RAKBANK RAKvantage Account

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A RAKBANK RAKvantage is a unique personal current account.

The basic difference between savings and current account

A savings account restricts your number of withdrawals while offering you a higher rate of interest. On the other hand, a current account allows you immediate access to your money without any restrictions. However, the interest rate on current accounts is much lower or nil.
RAKBANK RAKvantage account combines the benefits of savings and current account to provide you more benefits on your finances.

Features and Benefits of RAKBANK RAKvantage Account

Higher Benefits

RAKBANK RAKvantage account offers you an advantageous rate of interest which enhances your finances. At the end of each day, the interest rate is calculated on your closing amount and the total of daily interest is transferred to your account at the end of the month. However, if the payable total monthly interest is not more than AED 10, no interest will be transferred to your account. Since the interest is calculated on daily basis, you have an opportunity to earn compound interest on your savings and maximize your savings beyond anticipation. 

24-hour Account Access

With RAKdirect, you receive 24-hour access to your RAKvantage account which allows you to transfer your funds or pay bills without worrying about the bank timings. 

Unlimited Free Cheque books

As a RAKvantage account holder, you receive a free cheque book when you open your account. Besides, when you run out of leaves, you can apply and receive a new chequebook without paying extra money. 

Free Debit Card

With the RAKvantage account, you also receive a free debit card which allows you to not only borrow cash directly from the bank without any hassle but also lets you take advantage of special discounts and cashback offers on your debit cards without paying extra. The debit card provides you best discounts to reduce your expenditure and increase your savings.

Unlimited Withdrawal

Providing the benefits of the current account, the RAKBANK RAKvantage account does not restrict your ability to withdraw money from your account. The withdrawals from the RAKvantage account are restricted neither by the maximum amount limit nor the number of transactions. This gives you the freedom to withdraw as much money as you need and as many times as you require.

Easy bill payments

As exciting it is to spend, paying bills is a tedious process. Your RAKvantage account gives empowers you to make quick and hassle-free bill payments without wasting too much time. With your RAKvantage account, you can pay bills at:

  • Etisalat
  • DU
  • Salik
  • ADDC
  • DEWA

Your credit card bill payments can also be made through the RAKBANK RAKvantage account.

Interest Rate Offered by RAKBANK RAKvantage Account

The profit rates offered on your RAKBANK RAKvantage account as per the tier balance:

Rates in AED

 

Balance Amount

Interest Rate

Tier 1

AED 50,000 to AED 99,999

0.10%

Tier 2

AED 100,000 to AED 249,999

0.15%

Tier 3

AED 250,000 and above

0.35%

Rates in USD

 

Balance Amount

Interest Rate

Tier 1

USD 500,000 to USD 999,999

0.15%

Tier 2

1 Million and above

0.25%

 Please note Interest rate on balance less than AED 50,000 and USD 500,000 is zero percent. 

Fee & Charges on RAKBANK RAKvantage Account

The charges on RAKvantage account services are as follows:

Fee on balance lower than the minimum balance AED 25
Minimum balance to avoid a fee AED 3000*
E-statement Nil
Dormant Account Charges Nil
Online banking charges Nil

*Whether you deposit money in AED or USD, the minimum balance required is AED 3000 and the fee for not maintaining the minimum is AED 25. Also, as per the UAE’s guidelines, a 5% VAT will be levied on the charges applied by RAKBANK.

Currency Accepted

RAKBANK RAKvantage account accepts AED and USD currency for your account.

Eligibility Criteria for RAKBANK RAKvantage Account

Any UAE resident or non-resident GCC National in the UAE can open a RAKvantage account. However, the account is offered only to RAKselect and RAKelite customers.

To become a RAKselect customer you need to meet any of the following criteria:

  • Customers with a salary between AED 20K and 50k
  • Salary between AED 20k and 50k with at least one asset product.
  • Maintaining a 3-month average balance of more than 50k and not greater than 250k
  • Possessing assets valued under 250k
  • Mortgage customers with property value less than AED 2.5 Million

Documents required for opening a RAKBANK RAKvantage 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
  • Details of property and assets
  • 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 RAKvantage Account

To open a RAKBANK RAKvantage account offline you can:

  • Visit the RAKBANK branch
  • Fill the duly signed application form
  • Provide required documents

You do not require to visit the bank to open a RAKvantage account. You can open RAKvantage account online by:

  • Visiting RAKBANK webpage
  • Filling the application form online
  • Attach required documents and signature

You can also choose to open a RAKvantage account via policybazaar.ae in a few minutes. All you need to do is:

  • Visit policybazaar.ae
  • Fill application form
  • Attach required documents and signature
  • Your documents will be checked and verified and your account will be opened.

FAQs on RAKBANK RAKvantage Account

Q1: Can a company open RAKBANK RAKvantage account?

Ans: No, it is a personal bank account and only individuals are allowed to open the bank account.

Q2: When is the account statement generated?

Ans: The account statement for your RAKBANK RAKvantage account is generated monthly.

Q3: Will requesting an e-statement cost extra?

Ans: No E-statement on your RAKvantage account is free.

Q4: How much do I need to pay for requesting the previous cycle statement?

Ans: If you are a RAKselect customer, you will require to pay AED 25 per cycle and if you are a RAKelite customer, the previous cycle statement is free for you.

Q5: How much will it cost to close the RAKvantage account?

Ans: If you close the RAKvantage account within a year of opening, it will cost you AED 100 if you are a RAKselect customer. However, if you are a RAKelite customer, you can close the account even within a year for no cost.

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.