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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 -0.40%
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 3,000** 25 AED
EUR N/A N/A
GBP 3,000** 25 AED

Note: Above rates effective 1st October, 2016.

** Amount is in AED

  • 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.

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.

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