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Business Accounts for Every One

Introducing our new zero balance account – RAKstarter for all the budding entrepreneurs and startups. Now you can maximize your efficiency and the usage of cash to make banking stress-free and more efficient.

  • RAKstarter Accounts is available in AED, US Dollars, Euro and Pound Sterling (GBP) currencies.
  • Earn attractive interest on our RAKStarter Account
  • No ledger/ fall back fee
  • 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
  • Dedicated Relationship Manager
  • 24 hour Phone banking services

RAKstarter gets a makeover with additional benefits which include Free Banking benefits, Free Business Insurance, Free Cloud Accounting package with connected banking experience. Now RAKvalue SME is bundled with your RAKstarter Account for an additional cost of AED 49 per month. You can also avail our first ever full feature low cost Mobile POS machine at preferential pricing. Click here for more details.

Bonus Interest Promotion:

Get ready for even more savings with Bonus interest starting from 0.25% up to 1% per annum above the existing interest rate during the promotion period from 1st August 2022 to 31st December 2022.

Interest applicable effective 1st August 2022:

Account Balance slab
From (AED) To (AED) Interest Rate Bonus Interest rate
500,000 4,999,999.99 0.10% 0.25%
5,000,000 14,999,999.99 0.15% 0.50%
15,000,000 And above 0.25%* 1.00%


Interest applicable effective 1st April 2020:

Account Balance slab
From (USD) To (USD) Interest Rate Bonus Interest rate
500,000 4,999,999.99 0.10% 0.25%
5,000,000 9,999,999.99 0.15% 0.50%
10,000,000 And above 0.25%* 1.00%
 


Click here for Terms & Conditions

Click here for Frequently Asked Questions
 

*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.

 

Interest charges are applicable for CHF, EURO and JPY as below:

Currency Interest (% p.a.)
GBP NIL
JPY -0.60
EURO -1.00
CHF -2.00

With effective from 1st September 2022:

Currency Interest (% p.a.)
GBP NIL
JPY -0.60
EURO NIL
CHF NIL
  • Customers willing to open RAKstarter Account must have a legitimate source of business income.
  • Cheque Book is provided only to eligible customers based on AECB score / Bank’s approval.

You are required to:

  • Review this document and all other terms & conditions set out in the 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 employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form; and
  • Always safeguard sensitive banking details such as a/c number, cheque book, Debit Card, login ID, passwords, pin number etc.
     
  • 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 profit 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 accounts held by the customer with the Bank.
  • Unarranged overdraft interest rate will be charged @ 18% p.a.

 

Warnings

  • Foreign currency denominated accounts may incur foreign currency fee. Applicable foreign currency fee will be debited from the available balance for customers availing such Foreign Currency Services. This may cause reducing balance even without customer induced withdrawals.
  • Foreign currency exchange rates are used for computing minimum balance as well as minimum balance charges. Applicable balance amounts in foreign currency may vary based on the exchange rate variation from month to month.
     
  • 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.
Contact Us
 SMS 'Zero' to 7011
 042130000

Click here to view our latest business promotions

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