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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?
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.
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.
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.
With your RAKBANK RAKbooster savings account, you can pay your monthly bills instantly to:
You can also use your RAKbooster savings account to pay your credit card bills.
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:
Besides, you receive a bumper bonus of 0.25% per annum if:
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 on balance lower than minimum balance||AED 25|
|Minimum balance to avoid fee||AED 3000*|
*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.
You can open your RAKbooster savings account using AED or USD currency.
You are eligible for opening a RAKBANK RAKbooster Savings Account if:
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:
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:
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.