Web Content Viewer

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.

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.

Interest applicable effective 1st April 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 [email protected] from your registered email id.

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

With effective from 1^st September 2022:

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

Risks & Limitations

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.

Customer Obligations

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.

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 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.