Frequently Asked Questions
Savings Account
1. I would like to open a RAKbooster Account. What are the eligibility criteria to open one?
Individual Conventional Account holders are eligible to open a RAKbooster Account. Islamic and Business customers are not eligible to open the RAKbooster Account.
2. What is a 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.
3. When and how do I receive bank statements for my RAKbooster Account?
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.
4. Can I open RAKbooster Accounts in multiple currencies?
Yes, RAKbooster can be opened in AED & USD currencies.
5. Can a company or Business Account open a RAKbooster Account?
No, the RAKbooster Account is not available for Business Accounts and can be opened only by individual customers.
6. Do I get a Debit Card with the RAKbooster Account?
No, 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.
7. How do I open a RAKbooster Account?
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.
8. How can I access my 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.
9. How is the interest calculated on my RAKbooster Account?
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.
10. When do I become eligible for bonus interest?
- You will be eligible for bonus if the below conditions are met:
- Monthly interest is credited to the account for each preceding 3 months
- No debit transaction performed in the preceding 3 months
- If bonus is not already credited during the preceding 3 months
- You will be eligible for bumper bonus if the below conditions are met:
- Monthly interest is credited to the account for each preceding 12 months
- No debit transaction performed in the preceding 12 months
- If bumper bonus is not already credited during the preceding 12 months