Frequently Asked Questions

A RAKBANK Savings Account is an interest bearing non checking account where no debit balances, such as loans or overdrafts are permitted. You are issued a free Debit Card, which can be used at all RAKBANK and UAE SWITCH ATMs (issued in AED currency only). A quarterly statement is issued to customers who are issued with a passbook.

Any resident or non resident individual, including minors can open a RAKBANK Savings Account.

No, a company is not eligible to open this Account. Companies are permitted to open a current or RAKfinance company account.

Though the RAKBANK Savings Account is an interest bearing account, you do have the option to select a non interest bearing facility.

Yes, a minor can open and operate this account. For further details, please contact RAKdirect on 04 213 0000.

RAKBANK Savings Accounts are available in UAE DIRHAMS, USD, and GBP currencies. Euro and other currencies may be available on request.

Statements are issued on a quarterly basis.

Interest is accrued and calculated on the account’s minimum monthly balance and applied half yearly in June and December. If interest payable is less than AED 10/-, then no interest is paid for an AED Savings Account.

No, cheque books are not issued on RAKBANK Savings Accounts.

The minimum average monthly balance for a RAKBANK Savings Account is AED 3,000. If the minimum average monthly balance is not maintained, a ledger fee will be charged as per the current tariff rate sheet.