Founded in the year 1976, RAKBANK is one of the most dynamic banks in the UAE. With over 45 years of banking experience, it offers innovative financial solutions to large corporates, small businesses and retail customers. An extensive network of 27 branches and digital kiosks gives the bank a wide customer outreach across the UAE. Among the banking products, RAKBANK offers numerous personal and business bank accounts. Other products include investment banking, deposit schemes, loan and credit services.
With a range of services and products supporting young and fully grown businesses, RAKBANK offers various business bank accounts that aid them to manage their finances efficiently. Within the business accounts, the RAKBANK Business Current account gives convenient access to the funds and comes with lenient criteria such as low minimum balance requirements, multiple currencies acceptance, etc. The article below gives an insight into the features and benefits of the RAKBANK Business Current account.
Benefits of RAKBANK Business Banking Current account
Over the last 45 years, RAKBANK has continuously innovated its products and services to offer the highest standard of banking solutions to local and international businesses in the UAE. Some benefits of RAKBANK Business Banking Current account are as follows -
- With the RAKBANK business account, you can access your funds conveniently using the online and mobile banking facility.
- The bank accepts multiple foreign currencies such as USD, GBP, EUR apart from UAE Dirhams.
- To manage your funds and finances and assist you with future investment opportunities, the bank provides a dedicated relationship manager with your RAKBANK Business Current account.
- For making large and frequent transactions, the bank offers unlimited chequebooks without extra charges.
- To make your transactions record convenient and track your overall expenses, the Business Banking current account comes with monthly account statements.
- With the RAKBANK business banking current account, you get exclusive access to various business financing products.
- The bank offers attractive foreign exchange and trade finance rates for RAKBANK business account holders.
- You can conveniently transfer your funds, track payments, set up standing instructions using the 24/7 available phone banking facility.
Detailed Features of RAKBANK Business Banking Current Account
With numerous benefits, RAKBANK Business Banking current account offers a host of features specially designed for all types of businesses in the UAE. Following are the features of the business current account in the UAE.
- Zero Minimum Initial Deposit - Individuals don’t need to deposit a minimum amount while opening the business banking current account.
- Minimum Average Credit Balance - To avoid penalties, the business banking current account holders need to maintain an average monthly balance of AED 25,000. If the account is operated in USD, the individual needs to deposit USD 10,000.
- Foreign Currencies Accepted - RAKBANK Business current accounts accept major international currencies such as USD, EUR, GBP apart from AED. However, the interest rates on other currencies account are lower than the accounts operating in UAE Dirhams.
- Attractive Interest Rates - With the RAKBANK business banking current accounts, the account holder gets attractive interest rates of up to 0.25%, depending on the account balance.
- Access 24*7 Phone Banking Service - To facilitate fund access, RAKBANK offers round the clock phone banking services. You can use the facility to transfer funds, track your business expenses and manage your account using phone banking anywhere and anytime.
- Business Fixed Deposits at Competitive Rates - The bank offers competitive interest rates on business deposit accounts. The rates are higher compared to savings and personal fixed deposit accounts.
- Instant Account Opening Process - With RAKBANK, you can open the Business Banking Current account instantly. After applying, you receive the account number within minutes and you can deposit funds in your account right away.
Joining offers on RAKBANK Business Banking Current Account
When you open a new business account, the RAKBANK gives you various joining offers and cashback. The following are the joining offers on the new business current account.
- You can earn attractive cashback on the funds you deposit in your business bank account.
- On maintaining the account balance of AED 15,000,000 and above, you can earn an interest rate of 0.25% per annum.
Top Reasons to Choose RAKBANK Business Banking Current Account
Here are the top reasons why you should select a RAKBANK Business Current Account in the UAE.
- Quick and Hassle-free Application - You can open your RAKBANK Business current account within minutes with minimum documentation. Additionally, the bank provides you with the bank account number immediately after your application.
- Attractive Interest rates - With the RAKBANK Business account, you can grow your finances since the bank offers attractive interest rates of up to 0.25% on the business account.
- Dedicated Relationship Manager - RAKBANK provides you with a relationship manager who assists you in managing your finances and investments.
- Unlimited Chequebook Facility - With the RAKBANK business account, you receive unlimited chequebooks for making large and frequent payments.
Eligibility Criteria for Opening RAKBANK Business Banking Current Account
To apply for a business account in the UAE, individuals need to satisfy a few eligibility criteria. The following are the general eligibility criteria for RAKBANK Business Banking current account.
- The applicants need to have a valid trade license in the UAE and other business-related documents.
- UAE nationals/residents as well as expats can open a business current account; however, they need to submit the required documents as per the bank’s requirement.
- The applicants need to maintain the average monthly balance of AED 25,000.
Document Required for RAKBANK Business Banking Current Account
After satisfying the eligibility criteria, individuals need to submit all the relevant documents pertaining to their business, finances and identity. Following are the list of documents required for opening the RAKBANK Business Banking Current account.
- A valid passport and residence proof of all the signatories and representatives
- A valid passport of the director of the company
- An original and a copy of Emirates ID of the shareholders or representatives
- A valid trade license from the DED (Department of Economic Development)
- Articles and Memorandum of Association
- Details about the business account-related activities
- Certificate of Company Incorporation
- Latest bank account statements of all the company’s stakeholders (last 6 months statements)
- Reference letter from the business partner/partners
- Registry of the shareholders
- A list of investors, current clients and potential clients
Note: Apart from the above-mentioned documents, the bank may ask for additional proofs at its discretion.
How to Apply for the RAKBANK Business Banking Current Account?
RAKBANK offers a convenient and quick application process through various offline and online channels. You can choose any of the following options to apply for the RAKBANK Business Banking Current account.
- Online Application - For online application, you can visit RAKBANK’s official website and choose the business current account. Subsequently, you need to enter your contact and personal details and upload the required documents. The bank provides you with the account number soon after the successful registration.
- Offline Application - Individuals can visit the nearest bank branch in person along with all the company-related documents and the identities of all the shareholders. They need to fill the current account application form and submit it to the bank with the attached documents. The bank representative reviews the submitted proofs and opens the bank account.
- By Visiting the Etisalat Hello Business Hub - Individuals can open their business current account by visiting the Etisalat Hello Business Hub between 8 am to 4 pm on weekdays, located at One JLT.
Interest Rates Offered by RAKBANK Business Banking Current Account
The following table depicts the rate of interest offered by RAKBANK Business current account on various deposit slabs.
||Interest Rates for Accounts in AED
|1,000,000 - 4,999,999
|5,000,000 - 14,999,999
|15,000,000 and above
Frequently Asked Questions
Q1: Is there a minimum initial deposit required while opening the RAKBANK Business banking current account in the UAE?
Ans: No, you do not need to deposit any amount to open your business current account in RAKBANK.
Q2: Do I get interest rates on the funds in my business current account?
Ans: Yes, the RAKBANK Business banking current account offers interest rates of up to 0.25%, depending on the balance maintained.
Q3: Do I get a chequebook with the Business banking current account?
Ans: Yes, RAKBANK offers unlimited chequebooks with the Business current account for convenient transactions and payments.
Q4: What is the minimum average balance needed to maintain for the Business current account?
Ans: An account holder needs to maintain a minimum average balance of AED 25,000 per month to avoid penalties. Following table details the minimum deposits for other international currencies.
||Minimum Average Balance per month