Frequently Asked Questions
[email protected] [email protected]
1. Are there any maintenance fees I need to pay for my [email protected] [email protected] Account?
No, there is no monthly maintenance fee for the [email protected] [email protected] Account.
2. Can I open [email protected] [email protected] Accounts in multiple currencies?
Yes, [email protected] [email protected] can be opened in AED & USD currencies.
3. Can a company open a [email protected] [email protected] Account?
No, companies cannot open a [email protected] [email protected] Account. It is for individual customers only.
4. Do I get a Debit Card with the [email protected] [email protected] Account?
Yes, a Debit Card will be provided if you have an AED [email protected] [email protected] Account only.
5. How can I access my [email protected] [email protected] Account?
You can access [email protected] [email protected] Accounts through IVR(Interactive Voice Response), ATM/EDM and Digital Banking.
6. How is the interest calculated on my [email protected] [email protected] Account?
Interest is calculated on daily cleared closing balances and paid monthly. If the interest accrued in a month is less than AED 10, then no interest is payable to customer. The maximum account balance on which interest can be earned is USD 5 million for USD accounts.
7. Is my account Sharia compliant?
No, the account is not Sharia compliant.
8. Is there a cheque book given with the [email protected] [email protected] Account?
No, we do not issue a cheque book with [email protected] [email protected] Accounts, as [email protected] [email protected] is a savings type of account.
9. Is there a maximum account balance on which interest can be earned on my AED [email protected] [email protected] Account?
No. There is no cap on maximum account balance on which interest can be earned for AED [email protected] [email protected] Accounts.
10. Is there a minimum monthly balance requirement for my [email protected] [email protected] Savings Account?
No, there is no minimum monthly account balance requirement for the [email protected] [email protected] Account.
11. Under what conditions does my interest rate get reduced in the [email protected] [email protected] Account?
Your interest rate will be reduced if you make more than 5 Utility Bill payments / RAKBANK Credit Card payments in a month or more than 1 withdrawal in a month.
12. What bills can I pay directly with this Account?
The Utility Payments that you can make as Direct Debit Transfers through your [email protected] [email protected] are: Etisalat, DU, Salik, ADDC & DEWA. You can also make RAKBANK Credit Card payments.
13. What is a [email protected] [email protected] Savings Account?
[email protected] [email protected] is an online savings account that gives you an high interest rate on your savings
14. When and how do I receive bank statements for my [email protected] [email protected] Account?
Your statement will be emailed as part of our online banking services to your Email ID or mailed to your mailing address on a monthly basis.