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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 1^st 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 1^st 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 [email protected] 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 1^st 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.