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% |
Risks & Limitations
- 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.
Customer Obligations
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.
Key Terms & Conditions
- 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.