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RAKstarter SME Bank Account
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.
Features and Benefits of RAKstarter SME Account
- 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.
Interest applicable effective 1st April 2020:
| Account Balance slab (AED) | |||
|---|---|---|---|
| From | To | Interest rate | |
| 1,000,000 | 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 (USD) | |||
|---|---|---|---|
| From | To | 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%* | |
Interest applicable effective 1st March 2020:
| Account Balance slab (AED) | |||
|---|---|---|---|
| From | To | Interest rate | |
| 500,000 | 999,999.99 | 0.25% | |
| 1,000,000 | 4,999,999.99 | 0.35% | |
| 5,000,000 | 14,999,999.99 | 0.40% | |
| 15,000,000 | And above | 0.25%* | |
Interest applicable effective 1st March 2020:
| Account Balance slab (USD) | |||
|---|---|---|---|
| From | To | Interest rate | |
| 250,000 | 499,999.99 | 0.25% | |
| 500,000 | 4,999,999.99 | 0.35% | |
| 5,000,000 | 9,999,999.99 | 0.40%* | |
| 10,000,000 | And above | 0.25%* | |
Interest applicable effective 1st April 2019:
| Account Balance slab (AED) | |||
|---|---|---|---|
| From | To | Interest rate | |
| 500,000 | 999,999.99 | 0.25% | |
| 1,000,000 | 4,999,999.99 | 0.35% | |
| 5,000,000 | 14,999,999.99 | 0.50% | |
| 15,000,000 | And above | 0.50%* | |
Interest applicable effective 1st May 2018:
| Account Balance slab (USD) | |||
|---|---|---|---|
| From | To | Interest rate | |
| 250,000 | 499,999.99 | 0.25% | |
| 500,000 | 4,999,999.99 | 0.50% | |
| 5,000,000 | 9,999,999.99 | 0.40% | |
| 10,000,000 | And above | 0.25%* | |
*Differential interest calculation method, Interest rate is subject to change as per bank's discretion
Kindly Note: If you do not wish to earn interest on your existing RAKstarter 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 |
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