Frequently Asked Questions

You can open a Fixed Deposit and Fixed Deposit Plus in AED and USD currencies. All other currencies are available on special request.

No, a cheque book and Debit Card cannot be issued on a Fixed Deposit and Fixed Deposit Plus.

Both resident and non-resident individuals and companies are eligible to open a Fixed Deposit and Fixed Deposit Plus.

There are no fees on Fixed Deposit and Fixed Deposit Plus.

Interest is calculated daily, and paid upon maturity.

Yes. There will be a penalty charge applicable on premature or partial upliftment which is 2% less on the interest rate given at the time of deposit for the actual period of deposit placed. Penalty is applied on the accrued interest if any and not on the principal amount.
 

Customers can select one of the following option at the time of application:

• Rollover the Fixed Deposit and Fixed Deposit Plus for the similar period at prevailing interest rates. Option to choose either principle amount or Principle + Interest for rollover.
• Credit Fixed Deposit amount to the selected RAKBANK account

Minimum amount required for placing Fixed Deposit and Fixed Deposit Plus is  AED 25,000 / USD 10,000

Please click here for details. Note Life insurance cover is provided only on Fixed Deposit Product - It is not available on Fixed Deposit Plus product.