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RAKvalue - Accounts
RAKvalue brings to you 3 sets of carefully selected benefits that give you unmatched savings, convenience and privileges. For a nominal recurring fee you can add any one of these 3 collections to your AED Current Account. Choose any one of these 3 collections ( Extra, Superior or Ultimate) and get ready to enjoy an amazing range of Banking, Insurance and Lifestyle benefits:
Overview of Benefits
| Banking Benefits | Extra | Superior | Ultimate |
|---|---|---|---|
| 1 Cheque Book (25 Leaves) per month | |||
| Cash Withdrawals every month from any non-RAKBANK ATM (located in the UAE) | 3 | 4 | 5 |
| 2 Internal Standing Orders per month | |||
| 1 International Remittance through SWIFT per month (waiver of RAKBANK charges only) | |||
| 1 Domestic Remittance per month (waiver of RAKBANK charges only) | |||
| 1 Local Card Payment Remittance per month (waiver of RAKBANK charges only) | |||
| 1 Manager’s Cheque/ Demand Draft per month | |||
| 1 Duplicate Statement per month (up to previous 6 months) | |||
| 1 Cheque Collection from Home for Card Payment or Account Credit every month | |||
| No Minimum Balance required |
Money transfer using RAKMoneyTransfer is not covered under RAKvalue benefits and will be chargeable in line with the Banks Service & Price guide.
| Insurance Benefits* | Extra | Superior | Ultimate |
|---|---|---|---|
| Motor Insurance Discount of AED 100** | |||
| Life Insurance Cover (AED) | 15,000 | 25,000 | 50,000 |
| Secure Wallet cover (up to AED 10,000) | |||
| Travel Insurance Benefit With Worldwide Cover For You and Your Family |
** Car value to be greater than or equal to AED 75,000
| Lifestyle Benefits | Extra | Superior | Ultimate |
|---|---|---|---|
| Complimentary International Motoring Club (IMC) Roadside Assistance and Concierge Services* | “Silver” Package | “Gold” Package | “Platinum” Package |
| RAKvalue Offers |
| RAKvalue | Fee(AED)/Month |
|---|---|
| Extra | 50 |
| Superior | 80 |
| Ultimate | 120 |
Life Insurance*:
- The primary account holder can enjoy a worldwide life insurance cover payable upon death due to any cause.
- Customers must be between the ages of 18-65 (64 at the time of RAKvalue enrollment) to be eligible for cover.
Secure Wallet*:
- Secure Wallet provides worldwide insurance cover for up to an aggregate of AED 10,000 for misuse of MasterCard® Visa, both Debit and Credit Cards issued in the UAE if stolen or lost.
Travel Insurance*:
- The primary account holder, spouse, and up to three children are covered with an all-inclusive annual worldwide insurance cover for up to 90 days per trip (per policy year).
Please find below the details of the Travel Insurance cover:
| Benefits(All Covers are in USD) | Extra | Superior | Ultimate |
|---|---|---|---|
| Death or Permanent Total Disability or dismemberment | 10,000 per person 2,500 per child | 20,000 per person 2,500 per child | 30,000 per person 2,500 per child |
| Emergency medical, legal and referral services | 50,000 per person | 100,000 per person | 150,000 per person |
| Repatriation of mortal remains | 15,000 per family | 15,000 per family | 15,000 per family |
| Emergency medical expenses | 75,000 per family | 100,000 per family | 150,000 per family |
| Cancellation and Curtailment of Trip | 500 per family | 1,000 per family | 2,500 per family |
| Travel Delay | 50 per hour per family | 100 per hour per family | 250 per hour per family |
| Delayed Baggage | 50 per hour per family | 100 per hour per family | 250 per hour per family |
| Loss of Personal Baggage | 1,250 per family | 2,500 per family | 5,000 per family |
| Loss of Personal Money | 500 per family | 1,000 per family | 1,500 per family |
| Loss of Passport | 250 per family | 500 per family | 1,000 per family |
| Personal Liability | 250,000 per family | 500,000 per family | 1,000,000 per family |
For enquiries, customers can contact RAK Insurance directly on 07 2273000.
IMC Roadside Assistance and Concierge Services:
- IMC offers customers 24-hour roadside assistance and concierge services.
To avail services, customers can call IMC and identify themselves as RAKBANK RAKvalue customers by providing the following:
- Name
- Date of birth
- P.O Box
- Membership Number (Optional)
Apart from the roadside assistance, all other services require a prior booking.
To use these services, call IMC on 04 - 3876633.
| Benefit | Extra | Superior | Ultimate | |
|---|---|---|---|---|
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IMC Roadside Assistance (Complimentary) |
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Car Registration pick up and drop service once a year |
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2 services of pick-up or drop off for Car Servicing |
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Airport Pick up/Drop off service Twice a year |
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Coverage for Roadside assistance |
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24 hours Rent a Car in case of accident |
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Discount on International Driving License service fee |
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| Concierge Services (Prices may apply) |
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Eligibility Criteria for RAKvalue - Accounts:
- Customer must be 21 years or above
- Customer must be a resident of the UAE
- RAKvalue is only offered with an AED Current Account
For queries on RAKvalue, kindly contact us on 04 - 213 00 00.
* Insurance is offered by RAK Insurance for RAKBANK customers and is subject to their approval. Terms and Conditions of the Insurance policy shall apply. This is for your information only and RAKBANK is neither responsible for, nor guarantees or warrants the quality, fitness for purpose, suitability of the Insurance being offered and does not accept any liability and will not be liable for any loss or damage arising directly or indirectly to the customer taking the Insurance.
Disclaimer: 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.
