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No more paperwork! No more queues!

 

Simply download RAKBANK APP and open your Savings Account in minutes, anywhere anytime

Account Benefits:

  • Open Account digitally in minutes and receive a virtual Debit Card instantly
  • 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

Note: Accounts denominated in other than AED currencies can be opened through RAKBANK Branches

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
CHF N/A N/A
JPY N/A N/A
CAD N/A N/A
AUD N/A N/A

 

Interest Rates:

 

Savings Account Currency Interest
AED 0.25%
USD 0.25%
GBP 0.25%
EUR NIL
CHF NIL
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.

Earn 1% p.a. additional interest on new to bank funds in USD Savings Account*:

Increase your monthly average balance in USD Savings Account during promotion period and earn additional interest 1% p.a. 

Promotion Period: 1st September 2022 to 28th February 2023.

Campaign Terms:

  • Additional 1% p.a. interest offer is applicable only on individual conventional USD Savings Accounts* 
  • Eligible for new to bank / fresh funds only
  • Customer level average balance as of 31st August 2022 is considered as the base balance. Incremental amounts over the base balance during promotion period is considered as new to bank / fresh funds.
  • Of the new to bank / fresh funds, additional 1% interest will be paid only on amounts increased in the USD savings account.

  • Additional interest amounts are accrued monthly and paid within 30 days from the campaign end date
  • USD Savings Account must be open and active at the time of crediting additional interest on offer
  • Interest amounts below USD 10 will not be paid

Click here for FAQ.

*Offer is not available on RAKbooster and Fast Saver accounts.

  • 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.

 

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.
*Note: Verification Image text is case sensitive

Welcome to RAKBANK Chat

Chat Live with our customer service representative for queries and support

*Disclaimer

  • No information will be disclosed on live chat for your existing products if the chat is not authenticated on this session.
  • If you would like to discuss confidential information with an agent, you will need to login and authenticate the chat.
  • For security reasons, kindly close the chat window immediately after chat is completed.
  • Your chat sessions may be recorded for our training and quality assurance programme.

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