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Savings Account in UAE

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 0.25%
USD 0.25%
GBP 0.25%
EUR -1.00%
CHF -2.00%
JPY -0.60%

Note: If interest payable is less than AED 10, USD 3 or GBP 2 then no interest 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
GBP 3,000** 25 AED
EUR N/A N/A
CHF N/A N/A
JPY N/A N/A

Note: Above rates effective 10th March, 2020.

** Amount is in AED

  • 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.
  • Interest is calculated monthly and paid half yearly for AED/USD/GBP currencies.
  • For Euro, CHF & JPY currencies interest charges are accrued daily and applied monthly.

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.

*Note: Verification Image text is case sensitive

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