RAKBANK RAKvantage Account

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. 

Features and Benefits of RAKBANK RAKvantage Account 

Let’s first cover the benefits that you can enjoy as a RAKvantage customer - 

  • Get a free monthly bank account statement with all the detailed transactions mentioned in it
  • Obtain a free debit card on request and enjoy 24*7 global access via any Mastercard ATM
  • If you have an AED-denominated account, you can avail of unlimited free chequebooks on request

What are the Different Modes of RAKBANK RAKvantage Account Banking? 

As a user, you can use any of the following channels to avail of RAKBANK RAKvantage services -  

Online Banking

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. 

Mobile App Banking         

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. 

SMS Banking 

You can also subscribe to SMS banking to get regular updates on your RAKBANK accounts, including RAKvantage. 

Live Chat 

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. 

In-Person Banking

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. 

Open RAKBank Account

What are the Eligibility Criteria for a RAKBANK RAKvantage 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
Other Criteria
  • The applicant must be an existing customer of RAKelite account or RAKselect account
  • The applicant must have valid proof of income source such as a salary certificate or bank account statement

How to Apply for a RAKBANK RAKvantage Account? 

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: 

Via Policybazaar UAE

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: 

  1. Visit our website policybazaar.ae
  2. On the homepage, go to the ‘Banking Products’ menu
  3. Click on ‘Bank Account’
  4. Select the account type and enter your name, contact number, and email ID. Mention your monthly income, city, and nationality as well.
  5. Tap on ‘View Quotes’
  6. Apply filters and search for the RAKBANK RAKvantage account
  7. Hit the ‘Apply’ button and follow the instructions displayed on the screen to complete the process

Via RAKBANK Website

To open RAKelite and RAKselect accounts through the official website of RAKBANK, check out the following steps:

  1. Open the RAKBANK website
  2. Tap on the ‘Select’ menu and apply for the RAKelite account by clicking on the ‘Elite’ menu
  3. Once you choose either of the options, you will be redirected to their profile page
  4. Scroll below and enter your name, mobile number, and email address in the box present on the right side of the screen
  5. Enter the captcha and hit the ‘Apply Now’ button

Complete the process by following the further instructions displayed on the screen 

By Visiting Bank Branch

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. 

RAKBank Debit Card

How to Access a RAKBANK 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 - 

Via Online Banking

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 -  

  1. Open the official RAKBANK website and click on the ‘Digital Banking’ menu
  2. Select ‘Personal’ and click on the ‘Continue to Login’ option on the next page
  3. Enter your username and password
  4. Tap on the ‘Login’ button

Via Mobile Banking

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 -  

  1. Download the application and complete its installation 
  2. Register your account to create a username and password
  3. An OTP will be sent to your registered mobile number to authenticate your account
  4. Once done, log in using the correct login credentials

Find the RAKBANK RAKvantage account option to use your account

By Visiting a RAKBANK Branch

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. 

How to Close a RAKBANK RAKvantage Account? 

RAKBANK provides an account closure form to those who wish to close their existing RAKBANK accounts. Here is the link to the closure form 

RAKBANK RAKvantage Account: Fees and Charges 

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 - 


How to close an existing RAKBANK RAKvantage 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 


What is the minimum balance required to maintain a RAKBANK RAKvantage account? 

To keep your RAKvantage account active, you must maintain a minimum balance of AED 3,000.

Which currencies are accepted with the RAKBANK RAKvantage account? 

You can open your RAKBANK RAKvantage account in AED or USD currencies. 

How many days does it take to get a RAKBANK RAKvantage account activated? 

After the submission of the essential documents is complete, the bank takes up to 2 days to process your request and activate the account. 

How to contact the bank to gather information related to the RAKBANK RAKvantage 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.

How to retrieve the RAKBANK RAKvantage online account password? 

In case you forget or lose your bank account password, you can follow the below-mentioned steps to retrieve the password - 

  1. Open the website and go to the login page
  2. Instead of entering your credentials, click on the ‘Forgot Password’ option
  3. Select a product type and hit ‘Next’
  4. Further, provide all the necessary details and request a new password
  5. Enter the authentication code when asked
  6. Create a new password and re-enter it for confirmation
  7. Finally, set up the password and log in again
Do all RAKBANK RAKvantage account holders get a free debit card and cheque book? 

No, only the customers who have opened their accounts in the AED currency receive a free chequebook and debit card.

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