Emirates Development Bank (EDB) Business Account

Minimum Salary
5.000,00 د.إ

Description

Emirates Development Bank offers a single digital Business Banking package via the EDB360 app, providing free banking with no minimum balance and zero monthly maintenance fees. All SMEs across the UAE can open an account in minutes and access 24/7 digital banking, with transparent per-service charges for payments, transfers, and liquidity services.

Features

Account Package Overview

Package Name: EDB360 Business Account
Minimum Balance Requirement: None
Monthly Maintenance Fee: AED 0
Account Opening Fee: AED 0
Fall-Below Fee: N/A

(Free to all businesses, across all Emirates)

Core Features

Instant IBAN Issuance and account activation within 48 hours
Fully Digital via EDB360 app in partnership with YAP
Unlimited Intra-Bank Transfers (EDB⇄EDB)
Local & International Payments through app or online portal
WPS Salary Processing and bulk file uploads
Liquidity Services: Standing instructions, sweeps, and direct debits
Trade & Cash Management: Manager’s cheques, letters of guarantee
Real-time Notifications, Invoicing, Budgeting, Analytics

Eligibility Criteria

Entity Type: UAE-registered SMEs (mainland, free zone, branches), freelancers with permits
Signatory Requirements: Authorized signatory must hold a valid UAE residence visa and Emirates ID
Trade License: Valid and matching business activity
Credit Facilities Eligibility: Annual turnover ≥ AED 375 k or USD 100 k

(Open to all businesses, no minimum turnover for account opening)

Documents Required

Corporate Documents:
- Valid Trade License or Freelancer Permit
- Memorandum of Association and any amendments
- Certificate of Incorporation and Board Resolution (if applicable)
Personal Documents (for signatories):
- Passport copy, Emirates ID, UAE residency visa
Proof of Address:
- Title deed, Ejari, utility bill, bank statement, or VAT filing (≤ 3 months old)
Optional:
- Shareholding structure diagram for multi-layered entities
- Company profile

(Original documents to be presented; digital upload via app)

Additional Info

Detailed Schedule of Fees

Service	Manual Tariff (AED)	Online Tariff (AED)
Minimum Monthly Average Balance	–	–
Monthly Fall-Below Charge	–	–
Account Statement	100/request	Free
Virtual Account Setup	N/A	100/setup
Virtual Account Maintenance	N/A	1 per record
Trade License Expiry Fee	250/month	N/A
Local Funds Transfer	20 per txn	5 per txn
Foreign Currency Transfer (BEN/ SHA)	150 per txn	60 per txn
Foreign Currency Transfer (OUR)	250 per txn	160 per txn
FCY Transfer Repair	100 per txn	N/A
Inward Remittances (credit to EDB account)	35 per txn	N/A
WPS Salary File Upload	N/A	50 per file
WPS Salary Transfer (Bank Account)	N/A	2 per beneficiary
WPS Salary Transfer (Salary Card)	N/A	4 per beneficiary
Non-WPS Salary – Local Funds Transfer	N/A	5 per txn
Non-WPS International Funds Transfer (BEN/ SHA)	N/A	60 per txn
Non-WPS International Funds Transfer (OUR)	N/A	160 per txn
Bulk File Upload (Single/Multi Debit)	N/A	50 per file
Bill Payments	N/A	Free
Standing Instruction Setup/Amendment	100 / 100	50 / 50 per change
Sweep Execution Within EDB Accounts (per txn)	N/A	Free
Sweep Execution LCY Transfer (per txn)	N/A	5 per txn
Sweep Execution FCY Transfer (per txn)	N/A	160 per txn
Sweep Subscription	N/A	50 per month
Direct Debit Setup/Cancellation	300/month / 100	N/A / 50
Processing of Direct Debit Request	5 per record	1 per record
Payment Services – Bulk Cash/Cheque Pickup & Deposit	As per contract	As per contract
Transfer Cancellation, Investigation & Amendment	100 each	N/A

(All charges exclude 5% VAT unless stated)

Usage Recommendations

Startups and SMEs benefit from zero-fee, instant digital onboarding.
High-volume payroll users save with free WPS salary transfers and batch uploads.
Businesses requiring liquidity services leverage sweeps and direct debits at low online rates.
International traders access transparent FCY transfer tariffs with choice of BEN/OUR coverage.