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Frequently Asked Questions

Current Account

A Current Account is a non-interest bearing checking account with a Debit Card and cheque book facilities.

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.

Individuals above 21 years of age who are resident in the UAE. Non resident individuals cannot open a Current Account.

A UAE company registered as a sole proprietorship, L.L.C. Free Zone establishment, general partnership, public or private shareholding, limited partnership or club, association or society.

A RAKBANK Current Account is a non interest bearing account. But if you wish to enjoy interest on your account balance, you can open a RAKvantage account (for individuals only).
RAKBANK Current Accounts are available in AED, US Dollars, Euro and Pound Sterling (GBP) currencies. Other currencies are available on special request.
If the average monthly balance falls below the minimum average balance, a ledger fee will be charged.
Statements are issued on a monthly or quarterly basis as per your requirements.
A RAKBANK Current Account allows you to apply for a Credit Card, overdraft, loans and a cash secured facility as per the bank’s credit approval.
Yes, we can issue a cheque book to customers who do not maintain the minimum balance requirement, as long as any issued cheques are covered by the account balance and cheque book charges maintained.
As standard, we will issue your cheque book in AED currency.