Business Banking Current Account
RAKBANK’s Business Banking Current Account gives you easy access to your money, all the time. A low minimum balance, and a choice of local and international currencies, makes it an attractive option for our business customers.
Features and Benefits of our Business Current Account
- Dedicated Relationship Manager
- Earn attractive interest on our Business Current Account
- Accounts denominated in Dirham*, US Dollar, Pound Sterling or Euro
- Monthly current account statements detailing all transactions
- Access to our array of business financing products
- Unlimited Cheque book facility
- Attractive Foreign Exchange and Trade Finance rates
- Competitive rate of interest on Fixed Deposits
- 24 hour Phone banking service
Interest applicable effective 1st August 2022:
Account Balance slab | ||
---|---|---|
From (AED) | To (AED) | Interest rate |
500,000 | 4,999,999.99 | 0.10% |
5,000,000 | 14,999,999.99 | 0.15% |
15,000,000 | And above | 0.25%* |
Interest applicable effective 1st April 2020:
Account Balance slab | ||
---|---|---|
From (USD) | To (USD) | Interest Rate |
500,000 | 4,999,999.99 | 0.10% |
5,000,000 | 9,999,999.99 | 0.15% |
10,000,000 | And above | 0.25%* |
*Differential interest calculation method, Interest rate is subject to change as per bank's discretion
Note: If you do not wish to earn interest on your existing Business Current Account, please feel free to write to us at businessbanking@rakbank.ae from your registered email id.
Local and International Currencies:
Currency | Minimum Average Monthly Balance |
---|---|
AED | 25,000 |
USD | 10,000 |
EUR | 10,000 |
GBP | 10,000 |
Interest Charges on other Currencies
Interest charges applicable for Japanese Yen, Euro and Swiss Franc as below:
With effective from 1st September 2022:
Currency | Interest (% p.a.) |
---|---|
GBP | NIL |
JPY | -0.60 |
EURO | NIL |
CHF | NIL |
Risks & Limitations
- Cheque book/Debit Card is issued only for AED denominated Account.
- If a cheque issued on the Account is returned, the following may apply:
- Reporting your Account to AECB.
- Account closure.
- Difficulty in availing Loans or Credit Card from RAKBANK and other banks.
- The Bank may close the Account if KYC or identification documents are not updated regularly, or if required as internal policies or upon request from regulatory / judiciary entities.
Customer Rights & Obligations
You are required to:
- Review this document and all other terms & conditions set out in the Account opening application form in detail;
- Regularly check our website www.rakbank.ae for updates;
- Notify the Bank in writing if there is a change in your contact details, business ownerships, residence status, identification details, financial details or any other material information as declared in the application form; and
- Always safeguard sensitive banking details such as Account number, cheque book, debit card, login ID, passwords, pin number etc.
Key Terms & Conditions
- The Bank may amend the features, fees, charges, terms & conditions of the Account on 60 days’ notice to you in advance.
- The Bank may amend the interest rates for the Account on 30 days’ notice to you in advance.
- If the Account is not used for a period of 1 year, it will be designated as inactive and you will not be able to transact unless activated again.
- If the Account balance is not sufficient to settle outstanding dues, these will be recovered as and when the Account is funded or alternatively from any other a/c held by the customer with the Bank.
- Unarranged overdraft interest rate will be charged @ 18% p.a.
Warnings
- Current Accounts in AED and USD are interest bearing, & in GBP is non-interest bearing; while JPY (Japanese Yen), CHF (Swiss Franc), and EURO (Euro) are impacted by the market rates and are subject to negative interest charges that are fixed.
- The Bank may close the Account if KYC or identification documents are not updated regularly, or if required as internal policies or upon request from regulatory /judiciary entities.