Frequently Asked Questions
RAKsave
1. What is a RAKsave Account?
A RAKsave is a high interest bearing savings account.
2. What do I get when I open a RAKsave Account?
All RAKsave Account holders receive a FREE Debit Card which can be used at all RAKBANK and UAE SWITCH ATMs.
3. Who can open a RAKsave account?
All resident and non-resident individuals of all ages are eligible to open a RAKsave Account.
4. Can a company open a RAKsave Account?
No, a company is not able to open a RAKsave Account as it is intended for resident and non-resident individuals only.
5. What currency can you open a RAKsave Account in?
RAKsave Accounts are offered in AED currency only.
6. What is the minimum average balance and ledger fee for a RAKsave Account?
The minimum average monthly balance for RAKsave Account is AED 3,000. If the minimum average monthly balance is not maintained, a ledger fee of AED 25* will apply.
*Disclaimer: In line with the UAE’s Value Added Tax (VAT) implementation from 1st January 2018, VAT at the rate of 5% will be levied on RAKBANK’s fees and charges specified herein, wherever applicable and as per UAE law.
7. When are ledger fees waived?
Ledger fees are waived for the month the account is opened and the following first three months.
8. When are statements issued on this account?
Statement frequency is either monthly or quarterly for customers who do not have a passbook.
9. Who can open and operate a RAKsave Account for a minor?
In case of accounts of dependents, the account will be opened in the name of the minor under the guardian parent. In all cases the parent will operate the account for as long as the child is below 16 yrs of age.
10. Do I have the option to set up a standing instruction order for accounts held by minors?
Yes, if you would like to make regular payments into your children’s account, you can set a standing order to debit your RAKBANK account and credit the relevant RAKsave Account.
11. Will standing order charges be applied for this?
No. There are no charges for standing orders to RAKsave Accounts held by minors.
12. Is a loan or an overdraft facility permitted?
No debit balances are permitted on a RAKsave Account, so you would not be able to have a loan or an overdraft facility on this type of account. RAKBANK Current Accounts and RAKvantage Accounts offer loan and overdraft facilities.
13. Is insurance coverage provided for this account?
No, insurance coverage is not provided.
14. How is interest calculated on a RAKsave Account?
Interest is calculated on the daily balance as per a tiered interest rate structure. This is accrued on a monthly basis and applied half yearly in both June and December. If the interest payable is less than AED 10, no interest is paid.
For further details please contact RAKdirect services on 04 213 0000.