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RAKbooster

The RAKbooster Account gives you more access to your money than any other account of its kind. And it gives a boost to your savings by offering up to 1.25% p.a.

  • Increase your savings and enjoy monthly interest rates of up to 0.75% p.a.
  • Earn 0.25% p.a. bonus if below conditions are met:
     
    1. Monthly interest is credited to the account for each preceding 3 months
    2. No debit transaction performed in the preceding 3 months
    3. If bonus is not already credited during the preceding 3 months
  • Earn an additional 0.25% p.a. bumper bonus if below conditions are met:
     
    1. Monthly interest is credited to the account for each preceding 12 months
    2. No debit transaction performed in the preceding 12 months
    3. If bumper bonus is not already credited during the preceding 12 months
  • You can open a RAKbooster Online Savings Account in AED or USD
  • Interest for your RAKbooster Savings Account is calculated daily and paid monthly.

Effective 1st April 2021:

 
RAKbooster Rates - AED
Balance Tiers Interest Rate (p.a.)
From AED 25K to AED 1Million 0.25%
Greater than AED 1Million to AED 10Million 0.50%
Greater than AED 10Million to AED 25Million 0.75%

 

Effective 1st April 2021:

RAKbooster Rates - USD
Balance Tiers Interest Rate (p.a.)
Greater than USD 50k to USD 1.5 Million 0.15%
Greater than USD 1.5 Million to 6.5 Million 0.25%
  • Customer must have an active RAKBANK current or savings account and access to Digital Banking for transacting in this account.
  • 1 withdrawal and / or 5 Utility* / RAKBANK Credit Card payments allowed per month to be eligible for monthly interest as per the above mentioned Interest Rates table. Utility payments should be performed through Digital Banking
  • Account is offered in AED and USD currencies. Minimum amount required to earn interest is AED 25,000 or USD 50,001.
  • Amounts over AED 25 Million or USD 6.5 Million will not earn interest on the excess amounts.
  • In addition to the interest not being paid in case the permissible withdrawal/payments is exceeded, bonus interest will also not be paid.
     

You are required to:

  • Maintain a monthly minimum balance for RAKbooster Account of AED 3,000. Ledger fee of AED 25+VAT will be applicable if minimum monthly balance is not maintained. 
  • Ensure any other RAKBANK transaction account and access to Digital Banking is kept active to avoid interruption / closure of this Account.
  • Review 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 a/c number, cheque book, Debit Card, login ID, passwords, pin number etc.
  • Terms and conditions governing Personal Accounts and Digital Banking service will apply
  • Interest payout on intra month closure of account will be as per Bank’s policy
  • 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.

 

Warnings

  • Interest will not be paid for those months when customer exceeds 1 cash withdrawal and/ or 5 Utility/ RAKBANK Credit Card payments during a month. Permissible Utility payments must be performed on RAKBANK digital Banking platform.
  • Interest is not paid if monthly accrued interest is less than AED 10 / USD 3.
  • 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.
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