Personal Accounts
Deposit Accounts
Information & Tools
Credit Cards
Business Credits Cards
Debit Cards
Prepaid Cards
Contactless Payments
Samsung Pay
Apple Pay
Loans
Car Insurance
Home Insurance
Travel
Health
Life Insurance
Savings & Investment Plans
General Insurance
Frequently Asked Questions
RAKmore
1. What is RAKmore account ?
RAKmore account is a salary transfer account which offers range of banking benefits to make banking easier, faster and more convenient for customers who transfer their salary to RAKBANK.
2. What are the benefits of RAKmore account?
- Current account with no minimum balance requirement
- One cheque book free / month
- Free for life Credit Card based on eligibility
- Unlimited free domestic remittances through digital banking
- One free international remittance per month through swift through digital banking. RAKMoneyTransfer is excluded
- Up to 3* Free Non-RAKBANK ATM Cash withdrawals per month
- Non-RAKBANK ATM Cash withdrawals will be as per below segments:
| RAKElite | RAKSelect | Normal Accounts |
|---|---|---|
| 3 | 2 | 1 |
Above benefits will only be for RAK bank charges. Corresponding bank charges will still be applicable for all remittances performed by the customers with the RAKmore benefit.
3. How do customers apply for RAKmore?
Customer can visit any branch to open the RAKmore account.
4. What is the minimum salary required to open a RAKmore account?
Customers should have a salary greater than AED 5K to be able to open a RAKmore account.
5. What are the documents required to open a RAKmore account?
Standard account opening documents along with proof of salary.
6. What is the initial deposit to open a RAKmore account?
No initial deposit required to open a RAKmore account.
7. Can a joint account be opened as part of a RAKmore account?
No
8. Are all the charges automatically waived?
The customer will be charged upfront for the respective free services. However same will be reversed at the end of the day. The reversed amount can be seen in the monthly statement.
9. Customer account will be opened under which segment?
Customer’s current account will be opened under relevant segment based on salary:
- Salary between AED 5k – AED 20K – Normal Accounts
- Salary between AED 20k-Aed 50k – RAKselect
- Salary above AED 50K – RAKElite
10. What are the documents that can be submitted as proof of salary?
- Salary Certificate
- Salary Transfer Letter
- Pay Slip
- Labour Contract / MOL print out
- Offer Letter ( for employees under probation)
11. Can I convert an existing current account to a Rakmore account?
Yes, a regular current account can be converted to a salary transfer account. Customer can visit nearest branch and place the request along with any of the above income proof