RAKBANK Accounts

Bank Accounts in the UAE

Average Rating / 5 (ratings )

Open bank account instantly with zero maintenance fees

Cancel
Cancel
Cancel
By Clicking on "View Quotes", I declare that I am a resident of UAE and holding a valid Visa and agree to the website Privacy Policy and Terms of Use.

National Bank of Ras Al-Khaimah PJSC, also popularly known as the RAK Bank, is one of the top banks based in the UAE that offers both conventional and Islamic banking services to customers. RAK Bank is a public shareholding bank of UAE with 52.7% of its shares owned by the government of Ras Al-Khaimah. From general savings account to exclusive fixed deposit accounts, several RAKbank accounts are offered to customers in both conventional and Islamic banking forms. Excellent online access, smooth account opening process and exclusive value-added benefits are just a few of the many benefits that RAK Bank accounts offer. Let us find out the various kinds of accounts that RAK bank offers. 

Types of RAK Bank Retail Accounts

Listed following are all the different kinds of RAK Bank personal accounts offered by the bank. Along with the account, you will find a little something about the special services that the account provides and who is it for. There are the basic categories of savings, current and fixed deposit account and apart from that, you will find a few exclusive accounts as well. 

Savings Accounts 

RAK Bank offers four different kinds of savings account to their customer, each one with distinct characteristics, features and benefits. Listed following are the RAK Bank savings accounts following conventional banking rules. 

RAK Bank Savings Account

The RAK Bank savings account is one of the savings accounts with the highest interest rates in the UAE. It is available to be opened in several major currencies including AED, USD, EUR, GBP, CHF, and JPY. While the account requires you to maintain a monthly average balance like all other savings accounts in UAE, it exempts the customers from this ordeal for the initial 3 months. This means you get to use all the services and benefits of the account without having to maintain a monthly average balance. 

Earnings:  Interest Rate of up to 0.25% p.a.

Monthly service charge: AED 0

Minimum average monthly balance: AED 3000

Fall-below fee: AED 25

RAK Bank Emirates Skywards Savings Account

This RAK Bank account is your simple and straight way to Emirates Skywards Gold Tier membership. The exclusive account comes with a bunch of benefits that are unique to this account only for example a personal relationship manager, Skyward Points on purchases, valet services and more. The account is available only for RAK Bank existing customers with World Elite Mastercard credit card. 

Earnings: Skywards Miles on deposits over set AQB

Monthly service charge: AED 0

Minimum average quarterly balance (AQB): AED 500,000

Fall-below fee: Nil 

RAKbooster Savings Account

A RAK bank account that pays you for not only your savings but also for being an ideal customer, the RAKbooster account is perfect for the people who would like to keep their savings grounded in place without any withdrawals and earn additional interest as well. This bank account offers a bonus interest amount if the customers meet a few conditions like no debit transactions for 3 months (additional bonus for making it to 12 months), etc. Available in AED and USD only. 

Earnings:  Interest Rate of up to 0.75% p.a.

Bonus Interest Rates: 0.25% p.a. and 0.25% p.a. (applicable on different sets of conditions)

Monthly service charge: AED 0

Minimum average monthly balance: AED 3000

Fall-below fee: AED 25

RAKsave Savings Account 

A RAK Bank account made especially for minors, the RAKsave savings account is a good choice to teach your little one a bit about savings, build up their credit score from the start and save for their future. The bank allows account holders to have a debit card as well as ownership of the account as soon as they turn 18. The account holders do not have to maintain a monthly average balance for the first 3 months. 

Earnings:  Interest Rate of up to 0.25% p.a.

Monthly service charge: AED 0

Minimum average monthly balance: AED 3000

Fall-below fee: AED 25

RAK Bank F@st S@ver Account

The exclusive zero balance savings account from RAK Bank, the F@st S@ver Account is the fastest way to earn a profit on your savings without bearing the pressure of maintaining a minimum balance at all times. The zero balance F@st S@ver Account can be opened in AED and USD currencies. 

Earnings:  Interest Rate of up to 0.50% p.a.

Monthly service charge: AED 0

Minimum average monthly balance: AED 0

Fall-below fee: AED 0

Current Accounts

You will find two kinds of Current accounts in this selection of RAK Bank accounts. Both the accounts offer complete access to the funds, a rather low minimum balance maintenance level as well as a multitude of currency options. 

