Frequently Asked Questions
Jood Savings Account
1. What is a Jood Savings Account?
The Jood Savings Account is a profit bearing non cheque book savings account.
2. Is Jood Savings Account Sharia compliant?
Yes, Jood Savings Account is a Sharia Compliant Savings account which is managed under the Islamic principle of “Mudaraba”. Under the concept, the depositor is eligible for a profit pay out.
3. Is a Debit Card issued for Jood Savings Account?
Yes, you are issued a free Debit Card, which can be used at all RAKBANK and UAE SWITCH ATMs (issued in AED currency only). A quarterly statement is issued to customers who are issued with a passbook.
4. Who can open this account?
Any resident or non-resident individual, including minors can open a Jood Savings Account.
5. Is a company eligible to open this account?
No, a company is not eligible to open this Account. However, companies are permitted to open Current or Business Finance company account.
6. Can a minor open and operate this account?
Yes, a minor can open and operate this account through legal guardian. For further details, please contact RAKdirect on 04 213 0000.
7. In what currencies can I open a Jood Savings Account?
Jood Savings Accounts are available in UAE DIRHAMS.
8. When are statements issued?
Statements are issued on a quarterly basis.
9. Am I eligible for profit if I open Jood Savings Account?
Yes, Jood savings account will contribute in the Mudaraba pool as the depositor’s funds. The profit rate payable will be worked out by executing the Profit Distribution Module (PDM) on a quarterly basis and credited into the account.
10. Are there any ledger fees or a minimum balance requirement?
The minimum average monthly balance for Jood Savings Account is AED 3,000. If the minimum average monthly balance is not maintained, a ledger fee will be charged as per the Bank’s published Service and Price Guide.