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No more paperwork! No more queues!

Open your Savings Account in minutes, anywhere anytime

Account Benefits:

  • Open Account digitally
  • Earn interest on your account balances
  • Instantly transfer money within UAE and abroad 
  • Mobile cash: transfer cash via SMS
  • Pay bills and get access to a wide range of money management services on our App

You will need to maintain minimum average balance of AED 3000 (or equivalent) per month, else you will be charged a monthly fee as below. For all other fees and charges, refer to our Service and Price guide.


Currency Minimum Average Monthly Balance Fee
AED 3,000 25 AED
USD 3,000 25 AED
GBP 3,000 25 AED
EUR 3,000 25 AED


Interest Rates:


Savings Account Currency Interest
AED 0.25%
USD 0.25%
GBP 0.25%
JPY -0.60%

Above mentioned Interest rates are on per annum basis.

Interest is accrued daily on closing balances and paid at the end of June and December months.

Note: Negative interest is accrued daily on closing balances and applied monthly.

  • 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:

  • 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 accrued daily and paid at the end of June and December months.
  • Negative interest is 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.



  • 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.

This Product is suitable for customers who (are) :

  • Resident or non-resident individuals who are employed or unemployed.
  • Require unlimited access to their funds and earn interest on their balances.
  • Willing to maintain minimum monthly average balance of AED 3,000.


You are entitled to a cooling-off period that starts from the date of signing the Account opening application and is valid for up to 5 business days after the Account opening date. This means that you may choose to cancel your Account opening application or close your Account during this period and the Bank will waive any Account Closure Fee. If you choose to exercise your right to cancel you must pay any amount owed to us on your Account including any overdrawn balance and any fees or charges related to payments into or out of your Account during the cooling-off period. After completion of the cooling-off period, your Account will be subject to standard fees and charges as per our Service and Price Guide available at www.rakbank.ae

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