emirates ID of all signing authorities and shareholders, if applicable
- Valid legal and constitutive documents (i.e. Trade License, Certificate of Commercial Registration, Free Zone Certificate of Incorporation, Memorandum of Association, Partnership Agreement) as applicable
- Power of Attorney or Board Resolution, if applicable
- Proof of Address
- Details of Ultimate Beneficial Owners
- Bank Reference Letter and Company Profile, if applicable
- No requirement for audited financial statements
Disclaimer
All fees and charges mentioned are subject to change from time to time at the sole discretion of Commercial Bank of Dubai without prior notification. Charges for services not indicated in this List of Fees and Charges are available on request. Additional expenses, e.g. postage, cable, courier, fax, legal fees, etc. will be charged
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Islamic Personal Finance
Save up to AED 20,000 on up to two million in personal finance and benefit from attractive profit rates.
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