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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

Interest Rates

Savings Account
Balance (AED)
Interest Rate
(Per Annum)
25,000 and above  0.25%

Effective from 10th Aug 2020
 

  • After completing 3 months from the account opening date, a minimum monthly average credit balance of AED 3,000 must be maintained in the account.
  • Debit Cards are only issued to account holders over the age of 18 years. 
  • Debit Card is required for accessing Digital Banking facilities, and hence, if you are below the age of 18, you will not be able to get access to Digital Banking.
  • RAKsave accounts belonging to minors will be administrated by the parent or guardian.

You are required to:

  • Maintain a minimum average monthly balance of AED 3,000. If this is not maintained, a monthly fee of AED 25 will be levied.
  • 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.
  • No minimum balance is required for the first 3 months from opening RAKsave Accounts.
  • Interest is calculated monthly and paid half yearly.
  • 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 A/C held by the customer with the Bank.
  • 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

 

Warnings

  • Interest is not paid if monthly accrued interest is less than AED 10.
  • 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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