RakBank Flexi Fixed Deposit Accounts

Short for the National Bank of Ras Al Khaimah, RAKBANK has established itself as a pioneer in exceptional banking services in the UAE. With 27 branches and a diverse portfolio of banking products, RAKBANK has numerous excellent options for both personal and business banking.

Bank accounts and deposit accounts are the most sought-after products of this bank. RAKBANK, in particular, is known to provide high interest-bearing deposit accounts including -

  • Call Deposit Accounts
  • Fixed Deposit and Fixed Deposit Plus Accounts
  • Flexi Fixed Deposit Accounts
  • Recurring Deposit Accounts

In this article, we will narrow down to the Flexi Fixed Deposit Account. We will discuss the features, how to apply for Flexi Fixed Deposit Account, eligibility criteria, documents required, and more that can help you make the best choice for yourself.

Features and Benefits of Flexi Fixed Deposit Account

The Flexi Fixed Account combines the features of a bank account and a fixed deposit. It enables you to access the liquidity of a current account while earning promising interest returns of fixed deposits. 

Given below are the main features of Flexi Fixed Deposit Account -

  • Facility to withdraw money with minimal influence on the interest returns
  • Promising interest returns
  • Flexi Fixed Deposits can be opened for any tenure (minimum 1 year) - it also has the option of auto rollover
  • No limit on the maximum amount to be deposited in this account
  • Earn interest on early withdrawal of Flexi Fixed Deposit balance
  • To open this account, you would be required to maintain a minimum balance of AED 3,000 in your linked current account
  • The interest is accrued daily and the pay-out takes place at maturity in the linked current account. 
  • Flexi Fixed Deposit Accounts are available only in AED
  • This account is available only for the RAKBANK current account holders

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Interest Rates Applicable on Flexi Fixed Deposit Accounts

Tabled below are the interest rates applicable on Flexi Fixed Deposit Accounts -

Flexi Fixed Deposit Interest Rate Per Annum Premature Withdrawal Interest Rate Per Annum
Basic 0.50% 0%
RAKselect  0.75% 0.25%
RAKelite 1% 0.25%

Services Fees on Flexi Fixed Deposit

The following table specifies the sweep in limits applicable for the given RAKBANK Flexi Fixed Deposit Accounts -

Flexi Fixed Deposit Sweep Out Limit Sweep In Limit
Basic AED 10,000 AED 3,000
RAKselect  AED 50,000 AED 3,000
RAKelite AED 100,000 AED 3,000

Eligibility Criteria to Apply for RAKBANK Flexi Fixed Deposit Account

Discussed below are the eligibility criteria to apply for RAKBANK Flexi Fixed Deposit Account -

  • Flexi Fixed Deposit Nationality - UAE nationals, residents, or GCC nationals (non-residents in the UAE)
  • Minimum age required - 21 years
  • You must be a RAKBANK current account holder

RAKBank Debit Card

Documents Required to Open RAKBANK Flexi Fixed Deposit

To open a RAKBANK Flexi Fixed Deposit Account, you must have an existing Current Account with the bank. The documents required to open a current account are - 

  • A copy of your passport
  • Emirates ID
  • Resident Visa copy (for residents)

How to Apply for RAKBANK Flexi Fixed Deposit Account?

You can apply for a RAKBANK Flexi Fixed Deposit Account via any of the following modes -

Via Policybazaar UAE

With Policybazaar UAE, you can apply for a RAKBANK Flexi Fixed Deposit Account within a few clicks. Opening this business account with policybazaar.ae can save you from the tiresome process of waiting in long queues to fill in the form and submit the same. 

To open the RAKBANK Flexi Fixed Deposit Account via Policybazaar UAE, visit our official website and go to the section for bank accounts. Fill in the lead form on this page and click on the Apply tab to be directed to the quotes page. From there, you can browse for the RAKBANK Flexi Fixed Deposit Account and click on the Apply tab across the account.

Note - You can also open your Flexi Fixed Deposit via Digital banking or by visiting the nearest RAKBANK branch as well. To open this account, you need to have a RAKBANK Current Account. 

You can have one created via any of the following modes -

  • Any available balance in the multiples of AED 1,000 in the current account that is more than the Sweep Out Limit amount gets swept out to create a Flexi Fixed Account
  • Every sweep out creates a new Flexi Fixed Account
  • Sweep Out is scheduled once every month

It takes at least 1 working day from the date of signing and submitting the application form with all the necessary documents to open a Flexi Fixed Deposit Account.

How to Close a Flexi Fixed Deposit Account?

To close a Flexi Fixed Deposit, you would be required to connect with the bank either by calling on the customer care number (04 2130000) or the automated service on 600 54 4049. You can also visit the bank and meet the assigned executive to get details of the closing process. 

Note - To close a Flexi Fixed Deposit Account prematurely, you would need to pay an applicable interest charge.

If you have further questions about Flexi Fixed Deposit Account, read the following FAQ section.

Flexi Fixed Deposit Account Frequently Asked Questions

How are the funds in Flexi Fixed Deposit accessible for withdrawals and account debits?

If your debit amount reduces the Current Account’s balance beyond the sweep-in limit, the FFD will be broken to initiate the debit request. Your Flexi Fixed Deposit is broken in the multiples of AED 1,000 and the outstanding amount keeps accruing interest at the already defined rate.

Can individuals with no account in RAKBANK open Flexi Fixed Deposit Account?

To open an FFD, it is mandatory to have a current account with RAKBANK.

What is the tenure for Flexi Fixed Deposit Accounts? Are there any penalties for the premature closure of the account?

All FFDs remain open for a year and are subject to auto-renewal. If you want to uplift your FFD early, premature closure rates will get applied on a pro-rata basis.

Do you get any receipts for your FFD account?

You do not receive any additional receipts for the FFD, as all the details related to deposits get included in the Current Account statement.

How do you receive your Flexi Fixed Deposit Account statements?

All the information about your Flexi Fixed Deposit account is detailed in the RAKBANK Current Account statements. You can receive these statements at your postal address or in the form of e-statements on your registered email ID. 

What is the sweep-out facility?

The sweep-out facility enables you to link your Flexi Fixed Deposit to your existing Current Account. With this facility, you can earn a high interest and maximise your earrings.

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