RAK Bank Current Account

The RAK Bank current account can be opened in AED, USD, GBP, EURO, CHF, and JPY. The account allows you complete access to the funds with no limit on debit transactions and also offers additional benefits. For example, free chequebook (AED accounts), and a free debit card for transactions. 

Monthly service charge: AED 0

Minimum average monthly balance: AED 3000

Fall-below fee: AED 25

RAKvantage

This a high-end special current account that not only gives full access to the funds but also earns you interest. It is offered to UAE residents, nationals and GCC non-resident customers who are already RAKselect & RAKelite customers. It is available in AED and USD currencies. 

Earnings:  Interest Rate of up to 0.35% p.a.

Monthly service charge: AED 0

Minimum average monthly balance: AED 3000/USD 10,000

Fall-below fee: AED 25

Fixed Deposit Accounts

RAK Bank offers three kinds of Fixed deposit accounts:

RAK Fixed Deposit Account 

The basic Fixed deposit account from RAK Bank accounts is available for both individuals as well as entities. You also get a complimentary Life insurance cover with the fixed deposit account. The interest is paid as per the tenure of the deposit which can range from 1 month to 3 years.

Earnings:  Interest Rate of up to 0.70% p.a. (AED) and up to 0.50% p.a. (USD)

Monthly service charge: AED 0

Minimum average monthly balance: AED 25.000 or USD 10.000

Fall-below fee: Not Applicable 

Tenure: 1 month to 3 years 

RAK Fixed Deposit Plus Account 

A better version of the basic Fixed Deposit RAK Bank account, the Fixed Deposit Plus account offers higher rates of interest on your funds deposited with the bank without requiring a higher minimum balance amount. Fixed Deposit Plus account does not come with complimentary life insurance though but can be opened in both AED and USD currencies. 

Earnings:  Interest Rate of up to 0.80% p.a. (AED) and up to 0.60% p.a. (USD)

Monthly service charge: AED 0

Minimum average monthly balance: AED 25.000 or USD 10.000

Fall-below fee: Not Applicable 

Tenure: 1 month to 3 years 

Additional Special RAK Bank Accounts

RAK Call Deposit Account

Another one of the special RAK Bank accounts, the call deposit account lets its users have fluid funds like in checking accounts and yet allow them to earn a profit on the deposit like a fixed deposit account. RAK Bank call account can be opened in AED, USD, GBP, EURO, JPY and CHF. 

Earnings:  Interest Rate of up to 0.10% (for AED and USD accounts only)

Monthly service charge: AED 0

Minimum average monthly balance: AED 3,000 or USD/GBP10.000 (AED 0 for other currencies)

Fall-below fee: Not Applicable 

RAK Recurring Deposit Account

Start slow and earning constantly with RAK Bank recurring deposit account. This RAK Bank account offers a very low monthly minimum balance and earns interest/profit every month to ensure constant savings. It is only available in AED currency.

Earnings:  Interest Rate of up to 2.5% p.a.

Monthly service charge: AED 0

Minimum average monthly balance: AED 350

Maximum Monthly Savings Amount: AED 10,000

Tenure: Minimum 1 year and Maximum 5 years 

RAK Flexi Fixed Deposit 

A unique blend of current and fixed deposit RAK Bank accounts, the Flexi Fixed Deposit account allows you to have full access to your funds while offering the interest-earning benefits of a fixed deposit. As soon as the deposited amount of your account reaches AED 10K, the bank converts it to a fixed deposit, moves it and start paying interest on it. If the balance falls below AED 3000 in future, the sum is moved back to the RAK Bank current account. 

Earnings:  Interest Rate of up to 1% p.a. (as per deposited amount)

Monthly service charge: AED 0

Sweep-In Limit: AED 3000

Sweep-Out Limit: AED 10,000

Tenure: 1 year (initial)

RAK Gold Account

You can buy/sell Gold anytime, anywhere digitally with the RAK Bank Gold account. It allows you an option to save the gold in grams, redeem the digital gold for physical gold, and get capital gains too. 

