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Frequently Asked Questions

Savings Account

Individual Conventional Account holders are eligible to open a RAKbooster Account. Islamic and Business customers are not eligible to open the RAKbooster Account.

RAKbooster is an Online Savings Account that gives you a high interest rate on your savings. It also offers a quarterly bonus payout feature with higher interest rates for bigger deposit amounts.

You will receive a monthly e-statement into your email address as registered with the Bank or if you do not have one, the RAKbooster statement will be mailed to your postal address as per the Bank’s records.

Yes, RAKbooster can be opened in AED & USD currencies.

No, the RAKbooster Account is not available for Business Accounts and can be opened only by individual customers.

No, a Debit Card will not be issued for your RAKbooster Account. The Account is mainly concentrated on being a Digital Account where customer can transfer funds or pay bills through our Digital Banking application/IVR. If customer wants to withdraw from the RAKbooster Account, then he can transfer funds to his Current or Savings Account through Digital Banking or Interactive Voice Response (IVR) and withdraw using his Current/Savings Account Debit Card.

Our existing customers can open a RAKbooster Account through Digital Banking or by visiting any RAKBANK branch. New to bank customers have to open a Current or Savings Account before opening a RAKbooster Account.

You can access and use your RAKbooster Account through Digital Banking and IVR (Interactive Voice Response) to do an enquiry, pay bills, or transfer funds.

Interest is calculated on daily closing balances and paid monthly. If the interest accrued in a month is less than AED 10 then no interest is payable to customer. 

You will become eligible for bonus payout in case the following 2 criteria’s are met for 3 months.

  • No debit transactions 
  • Maintain a monthly balance in excess of AED 25,000/-
  • Now earn an additonal bumper bonus if there are no debit transactions in your RAKbooster account for 12 months

The frequency of bonus payout will be every 3 months. 

Bumper bonus payout will be after 12 months.

The RAKbooster Account can be opened as a conventional Account and not as an Islamic Account as it is not Sharia compliant. 
No, a cheque book is not issued for RAKbooster Accounts since it is a Savings Account.
The maximum balance on which interest will be earned in a RAKbooster Account is AED 25 million or equivalent in the USD Account.
The minimum monthly account balance requirement for the RAKbooster Account is AED 3,000/- or equivalent in US dollars. Please refer to our published Service & Price guide further details.
Your interest rate will be reduced if you make more than 5 Utility Bill payments or RAKBANK Credit Card payments in a month or more than 1 withdrawal in a month. The interest rate will be revised to 0.5% (Effective 01.08.2020: 0.00% p.a.) and no bonus will be paid.
The Utility Payments that you can make as Direct Debit Transfers through your RAKbooster are: Etisalat, DU, Salik, ADDC & DEWA. You can also make RAKBANK Credit Card payments. Payments should be made only via Digital Banking.
The RAKbooster account has a quarterly bonus feature and also offers higher interest rates for bigger deposit amounts.
There will be a separate entry for bonus & bumper bonus interest pay-out in the account statement.
Yes, teller counter withdrawals counted as part of the 5 utility payments &/or 1 withdrawal allowed on the RAKbooster Account.
The FastSaver and RAKbooster accounts are different types of accounts with their own specific features. Customers can hold both types of accounts.
The customer can make transfer funds via Digital Banking or Interactive Voice Response (IVR) to his transactional Current or Savings Account and withdraw the funds from the same using his Current/Savings Debit Card. However, please note that the interest rate on the RAKbooster Account will be reduced if more than 5 Utility Bill payments / RAKBANK Credit Card payments in a month or more than 1 withdrawal in a month.