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RAKsave

RAKsave is an interest bearing savings account, minors can have an account too. It has a low minimum balance requirement*, interest payout** and these other great features:

  • Free Debit Card *** to access your savings account through any ATM in the UAE
  • Instant account access so you can pay your bills or conduct account transfers through RAKdirect our 24-hour telephone banking service
  • Monthly account statements clearly detailing all transactions
Savings Account Balance Interest in AED
5,000 - 24,999 0.25%
25,000 - 99,999 0.50%
100,000 - 499,999 0.75%
500,000 & above 0.50%
  • No minimum balance is required for the first 3 months on Savings Accounts
  • Fill and submit the RAKsave Account application form online.
  • You will receive a confirmation SMS.
  • After receiving the SMS, activate the account by visiting a branch with your original passport, Visa, Emirates ID and initial deposit (minimum AED 3,000).

* A minimum average monthly balance of AED 3,000 is required to maintain a RAKsave savings account. If this is not maintained, a fee of AED 25 will be levied.

** Interest rates are subject to change without prior notice and scaled according to the above tier structure.

*** Debit Cards are only issued to account holders over the age of 18 years. RAKsave savings accounts belonging to minors will be administrated by the parent or guardian.

Note: If interest payable is less than AED 10, then no interest will be credited.

Please note: Accounts not activated within 30 days of receiving the SMS will be closed without further notice.

In line with the UAE’s Value Added Tax (VAT) implementation from 1st January 2018, VAT at the rate of 5% will be levied on RAKBANK’s fees and charges specified herein, wherever applicable and as per UAE law.

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