RakBank Current Account

Also referred to as the National Bank of Ras Al Khaimah, RAKBANK is a Public Joint Stock Company and a reputed name in the UAE banking sector. Founded in 1976, the bank offers a vast range of personal and business banking products such as bank accounts, credit cards, loans, insurance, and more. The bank provides options for conventional and Islamic banking.

This article throws light on the types of RAKBANK current accounts including -

  • Current Account
  • Business Banking Current Account
  • RAKIslamic Current Account
  • RAKIslamic Business Current Account.

Let’s go through the article below to know about the features and benefits, service charges, eligibility criteria, and the documents required to open a RAKBANK current account. 

Features and Benefits of RAKBANK Current Account

As mentioned before, you would find different types of accounts under RAKBANK Current Accounts. Have a look at the salient features and benefits of each based on different types of current accounts -

Current Account

You can easily open a personal banking RAKBANK current account within a few minutes from anywhere. Moreover, you can also use the RAKBANK application to open this account. This account is available in AED, GBP, EUR, USD, JPY, and CHF denominations. 

Listed below are the key features and benefits of RAKBANK Current Account -

  • You can open this RAKBANK Current Account digitally within a few minutes and receive a virtual debit card immediately
  • Avail of chequebook for AED-dominated account upon request
  • You can get one complimentary debit card on request. It is an internationally recognised card with which you can access funds from any MasterCard ATM.
  • 1 free monthly statement elaborating on all the transactions
  • Instant money transfers within the UAE and abroad
  • Pay off your utility bills and gain access to a range of money management facilities through the mobile banking application
  • Make an initial deposit of at least AED 3,000 to open the account 
  • You can open the account for salary transfer purposes. However, you would be required to provide a salary transfer letter as an extra document. 
  • With the Mobile Cash feature, you can easily transfer funds via SMS

Business Banking Current Account

This RAKBANK current account is an interest-bearing account that can be operated in AED/USD currencies. You can open a non-interest-bearing Business Banking Current Account for EUR/GBP and have easy access to your funds. 

Discussed below are the features and benefits of Business Banking Current Account -

  • Complimentary, internationally recognised debit card for 24/7 access to funds from any MasterCard ATM
  • Free monthly current account statement with details of all the transactions
  • Optional RAKvalue SME package available
  • A dedicated relationship manager 
  • 24/7 phone banking service
  • Competitive foreign exchange and trade finance rates
  • One free chequebook facility
  • Earn more savings with bonus interest beginning from 0.25% to 1% annually over the current interest rate. To enjoy this bonus interest, you would need to maintain a gradually increasing balance.
  • Easy account opening process - this RAKBANK current account opens within 3 working days of signing the application form
  • The account can be operated in Dirhams, USD, GBP, or EUR

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RAKIslamic Current Account

This RAKBANK current account is based on the Shariah principles of Qard Hassan (profit-free financing). RAKIslamic Current Account can assist you in managing your routine banking transactions conveniently. While the amount deposited in this account doesn’t earn any investment profit, it is not prone to any risk either. 

To open this RAKBANK current account, you would be required to have a monthly salary of at least AED 3,000. Listed below are the features and benefits of RAKIslamic Current Account -

  • Receive an AED-denominated chequebook
  • Can be operated in AED, GBP, USD, EUR, and other bank-approved foreign currencies
  • Avail of RAKvalue collection of lifestyle and banking benefits
  • Get free monthly statements or e-statements
  • Maintain an average monthly balance of AED 3,000 to keep this account functioning
  • You can operate this RAKBANK current account via online banking, SMS banking, phone banking, or mobile banking
  • The account gets opened within 2 working days of submitting the application form
  • 1 complimentary, internationally-recognised debit card that offers access to funds through any of the MasterCard ATMs in the world

AKIslamic Business Current Account

RAKIslamic offers a Business Current Account that follows the Shariah principle of Qard Hassan (profit-free financing) as well. Similar to the account discussed above, the funds deposited into this account neither earn any investment profit nor bear a risk. This RAKBANK current account is a great option if you want to conveniently manage your daily transactions. 

