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No more paperwork! No more queues!

 

Open your Current Account in minutes, anywhere anytime

Account Benefits:

  • Open Account digitally in minutes and receive a virtual Debit Card instantly
  • Instant Money Transfer within UAE and abroad 
  • Mobile cash: transfer cash via SMS
  • Pay bills in one click and get access to a wide range of money management services on our App

Note: Accounts denominated in other than AED currencies can be opened through RAKBANK branches

You will need to maintain minimum average balance of AED 3000 (or equivalent) per month, else you will be charged a monthly fee as below. For all other fees and charges, refer our Service and Price guide
 

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

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

Interest is accrued daily and applied monthly.

  • Cheque book/Debit Card is issued only for AED denominated Account. For New to UAE Banking customers, a maximum of 2 books of 10 cheque leaves each will be permitted during the 1st six months of account opening.
  • 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

  • Foreign currency denominated account may incur negative interest. Applicable negative interest will be debited from the available balance. This may cause reducing available balance even without customer induced withdrawals.
  • Current Accounts in JPY (Japanese Yen) is subject to negative interest charges.
  • 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.

*Note: Verification Image text is case sensitive

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  • RAKdirect Number 600 54 4049
  • Phone Banking 042130000