RAKBANK RAKbooster Savings Account

Average Rating / 5 (ratings )
Bank Account in Dubai & UAE

T&C Apply

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.

A savings account is the simplest solution to keep your money secured, organized, liquid, and earn profits on it. To make transactions easier, banks have introduced online banking solutions. RAKBANK RAKbooster savings account is one such online savings account that eliminates the need to visit the bank. Through its virtual banking facility, mobile app, and net banking, you can make use of all the facilities online. RAKbooster savings account is supplementary savings account on your already existing savings or current account in RAKBANK.

Why should you choose RAKBANK RAKbooster Savings Account?

High-Profit Rate

RAKBANK RAKbooster Savings Account offers you an unbeatable rate of interest which easily provides more profit on your savings than any other savings accounts. The interest rates on RAKbooster savings account are more attractive since your daily closing balance is considered to calculate the interest and the interest is paid monthly. This means that you earn more compound interest monthly and annually on the RAKBANK RAKbooster Savings account than other accounts. To avail of this profit, ensure that the monthly payable interest amounts to at least AED 10 on your RAKbooster savings account. However, if you make more than one withdrawal per month or pay more than 5 utility bills from your RAKbooster savings account, you will not be eligible for the monthly profit payout.

Instant Virtual Banking

Since RAKBANK RAKbooster Savings Account is an online savings account, you receive all the E-banking facilities on your mobile phone or desktop for free. Your savings account is accessible 24/7 across the UAE. 

Monthly Statements

RAKBANK sends you a monthly account statement for your RAKBANK RAKbooster savings account on your registered email address which allows you to regularly check and keep an eye on your account balance and transactions. In case you do not have an email address, the bank will mail your RAKbooster savings account statement to your postal address.

Pay Utility Bills

With your RAKBANK RAKbooster savings account, you can pay your monthly bills instantly to: 

  • Etisalat
  • DU
  • Salik
  • ADDC
  • DEWA

You can also use your RAKbooster savings account to pay your credit card bills.

Interest Rate Offered by RAKBANK RAKbooster Savings Account

The rate of interest on the RAKBANK RAKbooster Savings Account is distributed in three tiers in AED and two tiers in USD:

Interest Rate in AED

  Balance Rate of Profit
Tier 1 From AED 25k to AED 1 Million 0.25%
Tier 2 Greater than AED 1 Million to AED 10 Million 0.50%
Tier 3 Greater than AED 10 Million to AED 25 Million 0.75%

Interest Rate in USD

  Balance Rate of Profit
Tier 1 Greater than USD 50k to USD 1.5 Million 0.15%
Tier 2 Greater than USD 1.5 Million to USD 6.5 Million 0.25%

You can receive profits of up to 0.50% more profits per annum in AED currency on your RAKBANK RAKbooster savings account. Your savings account provides bonus interest on the following conditions:

You can earn 0.25% per annum bonus interest if:

  • You have received monthly interest in your account for each preceding quarter.
  • You have not performed any debit transaction in the preceding quarter.
  • You have not already received the bonus during the preceding quarter.

Besides, you receive a bumper bonus of 0.25% per annum if:

  • You have received monthly interest in your account for the previous year.
  • You have not performed any debit transaction in the previous year.
  • You have not already received the bumper bonus during the preceding 12 months.

If you deposit an amount above AED 10 Million and meet the aforementioned conditions, you can earn up to 1.25% interest per annum on your RAKbooster savings account.

Fee & Charges on RAKBANK RAKbooster Savings Account  

Fee on balance lower than minimum balance AED 25
Minimum balance to avoid fee AED 3000*
E-statement Nil

*Whether you deposit money in USD or AED, the minimum balance required is AED 3000 and the fee for not maintaining the minimum balance is AED 25 for both USD and AED.

Currency Accepted

You can open your RAKbooster savings account using AED or USD currency.

Eligibility Criteria for RAKBANK RAKbooster Savings Account

You are eligible for opening a RAKBANK RAKbooster Savings Account if:

  • You already have a savings or current account in RAKBANK
  • You have an individual conventional account in RAKBANK.

Documents Required to open a RAKBANK Savings Account

  • Application form with your details and signature
  • Proof of bank account in RAKBANK

In case you do not have RAKBANK savings or a current account, you need to open a savings or current account before you can open a RAKBANK savings account. To open a savings or current account in RAKBANK, you need:

  • Application form with your details and signature
  • Copy of Passport
  • A valid copy of Visa (Minimum 2 months validity required for UAE resident Visa)
  • Recent Salary certificate, if your salary is between AED 3000 and AED 5000
  • Copy of Emirates ID
  • Residential Address Proof

How to Apply for RAKBANK RAKbooster Savings Account

Existing RAKBANK customers can choose to open a RAKBANK RAKbooster Savings Account offline or online. For opening the account offline, you need to visit the nearest RAKBANK branch.

You can also open RAKbooster savings account through net banking, mobile app, or the RAKBANK website.

You can also open RAKBANK RAKbooster savings account through policybazaar.ae:

  1. Visit policybazaar.ae
  2. Fill the form entering your details
  3. Verify your existing bank account
  4. Provide your signature
  5. Your account will be verified and opened at the earliest.

FAQs on RAKBANK RAKbooster Savings Account

Q1: Can I open a RAKBANK RAKbooster savings account if I have an Islamic account?

Ans: No, Islamic account customers are not eligible for opening a RAKbooster savings accoun

Q2: Can I open RAKbooster savings account if I have a business account?

Ans: No, only individual account holders can open a RAKbooster savings account.

Q3: Will I get a chequebook with a RAKbooster savings account?

Ans: No, you do not get a cheque book with a RAKbooster savings account.

Q4: Will I get a debit card with a RAKbooster savings account?

Ans: No, RAKbooster is an online savings account and offline transactions are not allowed on RAKbooster savings account.

Q5: How can I make withdrawals without using cheque book or debit card?

Ans: To make withdrawals, you need to transfer funds to your transactional savings or current account via digital banking or IVR.

Q6: Is there a maximum limit on account balance to earn interest on my RAKbooster Account?

Ans: Yes, the maximum limit is AED 25 million and an equivalent amount in USD to earn a profit on your RAKbooster Account.

Ruchi Gohri
Ruchi Gohri0 Post

Senior Content Writer | She has a penchant for writing and with over 5 years of experience, she plays around with words elegantly, crafting simple content for all to read. In her free time, she loves her couch either to read or catch on to her sleep.