YAP, an independent and innovative digital banking platform provided by RAKBANK, seeks to redefine the structure of digital banking by offering a horde of benefits to its customers.
Headquartered in Ras Al Khaimah, RAKBANK is one of the oldest and most renowned financial institutions in the UAE. The bank offers high-quality banking solutions to UAE nationals and expatriates in the form of bank accounts, credit cards, and more.
With its multiple banking services, RAKBANK also offers you a wide range of bank account options to choose from. In this article, we will comprehensively discuss one of RAKBANK’s current accounts, which is the RAKBANK RAKvantage account. This interest-bearing account is available in both Islamic and conventional variants, where its Islamic account is titled Advantage account.
Let’s first cover the benefits that you can enjoy as a RAKvantage customer -
As a user, you can use any of the following channels to avail of RAKBANK RAKvantage services -
RAKBANK online banking allows its customers to access their bank accounts in a safe and secure manner. With internet banking, you can conveniently use your account through the bank’s website and access the required available banking services in an instant.
Similar to online banking, you can install the bank’s mobile application on your smartphone and enjoy the services from anywhere and at any time across the globe with app banking.
You can also subscribe to SMS banking to get regular updates on your RAKBANK accounts, including RAKvantage.
RAKBANK also offers you the facility to have a live chat session. You can simply visit the official website of RAKBANK and click on the ‘Live Chat’ option on the right pane of the screen. You can then provide the necessary details and type in your message to carry out the live chat.
You can also take the traditional approach and visit your nearest bank branch to have a one-to-one conversation with bank officials regarding the RAKvantage bank account.
To know whether you qualify to apply for the RAKBANK RAKvantage account, check out its eligibility criteria mentioned in the following table -
|Age Criteria||The applicant must be at least 21 years old|
|Nationality Criteria||The applicant must be a UAE national, UAE ex-pat, or GCC national|
You won’t be required to apply for a RAKBANK RAKvantage separately, as existing customers of RAKelite and RAKselect can speak to the bank authority and get access to this account. In this article section, we have mentioned the entire process of how to apply for a RAKselect and RAKelite bank accounts:
Applying for various RAKBANK accounts through our platform is highly convenient. You can complete the whole process within just a few taps. Besides, if you face any issues while applying, you can speak to our customer executive team for further guidance at 042472904.
Here is the step-by-step process of how to apply for the RAKelite and RAKselect accounts:
To open RAKelite and RAKselect accounts through the official website of RAKBANK, check out the following steps:
Complete the process by following the further instructions displayed on the screen
If you want to have access to the RAKBANK RAKvantage account, go to the nearest branch of RAKBANK and have a one-on-one conversation with one of the bank representatives. The concerned official will guide you on how to use the RAKvantage account.
Using RAKBANK accounts is easier than before, as you now have access to numerous banking channels to use your existing bank accounts. The following are the methods through which you can use your RAKBANK RAKvantage accounts -
Users can access their bank accounts through the official website of RAKBANK without any hassle. The service is available 24*7 and can be accessed from anywhere. To login to your RAKBANK RAKvantage account, go through the following steps -
Mobile banking is one of the easiest channels to avail of banking services remotely. As a RAKBANK customer, you can access your account through the bank’s mobile application available for users of Android, iPhone, and Blackberry.
In order to access your RAKBANK RAKvantage account on your mobile phone, refer to the following set of instructions -
Find the RAKBANK RAKvantage account option to use your account
If you want to acquire any information regarding your existing RAKBANK RAKvantage accounts such as balance enquiry, account statement, and others, you can also visit your nearest bank branch. One of the bank officials will assist you with your query.
RAKBANK provides an account closure form to those who wish to close their existing RAKBANK accounts. Here is the link to the closure form
The following table mentions all the RAKBANK RAKvantage-related fees and charges -
|Closure of account within 6 months of opening||AED 100|
|Charges for not maintaining the average minimum balance||AED 25 or its equivalent currency in USD|
Have a look at the following section to know what people have been asking regarding this RAKBANK account -
An account closure form is available on the official website of RAKBANK that can be filled out and submitted to close an existing RAKvantage account. The link to the account form is here
To keep your RAKvantage account active, you must maintain a minimum balance of AED 3,000.
You can open your RAKBANK RAKvantage account in AED or USD currencies.
After the submission of the essential documents is complete, the bank takes up to 2 days to process your request and activate the account.
You can directly contact the bank by dialling 042130000 to speak to one of the officials. You can also visit a bank branch in person or avail of the live chat service and gain relevant information.
In case you forget or lose your bank account password, you can follow the below-mentioned steps to retrieve the password -
No, only the customers who have opened their accounts in the AED currency receive a free chequebook and debit card.