Frequently Asked Questions
Overdrafts and Salary Advance
1. What is Salary Advance?
A Salary Advance is a temporary advance against salary or pension, where your salary is transferred directly to RAKBANK. This advance is repaid by the following month’s salary credited into the account.
2. Who is entitled for a Salary Advance?
A salary based individual having his or her salary or pension transferred to RAKBANK (Subject to receiving a minimum of three salaries credited to the account).
3. What is the eligibility for a Salary Advance?
Amount payable would be subject to credit approval.
4. Are there any charges for taking a Salary Advance?
Yes, charges will apply as per the current Service & Price guide.