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Flexi Fixed Deposit

At RAKBANK we offer a Flexi Fixed Deposit which is a combination of Current Account and a Fixed Deposit. Enjoy both the liquidity of a Current Account as well as the returns of a Fixed Deposit

  • Flexibility – This account provides you with the flexibility of withdrawing money with minimal impact on interest.
  • High Interest Rate – Enjoy high Interest rates
  • Tenor – All deposits will be opened with a tenor of 1 year with  auto roll over 

Flexi Fixed Deposit can be availed by all Current Account holders of the Bank. 

Flexi Fixed Deposit Interest Rate p.a. Premature withdrawal Interest Rate p.a. Sweep Out Limit Sweep In Limit
Basic 0.50% 0.00% AED 10,000/- AED 3,000/-
RAKBANK Select 0.75% 0.25% AED 50,000/- AED 3,000/-
RAKBANK Elite 1.00% 0.25% AED 100,000/- AED 3,000/-

Note: Interest is applicable on the flexi Fixed Deposit amount and is calculated from the date of placement of the flexi Fixed Deposit. In case of early upliftment of Flexi Fixed Deposit the above stated premature withdrawal rates will be applied on a pro-rata basis.

Interest Calculation

  • Interest will be accrued daily.
  • Interest Pay-out will be at Maturity (Annual) to the linked Current Account  

Illustration 

  • You are a RAKBANK Select customer and have an account balance of AED 70,000/-. Once you opt for a Flexi Fixed Deposit through Digital Banking AED 20,000/- will move into a Flexi Fixed Deposit on the 5th of the following month.
  • You earn 0.75% p.a. on the Flexi Fixed Deposit balance 
  • You issue a cheque for an amount of AED 60,500/-
  • The cheque is cleared by taking money from the Current Account and breaking the Flexi Fixed Deposit in AED 1,000/- denominations
  • Post the cheque being cleared the customers available balance is as follows Current Account balance AED 3,500/-
  • Flexi Fixed Deposit balance: AED 6,000/-

Important Information

  • Interest is applicable on the flexi Fixed Deposit amount and is calculated from the date of placement of the flexi Fixed Deposit. In case of early upliftment of Flexi Fixed Deposit the above stated premature withdrawal rates will be applied on a pro-rata basis
  • Sweep Out -  Any amount available in the Current Account greater than the sweep out limit gets moved into a Fixed Deposit on the 5th of every month* in units of thousands to create a Flexi Fixed deposit.
  • Sweep In - The moment the Current Account balance falls below the sweep in limit the Flexi Fixed Deposit is broken in units of thousands as required and moved to your Current Account automatically. (Please refer to the illustration at this page).

  • *For Flexi Fixed Deposits enrolled between 01st to 05th of the month, first sweep out will happen on 5th of the following month.

 

  • Flexi Fixed Deposits are available only in AED currency.
  • Flexi Fixed Deposits are available only for existing RAKBANK Current Account holders.
  • Sweep out of amounts from linked Current Account to Flexi Fixed Deposit is executed only on every 5th day of the month.
  • Sweep in and out amounts are in multiples of AED 1,000 and are subject to thresholds as decided by the bank from time to time (subject to change).

You are required to:

  • Review the Key Fact Statement and all other terms & conditions set out in the 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 employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form; and
  • Always safeguard sensitive banking details such as a/c number, cheque book, Debit Card, login ID, passwords, pin number etc.
     
  • 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. The revised rate will be applicable for new deposits, sweep outs, and renewed deposits post effective date.
  • If the current Account linked to the deposit 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.
  • In case of early upliftment of Flexi Fixed Deposit, the above stated premature withdrawal rates will be applied on a prorata basis, for the number of days the deposit was held.

 

Warnings

  • Minimum amount required in the linked current account is AED 3,000. If the balance in the linked current account falls below the “Sweep in Limit” covered in the table above, the amount recovery will be deducted from the FFD balance, in batches of AED 1,000.
  • Premature Withdrawal - In case of premature withdrawal, the Deposit will be broken in multiples of AED 1,000 and a penal rate will be applied on the amount withdrawn, rest of the amount keeps earning regular interest. 
  • In the event of premature upliftment due to funds being required in the Current Account the Deposits will be broken based on the last in first out method. This means the most recent Fixed Deposits will be broken first. This will minimize the interest impact to the customer.
  • 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.
     

This Product is suitable for customers who (are) :

  • Looking for a facility to place deposits automatically by sweeping out the linked current account balances over and above a minimum balance threshold in the linked Current account.
  • Looking to earn attractive interest on swiped out amounts.
  • Want to enjoy flexibility of partial or full premature withdrawals and earn interest on the withdrawn as well as remainder swiped out balances.

YOUR RIGHT TO CANCEL

You are entitled to a cooling-off period that starts from the date of signing the Account opening application and is valid for up to 5 business days after the Account opening date. This means that you may choose to cancel your Account opening application or close your Account during this period and the Bank will waive any Account Closure Fee. If you choose to exercise your right to cancel during the cooling-off period, accrued interest (if any) will not be paid. After completion of the cooling-off period, your Account will be subject to standard fees and charges as per our Service and Price Guide available at www.rakbank.ae

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  • RAKdirect Number 600 54 4049
  • Phone Banking 042130000