Emirates Islamic Bank is one such bank offering exclusive Islamic banking products in the UAE, with the Emirates Islamic Bank zero balance accounts being among the most preferred savings accounts in the UAE.
With its headquarters located in Ras Al Khaimah, RAK Bank is one of the oldest banks of the emirate founded in 1976. 52.76% of its shares are owned by the government of Ras Al Khaimah making it a public joint-stock company. Initially, RAKBANK used to deal only in the commercial banking sector. Now it has expanded its reach to personal banking which happened in the reforms of 2001. RAKBANK has over 27 branches in the UAE and offers many exceptional banking solutions and products popular among customers. RAKBANK recurring deposit account is on the top of this list.
A RAKBANK recurring deposit account allows for clients to make monthly fixed deposits in their accounts and earn a lump sum return rate at the end of the tenor. The account is perfect for the account holders who prefer to make smaller deposits in one go and earn a regular profit. RAKBANK recurring deposit account comes with an assured rate of interest as well. This means that you will earn a fixed amount of profit on your deposit at the end of the tenure which can range from 1 to 5 years.
Owning a recurring deposit account with RAKBANK comes with an array of benefits for any account holder. Mentioned below are some of these benefits that you as an account holder can avail of:
Returns Guaranteed- The interest rate of the recurring deposit account is fixed and retune on deposits are guaranteed. The account holders are also given a growth chart for their deposits at the time of opening the RAKBANK recurring deposits account to track their earnings.
1. Monthly Savings Limit of RAKBANK recurring deposit account:
2. RAKBANK recurring deposit account tenure:
3. Interest will be calculated daily on the amount in the client’s RAKBANK recurring deposit account and will be compounded annually.
4. No additional fees or charges on delayed or defaulted payments.
You can have a RAKBANK recurring deposit account if you clear the following stated conditions:
Q1: When will the amount from my recurring deposit account be credited?
Ans: You will receive the amount at maturity when the recurring deposit account closes automatically.
Q2: Can a recurring deposit be redeemed before the end of the term?
Ans: Yes, you can withdraw the money from your RAKBANK recurring deposit account before maturity. However, there will be a penalty liable in that case.
Q3: Can the primary funding account be changed?
Ans: Yes, the primary funding account for your recurring deposit can be changed easily by visiting a RAKBANK branch.
Q4: How is interest calculated for the RAKBANK recurring deposit account?
Ans: The interest for RAKBANK recurring deposit account is calculated on the daily closing balance of the account. It is gets compounded annually as per the final closing balance of the year.
Q5: How should I take care of my missed instalments?
Ans: Visit any of the RAKBANK branches to make the missed or delayed payments for any given month.