RakBank Business Elite Account

Also known as the National Bank of Ras Al Khaimah, RAKBANK was founded in 1976 and is a leading banking institution with 27 branches across the UAE. With this bank, you can get a variety of banking products such as bank accounts, financing facilities, insurance plans, and salary transfer accounts. That’s not all, as RAKBANK is known to provide impeccable services to the business community with its reward-loaded business accounts like RAKBANK Business Elite Account as well. 

This account, in particular, is an interest-bearing bank account for AED and USD-denominated bank accounts and a non-interest-bearing account for EUR and GBP-denominated accounts. The RAKBANK Business Elite Account enables you to empower your business with its exceptional features and benefits. 

Read the following sections to know more about RAKBANK Business Elite Account.

Feature and Benefits of RAKBANK Business Elite Account

RAKBANK Business Elite Account is a conventional bank account designed for Elite business banking. RAKBANK Business Elite Bank Account provides you with outstanding lifestyle benefits, priority services, and preferential pricing. 

Check out the major features and benefits of this business account - 

Banking Privileges

  1. A dedicated relationship manager for assisting you with banking services
  2. Pay your bills for Etisalat (GSM, Al Shamil, e-life, Wasel Renewal, landline, dialup, and Wasel recharge), DEWA, Du, and Salik services via online banking or by calling on 800 4048 (dedicated toll-free phone banking number for RAKBANK Business Elite Account)
  3. Access to RAKBANK Business Elite Centres at -
    • Sultan Business Centre, Oud Mehta
    • Al Jazira Branch, Abu Dhabi
    • Ghanem Building, Sharjah
    • Umm Hurair Branch, Bur Dubai
    • Al Quoz, Sheikh Zayed Road
  4. Digital Banking Benefits -
    • Request a copy of your banking statements at minimal charges
    • Apply for Trade Finance products like short-term loans and loans against invoices
    • Receive notifications about the expiration of Trade Licence, Emirates ID, and Passport in advance
    • Easy application process for chequebook, balance confirmation letters, business debit cards, and bank reference letters
    • Pay utility bills and credit card bills on the go
    • Ease of processing staff salaries via Wage Protection System (WPS)
  5. Transactional Benefits -
  6. A daily cash withdrawal limit of up to AED 50,000
  7. Total daily transaction limit of up to AED 75,000
  8. Complimentary teller transactions, physical banking statements, and chequebook
  9. Free of-cost fund transfer via digital banking
  10. Exclusive forex rates for currencies like AUD, CAD, USD, EUR, CHF, JPY, OMR, QAR, SGD, BHD, GBP, KWD, and SAR
  11. High transaction limit for digital banking

Open RAKBank Account

Lifestyle Benefits 

  1. Golf Access - Gain access to over 20 golf courses in the Middle East region and more than 150 golf courses internationally. You can also sharpen your skills here with up to 12 complimentary golf coaching lessons per year.
  2. You can get up to 2 free standard valet services every month at select locations via Valtrans Valet Services by simply showing your RAKBANK Business Elite Account debit card
  3. Dining offers - With your RAKBANK Business Elite Account debit card, you can avail of exclusive dining offers at some of the best restaurants that offer multinational cuisines
  4. Mastercard Buy 1 Get 1 Offer - You get an option to choose from a plethora of complimentary offers throughout the Middle East and Africa. To avail of these offers, download the Mastercard Buy 1 Get 1 Free app that is iOS and Android compatible.
  5. Exceptional offers on mobile plans from Etisalat -
Description Unit Plan 1 Plan 2
Monthly Rental AED 123 124
International Minutes MIN - 150
Free CUG Minutes MIN 10,000 10,000
National Minutes MIN 500 390
Local Data GB 10 8
Contract Period Months 12 12

Travel Benefits 

  1. Complimentary Roadside Assistance - Get complimentary roadside assistance for up to 4 company-registered vehicles within the UAE and Oman
  2. Reserve your flight tickets with MMI Travels through your RAKBANK Business Elite Account debit card and get a discount of up to 5% on the tickets
  3. Free Airport Pick-up and Drop-off Services - Travel comfortably with up to 6 complimentary pick-ups and drop-off facilities per year in chauffeur-driven cars. This service is available for up to 5 authorised signatories with the bank.

Keep in mind that the offer is valid for travel within the same Emirate. You can also avail of up to 3 services in India within cities including Delhi, Bengaluru, Kolkata, Chennai, and Mumbai.

Insurance Benefits 

  1. Purchase Protection - With the RAKBANK Business Elite Account debit card, you are financially covered against damages or theft of your purchased items. Note that you would be covered only if the item purchased is stolen or damaged within 30 days from the date of purchase.
  2. Travel Accident Insurance - You are covered for:
  • Personal Accident
  • Travel Delay and Abandonment
  • Delayed Baggage

Interest Rates Applied on AED and USD-Denominated RAKBANK Business Elite Bank Account

RAKBANK Business Elite Account offers credit interest rates on AED and USD currencies. This interest rate is -

  • An annual fixed rate that is accrued daily and applied every month
  • Computed using the number of days in the year

Here are the credit interest rates on the RAKBANK Business Elite Account -

Account Balance (AED) Interest Rate
500,000 to 4,999,999.99 0.10%
5,000,000 to 14,999,999.99 0.15%
15,000,000 and Above 0.25%
Account Balance (USD) Interest Rate
500,000 to 4,999,999.99 0.10%
5,000,000 to 9,999,999.99 0.15%
10,000,000 and Above 0.25%

RAKBank Debit Card

Service Fees on the RAKBANK Business Elite Bank Account

The following table depicts the services and associated fees for the RAKBANK Business Elite Bank Account -

