Frequently Asked Questions
1. What is a RAKvantage Account?
RAKvantage is a unique current account which gives you higher rates of interest on progressively higher balances that you maintain in the account.
2. In what currency can I open a RAKvantage Account?
RAKvantage Accounts are offered in AED and USD currency only.
3. What is the minimum account balance I need to maintain?
The minimum monthly average balance you need to maintain in your RAKvantage Account is AED 3,000.
4. Can a cheque book and Debit Card be issued on a RAKvantage Account?
Yes, the RAKvantage Account provides you with the facility of free personalized cheque book and Debit Card, which can be used across the RAKBANK and UAE SWITCH ATM network.
5. Who is eligible to open a RAKvantage Account?
RAKelite & RAKselect customers can apply for Rakvantage accounts
6. What is the statement frequency?
Statements are issued on a monthly basis.
7. Are there any ledger fees on a RAKvantage Account?
If the minimum monthly average balance falls below AED 3,000 a ledger fee will apply as per current Service & Price guide.
8. How is the interest calculated on a RAKvantage Account?
Interest is calculated on the basis of the daily available balance for each day. At the end of the month, the account will be credited with the total of daily interest accrued on your account.
Note: If interest payable is less than AED 10/-, then no interest is credited.