RAKstarter Account

Web Content Viewer

RAKislamic now offers you the RAKstarter - new zero balance account 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.

Earn profit and save:
RAKstarter Account is based on the Islamic principle of ‘Mudaraba’ which means you can earn profit on your savings. The profit is declared and credited to your account on a quarterly basis.

The account features are as below:

RAKstarter Account is available in AED, US Dollars, Euro and Pound Sterling (GBP) currencies
No ledger/ fall back fee
Access to our array of business financing products
Unlimited Cheque book facility
Attractive Foreign Exchange and Trade Finance rates
Dedicated Relationship Manager
24 hour Phone Banking Services

RAKstarter gets a makeover with additional benefits. Now enjoy free Banking benefits, Business Insurance, Cloud accounting package with connected banking experience. All of this is bundled along with your RAKstarter account starting from just AED 49/month. You can also avail our first ever full feature low cost Mobile POS machine at preferential pricing.

Click here for more details.

SMS ' Zero' to 7011

Foreign Currency Services

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

Accounts in these currencies are based on Qard Hassan and not part of Mudaraba.
Foreign currency services is accrued daily and applied monthly.

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

Foreign currency denominated accounts may incur foreign currency services. Applicable foreign currency services will be debited from the available balance for customers availing such Foreign Currency Services. This may cause reducing balance even without customer induced withdrawals.
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.