Service Fees (AED)
Minimum Average Credit Balance  500,000 or equivalent in foreign currencies
Monthly fees for not maintaining the monthly average balance 250
Teller Transaction Fee Free
Bulk Cash Handling Free
Chequebook Issuance  Free
Request for Duplicate Statement (via Digital Banking) 50 (for more than 1 month but less than 12 months) and AED 100 (for more than 12 months)
Request for Duplicate Statement (through branches) 200 (for more than 1 month but less than 12 months) and AED 400 (for more than 12 months)
Account Closure within 6 Months  200
Certificate for Trade Licence/ MOA/ Share Certificate 250
Reference letter/ Account Closure Confirmation Letter 100 (for letter via branches) and AED 50 (for letter via digital banking)
Inactive Account Charges 100 per year
WPS in-house (within RAKBANK) Minimum of AED 100 or AED 1 per record (whichever is higher - for WPS from branches)
WPS Outward (other banks) Minimum of AED 100 or AED 2.5 per record (for WPS through branches); Minimum of AED 50 or AED 1 per record (for WPS via digital banking)

Eligibility Criteria to Apply for RAKBANK Business Elite Account 

You must fulfil the following eligibility criteria to apply for the RAKBANK Business Elite Business Account -

  • Minimum age of 21 years
  • Nationality - UAE nationals and residents
  • Any company with a valid trade licence to function in the UAE

Documents Required to Open a RAKBANK Business Elite Bank Account

Have the following documents ready before applying to open a RAKBANK Business Elite Account -

  • A valid trade licence
  • Passport with residence permit page of all signatories (for residents only)
  • Emirates ID of all the signatories
  • Memorandum of Association
  • Articles of Association
  • Share Certificate
  • Partners Agreement

How to Apply for a RAKBANK Business Elite Account?

You can apply for a RAKBANK Business Elite Bank Account by following any of the methods discussed below -

Via Policybazaar UAE

With Policybazaar UAE, you can apply for a RAKBANK Business Elite Bank Account in just a few clicks. Opening this business account using Policybazaar UAE saves you the tiresome process of waiting in long queues to fill in the form and submit the same. 

To open the RAKBANK Business Elite Account via policybazaar.ae, go to the bank account section on the site, fill in the lead form, and submit it. You will be taken to the quotes page, where you can apply for the RAKBANK Business Elite Bank Account after browsing around and checking the features of the best available options. 

Online Banking

You can also visit the bank’s online banking page by clicking on the Quick Apply button once you are on the official bank website. To initiate the application process, follow these steps -

  • Select the account type you want to open (as Business Elite Account)
  • You will be shown the option of selecting the type of account between Conventional and Islamic banking - choose the conventional account
  • Select the type of package you want - RAKvalue SME Plus or Max
  • Keep your documents ready and enter your personal information. You will then receive OTP on your registered mobile number that you must enter to authenticate the process.
  • Provide the company name, category, industry, and licence
  • You will be directed to the next page where you will be required to provide names of stakeholders and details of the signatories, stakes in the company, and other relevant information
  • Provide details about your customers, vendors, turnover, and more 
  • Upload the valid trade licence and other requested documents before clicking on the submit button
  • Once through, select the services for the account such as currency denomination, branch, signing preferences, and more
  • Preview your form and make any edits (if required) before submitting the form 

Once you submit the form, you will get an inactive account number. The account will be activated once your application gets approved.

Note - It can take up to 3 working days to open your RAKBANK Business Elite Bank Account. 

Through Branch Visit

You can carry all the required documents and visit your nearest RAKBANK branch. Obtain an application form here and fill in all the necessary details accurately. Affix all the requested documents to support the details you have provided and submit the form. 

The bank will take up to 3 business days to open the RAKBANK Business Elite Account.

How to Close a RAKBANK Business Elite Bank Account?

If you want to close your RAKBANK Business Elite Account, you would have to inform the bank in advance. For this, you can visit any of the RAKBANK Business Elite Centres or the nearest bank branch. You can also connect with the customer service provider on 800 40 48, an exclusive 24/7 RAKBANK Business Elite toll-free phone banking number. 

Upon closure of your RAKBANK Business Elite Bank Account, you must -

  • Cancel all the cash inflow and outflow from the account
  • Return the unused cheques and destroy debit cards linked to the closed RAKBANK Business Elite Account

To know a few more details about RAKBANK Business Elite Account, let’s go through the following FAQ section - 

RAKBANK Business Elite Account Frequently Asked Questions

What is the minimum monthly balance you need to maintain in your RAKBANK Business Elite Account?

The minimum monthly balance for RAKBANK Business Elite Account is AED 250,00o. If you fail to maintain this balance, you would have to pay AED 250 as a penalty.

What is RAKBANK Elite?

RAKBANK Elite is a premium banking service that sets you apart from the standard customers of the bank. This service provides you with exclusive services and easy access to financial services.

What is the maximum cash withdrawal limit for RAKBANK Business Elite Bank Account?

Your daily cash withdrawal limit for the RAKBANK Business Elite account is AED 50,000.

What are the features of the RAKBANK Business Elite Account Debit Card?

Here are the key features of the RAKBANK Business Elite debit card -

  • Acceptable at over 36 million retail outlets
  • Advanced CHIP and PIN technology
  • Cash withdrawal service from over 1 million international Mastercard ATMs
  • Instant alert for every debit card transaction
  • Purchase protection and travel accident insurance

Reviews & Ratings

4.6 / 5 (based on   18147 google icon reviews)

More From Bank Accounts