Zand Bank Business Account

Minimum Salary
0,00 د.إ

Description

Zand Bank, UAE’s first fully digital Islamic bank, offers a single Business Current Account tailored for modern enterprises with no account opening or monthly maintenance fees, a AED 250,000 minimum average balance, and fully digital onboarding and operations. The account supports Islamic-compliant banking, multi-currency holdings upon approval, and transparent service charges.

Features

Account Package Overview

Account Type: Business Current Account
Minimum Average Balance: AED 250,000 (to avoid fall-below fee)
Account Opening Fee: None
Monthly Maintenance Fee: None
Fall-Below Fee: AED 500 + VAT (if average balance < AED 250,000)
Currencies Supported: AED (multi-currency (USD, EUR, GBP) upon request)
Digital Access: Zand Business mobile and web app

Key Features & Benefits

Fully Digital Onboarding & Banking: Instant account opening, virtual IBAN, and real-time dashboards.
Shari’ah-Compliant: Profit-sharing model for deposits, no Riba.
Debit & Virtual Cards: Unlimited virtual cards; physical cards issued free.
Standing Instructions & Sweeps: Automated liquidity management.
Trade Finance & Credit: Term financing, working capital via Murabaha and Tawarruq structures.
Integration: API access for ERP/fintech partners, QR-code acceptance.

Eligibility Criteria

Entity Type: UAE mainland companies, ADGM entities, fintech firms, and professional services.
Signatories: Authorized signatory must be ≥ 21 years, hold valid UAE residency visa & Emirates ID.
Trade License: Valid, unexpired license matching stated business activity.
Financial Thresholds: No turnover requirement for basic account; credit facilities require financial appraisal.

Detailed Schedule of Fees

Service	Fee
Minimum Balance Fall-Below Fee	AED 500 + 5% VAT per month
Account Opening	Free
Monthly Maintenance	Free
Account Closure (≤ 6 months)	AED 200
Dormant Account Charge (annual)	AED 315
Printed Statement Copy (branch)	AED 15.75 per cycle
Printed Statement Copy (delivery)	AED 36.75 + courier fees
e-Statement	Free
Standing Instruction Setup/Amendment/Cancellation	AED 25 / AED 25 / AED 50
Local Funds Transfer (within Zand)	Free
Local Funds Transfer (other UAE banks)	Free
International Transfer (online)	AED 55 + correspondent charges
Swift Copy Request	Free
Amendment/Cancellation of Swift	AED 75
Cheque Book (50 leaves)	Free first book; AED 75 thereafter
Stop Payment Instruction	AED 52.50
Cheque Return (inward/outward)	AED 105
Demand Draft Issuance	AED 75
Demand Draft Cancellation	AED 100
ATM Withdrawal (Zand/partner ATMs)	Free
POS Transactions	Free
Corporate Debit Card Replacement	Free
API Integration Setup	Free

Documents Required

Corporate Documents:
- Trade License, Commercial Registration, and MOA/Articles of Association.
- Board Resolution/Power of Attorney for signatories.
Identity Documents:
- Passport bio-page and Emirates ID of all signatories.
- UAE residency visa copy for expatriates.
Proof of Address:
- Ejari, utility bill, or bank statement (≤ 3 months old).
Additional (If Requesting Credit/Trade):
- Audited financial statements (last 2 years).
- Business plan, shareholder structure, and projected cash flows.

Additional Info

The Zand Business Current Account is optimal for established enterprises and fintech firms seeking a fully digital, Shari’ah-compliant banking solution with transparent fee structures, automated cash management, and integration capabilities.