Check out the top features and benefits of RAKIslamic Business Current Account -

  • This account can be operated in the denominations of AED, USD, GBP, EUR, or any other currency that the bank approves
  • Receive a chequebook for an AED-denominated account
  • Receive 1 free, internationally-accepted debit card upon request - you can use this card to access funds from any of the MasterCard ATMs
  • Receive 1 free, monthly RAKBANK current account statement or e-statement to know about all the transactions
  • Receive a RAKvalue SME package which includes lifestyle and banking benefits (optional).
  • Maintain a monthly average balance of AED 25,000 

Service Charges Associated with RAKBANK Current Account

Tabled below are the charges associated with the RAKBANK Current Accounts -

Current Account
Description Charges
Minimum Initial Deposit AED 3,000
Minimum Monthly Average Balance AED 3,000 or an equivalent amount based on the account’s currency denomination
Monthly Fee for Not Maintaining the Minimum Balance  AED 25
Closing Account within 6 Months of Opening AED 100
Business Banking Current Account
Description Charges
Initial Deposit  Not Applicable
Monthly Average Credit Balance  AED 25,000 or other currency value that is equivalent to this amount 
Closing Account within 6 Months of Opening  AED 200
Monthly Penalty for Not Maintaining a Minimum Monthly Credit Balance  AED 50
Statements - Electronic or Physical Free
Rakislamic Current Account
Description Charges
Initial Deposit  AED 3,000 or equivalent in any other currency account
Average Monthly Credit Balance AED 3,000 or an amount equivalent to the same based on the account’s currency denomination
Monthly Fees for Not Keeping the Average Monthly Balance AED 25
Closing Account within 6 Months of Opening AED 100
Rakislamic Business Current Account
Description Charges
Minimum Initial Deposit  Not Applicable
Monthly Average Credit Balance  AED 25,000 or other currency value that is equivalent to AED 25,000 
Closing Account within 6 Months of Opening  AED 200
Monthly Penalty for Not Maintaining a Minimum Monthly Credit Balance  AED 50
Statements - Electronic or Physical Free

All the charges are inclusive of 5% VAT and subject to change at the bank’s discretion.

RAKBank Debit Card

Eligibility Criteria to Apply for RAKBANK Current Account

The following are the eligibility criteria to apply for RAKBANK current accounts -

Account Name Eligibility Criteria
Current Account
  • Nationality - UAE nationals, residents, and GCC nationals (residents or non-residents)
  • Minimum Age - 21 years
  • Salaried or Self-Employed Individuals
  • Minimum Income - AED 3,000 (for salaried individuals)
Business Banking Current Account 
  • Minimum Age - 21 years
  • Nationality - UAE nationals, residents, and GCC nationals 
RAKIslamic Current Account 
  • Nationality - UAE nationals, residents
  • Minimum Age - 21 years
  • Salaried or Self-Employed Individuals
  • Minimum Income - AED 3,000 (for salaried individuals)
RAKIslamic Business Current Account 
  • Nationality - UAE nationals, residents
  • Minimum Age - 21 years

Documents Required to Apply for RAKBANK Current Account

You will require the following documents to apply for RAKBANK Current Accounts -

Account Name Documents Required
Current Account 
  • A copy of your passport 
  • Emirates ID
  • Resident Visa copy (for residents)
Business Banking Current Account
  • Emirates ID
  • A copy of your passport
  • Resident Visa copy (for residents)
  • A valid trade licence
RAKIslamic Current Account
  • Your passport’s copy 
  • Emirates ID
  • Resident Visa copy (for residents)
RAKIslamic Business Current Account
  • Resident Visa copy (for residents)
  • A copy of your passport
  • Emirates ID
  • A valid trade licence

How to Open a RAKBANK Current Account?

