Frequently Asked Questions
Current Account
1. What is a Current Account?
A Current Account is a non-interest bearing checking account with a Debit Card and cheque book facilities.
2. What am I offered when I open a RAKBANK Current Account?
You will be issued with a FREE Debit Card, which can be used at all RAKBANK and UAE SWITCH ATMs and if you require, a personalised cheque book can be issued at a nominal charge of AED 25 (First cheque book of 25 leaves free for individual accounts)
Disclaimer: 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.
3. Who can open this type of account?
Individuals above 21 years of age who are resident in the UAE. Non resident individuals cannot open a Current Account.
4. Do I receive interest on a RAKBANK Current Account?
A RAKBANK Current Account is a non interest bearing account.
Note: Accounts with JPY currency will incur negative interest and will be charged monthly