Business Current Account
Based on the Sharia concept of Qard Hassan, RAKislamic now offers you the Business Current Account that helps you manage all your day-to-day banking needs with ease, backed by RAKBANK’s award winning service. The benefits include:
- Accounts denominated in Dirham*, US Dollar, Pound Sterling or Euro
- Cheque book facility offered for AED Accounts
- Monthly current account statements detailing all transactions
- Business Online Banking platform which allows you to manage your account at the click of a mouse
- Phone Banking Services
You are required to maintain a minimum average monthly balance in your Current Account failing which a fee as detailed below is applicable.
Currency | Minimum Average Monthly Balance | Fee |
---|---|---|
AED | 25,000 | 50 AED |
USD | 10,000 | 25 USD |
EUR | 10,000 | 25 EUR |
GBP | 10,000 | 25 GBP |
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Foreign Currency Services
Currency | % p.a. |
---|---|
JPY | -0.60 |
Euro | -1.00 |
CHF | -2.00 |
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Foreign currency services is accrued daily and applied monthly.
Note: Above rates effective 1st July, 2020.
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.
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.