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Savings Account

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 0.50%
USD 0.25%
EUR 0%
GBP 0.25%

Note: If interest payable is less than AED 10, USD 10 or GBP 10 then no payment will be credited.

*A minimum average monthly balance of AED 3,000 is required to maintain a RAKBANK Savings Account. 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 5,000 15 USD
EUR 10,000 15 EUR
GBP 10,000 15 GBP

Note: Above rates effective 1st May, 2011.

  • Fill and submit the Savings Account application form online.
  • You will receive a confirmation SMS.
  • Once you receive the SMS, activate your account by visiting the branch with your original passport, visa, Emirates ID and initial deposit amount (minimum deposit is AED 3,000).
  • No minimum balance is required for the first 3 months on Saving Accounts.
  • A salary transfer letter is required as additional documentation for customers opening the account for salary transfer purpose.

Please note: Accounts not activated within 30 days of receiving the SMS will be closed without further notice.