If you are interested in any of the RAKBANK current accounts that we saw earlier, you can apply for them via any of the following modes -

Policybazaar UAE

You can easily open a RAKBANK current account via Policybazaar UAE, with our site simplifying the whole process for your convenience. As a third-party aggregator, our site hosts a plethora of bank account options from leading financial institutions in the UAE. When you open a RAKBANK current account from Policybazaar UAE, you remove the hassle of long queues and apply for the account with minimum documentation. 

To apply for the RAKBANK current account via policybazaar.ae, visit the website and head to the bank account section. Fill in the lead form there with all the requested information. You will then be directed to the quotes page. Select the type of RAKBANK current account you want to open after checking out the features of all the available ones and apply for it.

Online

You can easily open your Business Banking Current Account and RAKIslamic Business Current Account Online by clicking on the Quick Apply button on the account’s page. You can choose to open a basic RAKBANK current account or an advanced one on the directed page. 

Mobile Banking Application

With the mobile banking app RAKBANK, you can easily open your AED-denominated RAKBANK Current Account or RAKIslamic Current Account by simply using your smartphone. To open accounts in denominations besides AED, you would be required to visit the nearest RAKBANK branch to apply.

Branch Visit

You can visit your nearest RAKBANK branch to apply to open a checking bank account. Carry all the necessary documents and obtain the bank application form from the assigned counter once you reach the branch. Accurately fill out the form, affix copies of the specified documents to prove your identity and steady source of income, and submit them all.

Etisalat Hello Business Hub

Yet another way to open your RAKBANK current account (business account) is to visit the Etisalat Hello Business Hub at OneJLT and carry out the entire account opening procedure. You can visit the Hub anytime between - 

  • Saturday and Monday to Thursday - 08:00 AM to 05:00 PM
  • Friday - 08:00 AM to 12:00 PM

How to Close a RAKBANK Current Account?

If you wish to close your RAKBANK current account, you can connect with the customer care executives on 04 2130000 or the automated service on 600 54 4049. For RAKIslamic customers, the automated service number is 600 54 0044. 

Note - If you close your RAKBANK current account within 6 months of opening, you will be charged a fee for the same. For the Current Account and RAKIslamic Current Account, the amount is AED 100. On the other hand, for Business Banking Current Account and RAKIslamic Business Current Account, the amount would be AED 200. 

If you have further questions about RAKBANK's current accounts, go through the FAQ section below.

RAKBANK Current Account Frequently Asked Questions

What all facilities do you get with RAKBANK current account?

Here are the facilities you can get when you open a RAKBANK current account -

  • You can apply for a credit card
  • You can apply for an overdraft
  • Cash secured facility
  • Financing
What is RAKIslamic Current Account?

RAKIslamic Current Account is a Qadar Hassan-adhering Shariah-compliant bank account that provides a complimentary chequebook and debit card upon account opening.

What do you receive when you open the RAKIslamic current account?

When you open a RAKIslamic current account, you are provided with a complimentary debit card that can be used at all RAKBANK and the SWITCH ATMs. You can also request a customised cheque book. Note that the first chequebook is free.

Can you receive a cheque book even if you do not maintain the required minimum balance?

You can receive a chequebook even if you do not maintain the mandatory minimum balance. 

Do you receive profit upon opening RAKIslamic Current or RAKIslamic Business Current Accounts?

The RAKIslamic current accounts follow the Shariah principle of Qard Hassan which implies profit-free financing. This means that you are not eligible for any kind of profit payout. If you want to earn a profit on your account balance, you can consider opening an Advantage account (for Islamic personal banking only).

Do you have to pay any ledger fees?

If you are unable to maintain the minimum average monthly balance, the bank will issue a ledger fee.

In what currencies can you open your RAKBANK current accounts?

You can open your RAKBANK current account in AED, GBP, EUR, and USD currencies. Please note that you may be able to open the account in other currencies upon the bank’s approval. 

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