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Recurring Deposit

At RAKBANK, we offer a recurring deposit which allows you to save a small amount monthly with an assured return at the end of the tenor.

  • High Interest Rate – Earn Interest rate as high as 2.5% pa
  • Low Monthly deposit – Start saving on a monthly basis with installments as low as AED 350/- per month. 
  • Flexible Tenor – Starting from 1 – 5 years 
  • Guaranteed return – Know your expected return upfront 

Monthly Savings Amount

  • Minimum : AED 350
  • Maximum : AED 10,000

Interest Rate:

For a much smaller saving per month, earn interest rate equivalent to a Fixed Deposit.
 

Tenor Rate
Up to 2 years 2%
3-5 years 2.5%

 

Tenor:

  • Minimum : 12 months 
  • Maximum : 5 years        

Interest Calculation

  • Interest will be accrued daily and compounded annually  

Delayed / Defaulted Payment

  • No penalty for delayed / defaulted payment 

Click here to see how much you can earn with Recurring Deposit 

  • You are required to have a transactional account associated with this account for funding purposes.
  • Multiple deposits per month is not allowed on the recurring deposit account. Only one deposit per month is allowed. Recurring Deposit cannot be opened in a Minor’s name.
  • If monthly contribution amount selected by you is not available in the linked account, the Recurring deposit contribution collection will not be executed for that month, and hence, your funds for that month will result in lower savings towards the total amount expected to be saved at the end of the tenor.
  • No Cheque book and Debit Card is issued with this Account.
  • The Bank may close the Account if identification documents are not updated or submitted regularly, as per internal policies of the Bank or upon request from regulatory authorities.
     

You are required to:

  • Ensure monthly contribution amount is available in the linked Current/Savings Account to fund the deposit.
  • If monthly contribution is not available in your linked current/ savings account, you can visit any of our branches to pay the missed contribution amount.
  • Review 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.
  • If the transaction 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.
     

Warning

  • During the tenor of the Recurring Deposit, you will not be able to access funds unless you reach maturity or request for a premature withdrawal of your deposit.
  • If you decide to withdraw your deposit before completion of 6 months, no interest will be paid on the total accumulated deposit amount.
  • If your deposit is prematurely withdrawn after 6 months of placement, a lower interest rate is applied based on the number of days the deposit stayed with the Bank, as per the calculation provided in the Interest rate section above.

This Product is suitable for customers who are :

  • Willing to save small amounts starting from AED 350 per month for a fixed period (1 year to 5 years) and earn attractive interest on their savings.

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