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RAKBANK’s Current Bank Account with a low minimum balance, and a choice of local and international currencies, makes it an attractive option.

  • Dirham, US Dollar, Euro or Pound Sterling – you choose the currency for your Current Account. Other currencies may be approved upon request
  • Get a Cheque book for AED account
  • FREE Debit Card, which gives you 24/7 global access  through any MasterCard ATM
  • Monthly current account statements detailing all transactions

You need to maintain a minimum average monthly balance in your RAKBANK Current Account. If not, the following fees in the currency of the account will be incurred.

Personal Accounts 

Currency Minimum Average Monthly Balance Fee
AED 3,000 25 AED
USD 3,000* 25 AED
GBP 3,000* 25 AED
Euro & Others 3,000* 25 AED

*Amount is in AED.

Interest Rates - Effective 1st July 2020

Currency Interest (% p.a.)
AED NIL
USD NIL
GBP NIL
JPY -0.60
EURO -1.00
CHF -2.00

Interest is accrued daily and applied monthly.

  • Cheque book/Debit Card is issued only for AED denominated Account.
  • If a cheque issued on the Account is returned, the following may apply:
    • • Reporting your Account to AECB.
    • • Account closure.
    • • The beneficiary can approach the Bank and request for partial payment of the cheque.
    • • Difficulty in availing Loans or Credit Card from RAKBANK and other banks.
  • Debit card is required for accessing Digital Banking facilities, and hence, for currencies other than AED, you will not be able to get access to Digital Banking unless you have another transactional account that provides you with a debit card.

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 account number, cheque book, debit card, login ID, passwords, pin number etc.
     
  • An initial deposit of AED 3,000/ equivalent to AED 3,000 for other currencies should be made at the time of opening the account.
  • 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 Account 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.
  • If the Account balance is not sufficient to settle outstanding dues, these will be recovered as and when the Account is funded or alternatively from any other account held by the customer with the Bank.
  • A salary transfer letter is required as additional documentation for customers opening the account for salary transfer purpose.

 

Warnings

  • Current Accounts in AED, USD & GBP are non-interest bearing while JPY (Japanese Yen), CHF (Swiss Franc), and EURO (Euro) are subject to negative interest charges. Applicable negative interest will be debited from the available balance. This may cause reducing available balance even without customer induced withdrawals.
  • 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.
     

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.

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