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Frequently Asked Questions
RAKempower
1. What is RAKempower?
RAKempower is a comprehensive payroll solution with added features and benefits for employees of listed/eligible companies.
It's designed with a range of banking benefits to make banking easier, faster and more convenient for employees.
2. Who can avail RAKempower Payroll Solution?
Companies who meet below criteria can avail RAKempower Payroll Solution:
- Company with 100+ Staff
- Company with 50+ staff AND/OR at least 50% of staff with individual salaries above 10K
- For exceptions or for more information kindly contact our dedicated Corporate Employee Solution team on [email protected]
3. How can companies enroll for RAKempower Payroll solution?
A dedicated team “CES” (Corporate Employee Solution) is set up within the bank who will establish relationship with qualifying companies. For assistance on enrollment, contact [email protected] or SMS payroll to 7011.
4. What are the benefits of RAKempower solution?
Below are the key benefits,
- Current account with no minimum balance requirement
- One cheque book free / month
- Free for life credit card based on eligibility
- Unlimited free domestic remittances through digital banking
- Up to 4 free Non-RAKBANK ATM withdrawals
- Free unlimited RAKBANK ATM withdrawals
- Up to 4* Free International remittances monthly through swift through digital banking. RAKMoneyTransfer is excluded.
*Free remittances will be as per below segments
| RAKElite | RAKSelect | Normal Accounts |
|---|---|---|
| 4 | 3 | 2 |
Above benefits will only be for RAK bank charges. Corresponding bank charges will still be applicable for all remittances performed by the customers with the RAKempower benefit.
5. Customer account will be opened under which segment?
Customer account will be opened under relevant segment based on salary:
- Salary between AED 3k-AED 20k – Normal Accounts
- Salary between AED 20k-50K – RAKselect
- Salary above AED 50K – RAKElite
Note: For staff with salary less than 3k will be referred to C3 for account opening
6. What are the fees and charges waived on the account?
Benefits
- 1 cheque book per month
- Domestic remittances through digital banking
- Up to 4* International remittances per month through swift through digital banking. RMT is excluded.
- Up to 4 free Non-RAKBANK ATM withdrawals as per below segments*
| RAKElite | RAKSelect | Normal Accounts |
|---|---|---|
| 4 | 3 | 1 |
Above benefits will only be for RAK bank charges. Corresponding bank charges will still be applicable for all remittances performed by the customers with the RAKempower benefit.
7. Are all the charges automatically waived?
The customer will be charged upfront for the respective free services. However same will be reversed at the end of the day. The reversed amount can be seen in the monthly statement.