RAKBANK RAKsave Account

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A savings account is a banking account that secures your finances, allows you to keep track of your transactions, and keeps your money liquid while generating interest on your savings in the account. With the RAKBANK RAKsave account, you can make the most of your finances.

Features & Benefits of RAKBANK RAKsave Account

Earn profits

RAKBANK RAKsave account provides you with an attractive profit rate which assures better returns on your savings. The profit rates on RAKsave account are more advantageous since it is calculated daily based on your closing balance. This amount is payable by the bank monthly and is transferred to your account twice a year i.e. in June and December. Receiving interest on your principal amount daily further boosts your savings and helps you earn more money. To receive this benefit, ensure that your savings account balance is not less than AED 4000. 

3-month No Minimum Balance

According to the RAKBANK RAKsave account policy, for the first three months after opening your account, you will not be required to maintain any minimum balance. However, to increase the balance in your savings account, it is suggested that you maintain a balance of AED 4000.

Unlimited Account Accessibility

There are times when you need to access your finances in the middle of the night. RAKBANK RAKsave account allows you 24-hour transaction availability on your bank account for those awkward timings. You can reach your account through RAKdirect to pay bills or transfer money round the clock across the UAE.

Free debit card with exciting offers

With the RAKsave account, you receive a Standard debit card without any additional charges. The RAKBANK standard debit card provides the highest level of security with unmatched benefits such as cashback and discounts on shopping. Besides, this card is accepted globally which allows you to shop at more than 36 million outlets.

Monthly Account Statements

As a RAKsave account holder, you receive a monthly account statement detailing your expenses and withdrawals. This means that no unauthorized transaction can escape your attention. Besides, you will be able to organize your finances in a better way.  

Pay Utility Bills

You can pay your utility using your RAKBANK RAKsave account instantly to:

  • Etisalat
  • DU
  • Salik
  • ADDC
  • DEWA

Interest Rate Offered by RAKBANK RAKsave Account

On account balance of AED 25,000 and above, you receive 0.25% interest per annum on your RAKBANK RAKsave account.

Fee & Charges on RAKBANK RAKsave Account 

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

As per the UAE’s Value Added Tax implementation, 5% VAT will be levied on all the specified charges.

Currency Accepted

You can only use AED currency to deposit money to your RAKBANK RAKsave account.

Eligibility Criteria for RAKBANK RAKsave Account

Any UAE resident or non-resident can open RAKBANK RAKsave account. You can also open this account for a minor. The account will be under your supervision till the minor account holder does not turn 16. Once, 16, the responsibilities and ownership of the RAKsave account will be transferred to the account holder.

Documents required for opening a RAKBANK RAKsave Account

  • 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

These documents are not exhaustive and the bank might ask for more or other documents as per the requirement.

How to Apply for RAKBANK RAKsave Account

To open a RAKsave account offline, visit your nearest RAKBANK branch with required documents.

You can also save the pain of physically visiting the bank and apply to open an account online on RAKBANK’s website.

To open an account online:

  • Keep a copy of your required documents ready
  • Fill the online application form
  • Submit your documents along with your signature
  • The bank will verify your details and open your account.

You can also open your RAKsave account at RAKBANK via policybazaar.ae

To open an account through policybazaar.ae

  • Visit policybazaar.ae
  • Fill the application form
  • Submit your documents

Your account will be opened once your details are verified.

FAQs on RAKBANK RAKsave Account

Q1: Can you open a RAKsave account using USD currency?

Ans: No, the RAKsave account does not accept any currency except AED.

Q2: Do I have to pay extra to close my bank account?

Ans: If you close your bank account before a year of opening, you will require paying AED 100.

Q3: Are there any additional charges on online banking retail login?

Ans: No, there are no additional charges on online banking retail login on your RAKBANK RAKsave account.

Q4: Do I get a chequebook with a RAKsave account?

Ans: No, chequebooks are not provided to RAKBANK RAKsave accounts.

Ruchi Gohri
Ruchi Gohri40 Posts

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.