Web Content Viewer

Frequently Asked Questions


A RAKsave is a high interest bearing savings account.
All RAKsave Account holders receive a FREE Debit Card which can be used at all RAKBANK and UAE SWITCH ATMs.
All resident and non-resident individuals of all ages are eligible to open a RAKsave Account.
No, a company is not able to open a RAKsave Account as it is intended for resident and non-resident individuals only.
RAKsave Accounts are offered in AED currency only.
The minimum average monthly balance for RAKsave Account is AED 3,000. If the minimum average monthly balance is not maintained, a ledger fee of AED 25* will apply. *Disclaimer: 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.
Ledger fees are waived for the month the account is opened and the following first three months.
Statement frequency is either monthly or quarterly for customers who do not have a passbook.
In case of accounts of dependents, the account will be opened in the name of the minor under the guardian parent. In all cases the parent will operate the account for as long as the child is below 16 yrs of age.
Yes, if you would like to make regular payments into your children’s account, you can set a standing order to debit your RAKBANK account and credit the relevant RAKsave Account.
No. There are no charges for standing orders to RAKsave Accounts held by minors.
No debit balances are permitted on a RAKsave Account, so you would not be able to have a loan or an overdraft facility on this type of account. RAKBANK Current Accounts and RAKvantage Accounts offer loan and overdraft facilities.
No, insurance coverage is not provided.

Interest is calculated on the daily balance as per a tiered interest rate structure. This is accrued on a monthly basis and applied half yearly in both June and December. If the interest payable is less than AED 10, no interest is paid.

For further details please contact RAKdirect services on 04 213 0000.