RAK Bank Accounts – An Overview 

RAKBANK Accounts

Highlights

Savings Accounts

RAK Bank Savings Account
  • Up to 0.25% interest
RAK Bank Emirates Skywards Savings Account
  • Earn skywards miles
RAKbooster Savings Account
  • Up to 0.75% p.a. interest
  • Bonus interest earnings with basic
RAKsave Savings Account
  • For minors
  • Up to 0.25% p.a. interest
RAK Bank F@st S@ver Account
  • Up to 0.6% interest 
  • Zero balance account
Current Accounts RAK Bank Current Account
  • Low minimum balance 
RAKvantage
  • Low minimum balance 
  • Up to 0.35% p.a. interest 
Fixed Deposit Accounts RA Fixed Deposit Account
  • Flexible Tenure 
  • Complimentary life insurance 
  • Up to 0.7% p.a. interest
RAK Fixed Deposit Plus Account
  • Flexible Tenure
  • Up to 0.8% p.a. interest
Special Accounts RAK Call Deposit Account
  • Flexible Funds
  • Up to 0.1% p.a. interest
RAK Recurring Deposit Account
  • Monthly interest payout
  • AED 350 monthly minimum balance
RAK Flexi Fixed Deposit
  • Flexible Funds
  • Interest earning potential
RAK Gold Account
  • Flexible buying and selling of Gold
see more

RAK Bank Islamic Accounts – An Overview 

RAK Bank accounts also come in a Sharia-compliant form for the customers who prefer Islamic banking over the conventional banking system. The benefits offered are almost the same as their conventional variants but with added Sharia law-complaint bonuses. 

  • RAKislamic Current Account – Finds its basics on Qard Hassan – a Sharia-compliant concept.
  • RAKislamic Savings Account - Earns Mudaraba-style profit on the deposited funds.
  • RAKislamic Emirates Skywards Savings Account – Works on Sharia principles with similar benefits offered by its conventional counterpart.
  • Jood Savings Account – Earns Mudaraba-style profit on the deposited funds. 
  • Advantage Account – Earns Mudaraba profit every quarter. 
  • Term Investment Deposit Account: Free Takaful cover and Mudaraba profit.
  • Fawrum Term Deposit Account – Receive profit at the time of depositing funds.
  • Call Investment Deposit Account – Sharia-compliant flexible fund profit-earning account. 

Eligibility Criteria to Open a RAK Bank Accounts

The following the basic eligibility criteria for RAK Bank account opening in UAE:

  • The individuals should be either UAE national, resident or non-resident.
  • The individual opening and managing the account should be 18 years of age or older. 
  • The applicant shall have all the original documents at the time of filing an application.

Some accounts like RAK Bank current accounts from RAK Bank accounts require the individual to be 21 years of age or older while others may require the applicant to be a salaries/earning individual with proof of income. Confirm individual additional eligibility criteria when choosing an account to apply for. 

Accounts available for minors must be maintained by parents/guardians till the account holder is 18 years of age. 

Documents Required for Opening a RAK Bank Accounts

  • Original and a copy of the Passport
  • Original and a copy of Visa page (for residents)
  • Emirates ID (for residents)
  • Proof of Income (in cases only earning individuals are eligible)
  • Address Proof (non-residents)
  • Bank statements (non-residents)

Bank may ask for additional documents as per the account and case in concern.

How to Open a RAK Bank Accounts

You can easily open RAK Bank accounts using either offline or online methods. RAK bank online account opening will require you to submit an online request with the bank filling out the general details about yourself. The bank will then take the application further by notifying you. You can also choose to open the account in person via offline methods by visiting any branch of RAK Bank. 

FAQs

Q1: Can I avail of net banking services for my account?

Ans: Yes, all RAK Bank accounts come with net banking and mobile banking services access.

Q2: What is the age eligibility criteria for opening current accounts?

Ans: All residents, non-residents and UAE nationals can open the RAK Bank current account given that they are 21 years of age or older and salaried. 

Q3: Does the minimum balance requirement apply to all accounts?

Ans: The minimum balance requirement does not apply to all accounts, for example, zero balance accounts, and may change as per the account types as well. 

Q4: Do I get a monthly statement for my RAK Bank savings account?

Ans: No, savings account statements are issued on a quarterly basis instead of a monthly basis. 

Q5: Can minors open a basic savings account?

Ans:Yes, minors can open a basic RAK Bank savings account but it has to be operated by a supervising parent/guardian of the minor till they turn 18.

Q6: What is an IBAN?

Ans: IBAN is the unique number that is given to each bank account which is used to identify it. It is simply an addition or extension to the account number that you already have. 

Q7: Is it necessary to have and use an IBAN?

Ans: Yes, it is required to use an IBAN for your bank account as per the regulations rolled out by the Central Bank of UAE. 

Laxita Gautam
Laxita Gautam63 Posts

Senior Content Writer | She functions on classic British fiction, Japanese manga, and strong americanos. Laxita is tailor-made to create engaging, interactive pieces that offer simplified insights into complex subjects.