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RAKislamic Current Account
Based on the Sharia concept of Qard Hassan, the Current Account that helps you manage all your day-to-day banking needs with ease, thanks to the award-winning service from RAKBANK.
Simply download RAKBANK APP and open your RAKislamic Current Account digitally in minutes, anywhere anytime.
Convenience
With the Current Account, you can manage your payments with ease with a Cheque book (AED Accounts only). You can open your Current Account in multiple currencies namely AED, USD, GBP and EUR. You will also get Monthly Statements / E-Statements.
Easy to maintain minimum balance
The low minimum average balance makes opening and maintaining your Current Account easy and convenient.
Personal Accounts
| Currency | Minimum Average Monthly Balance | Fee |
|---|---|---|
| AED | 3,000 | 25 AED |
| USD | 3,000* | 25 AED |
| GBP | 3,000* | 25 AED |
| Euro & Others | 3,000* | 25 AED |
*Amount is in AED.
Foreign Currency Services
| Currency | % p.a. |
|---|---|
| USD | NIL |
| GBP | NIL |
| EURO | 0 |
| CHF | 0 |
| JPY | -0.60 |
Foreign currency services is accrued daily and applied monthly.
Note: Above rates effective 1st July, 2020.
Company Accounts
| Currency | Minimum Average Monthly Balance | Fee |
|---|---|---|
| AED | 20,000 | 100 AED |
| USD | 10,000 | 25 USD |
| EUR | 10,000 | 25 EUR |
| GBP | 10,000 | 25 GBP |
Banking anytime and anywhere
Our free online, SMS, phone and mobile banking services give you simple and secure banking on the go:
- Click and Easy banking with Online Banking (register now at www.rakbank.ae)
- RAKdirect Number 600 54 0044
- SMS alerts through your mobile phone
- Mobile banking
Terms and Conditions apply
In line with the UAE’s Value Added Tax (VAT) implementation from 1st January 2018, VAT at the rate of 5% will be levied on RAKBANK’s fees and charges specified herein, wherever applicable and as per UAE law.
Key Terms & Conditions
- No minimum balance is required for the first 3 months on Saving Accounts.
- Interest is calculated monthly and paid half yearly for AED/USD/GBP currencies.
- For Euro, CHF & JPY currencies interest charges are accrued daily and applied monthly
- A salary transfer letter is required as additional documentation for customers opening the account for salary transfer purpose
- 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 account held by the customer with the Bank.
- In line with the UAE’s Value Added Tax (VAT) implementation from 1st January 2018, VAT at the rate of 5% will be levied on RAKBANK’s fees and charges specified herein, wherever applicable and as per UAE law.
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.
