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Savings Account in UAE

RAKBANK’s Savings Account offers you highly competitive interest rates, and credits interest to your account every six months. Simple isn’t it?

  • Dirham, US Dollar, Euro or Pound Sterling – you choose the currency for your Savings Account. Other currencies may be approved upon request
  • FREE Debit Card. Get access to your savings account 24 hours, 7 days a week through any ATM in the UAE
  • Unlimited access to your savings
  • Get monthly, quarterly or bi-annual statements with your Savings Account. If Debit Card option is selected, monthly statements are issued by default
  • Transfer funds between your accounts easily and conveniently
Savings Account Currency Interest
AED 0.25%
USD 0.25%
GBP 0.25%
EUR -1.00%
CHF -2.00%
JPY -0.60%
  • Debit Card is issued only for AED denominated Account and not for other currencies.
  • 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, for other currencies, you will not be able to get access to Digital Banking unless you have a transactional account that provides you with a Debit card.
  • Savings account 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, and If this is not maintained, the following fees in the currency of the Savings Account will be incurred:
    Currency Minimum Average Monthly Balance Fee
    AED 3,000 25 AED
    USD 3,000 25 AED
    GBP 3,000 25 AED
    EUR N/A N/A
    CHF N/A N/A
    JPY N/A N/A
  • 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 on Saving Accounts.
  • Interest is calculated monthly and paid half yearly for AED/USD/GBP currencies.
  • For Euro, CHF & JPY currencies interest charges are accrued daily and applied monthly
  • A salary transfer letter is required as additional documentation for customers opening the account for salary transfer purpose
  • 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 account 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:

  • Foreign currency denominated account may incur negative interest. Applicable negative interest will be debited from the available balance. This may cause reducing available balance even without customer induced withdrawals.
  • Interest is not paid if monthly accrued interest is less than AED 10, USD 3 or GBP 2.
  • 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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