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A savings account secures your finances while allowing you to keep track of your transactions and withdraw money from your account whenever you want. The most advantageous benefit of a savings account is the interest offered on your savings. With RAKBANK savings account’s high-profit rates, this benefit becomes even more exciting. Founded in 1976, RAKBANK has been catering to the needs of customers for over 4 decades. The interest rates of the RAKBANK savings account are among the highest rates offered on the savings account in the UAE.
When you deposit money in your RAKBANK savings account, you receive high interest which boosts your finances. Besides, the compound interest on your balance helps you save more money than anticipated. One of the advantages of savings account in RAKBANK is that, unlike other savings account, the rate of interest in the RAKBANK savings account on GBP (Great Britain Pound) and USD (United States Dollar) is equal to the rate of interest on AED. However, the rate of interest on Euros (EUR), Swiss Franc (CHF), and Japanese Yen (JPY) is negative.
For the first three months, there is no minimum balance required on your RAKBANK savings account. After three months, you are required to maintain a minimum balance of AED 3000.
With the RAKBANK mobile app, you can access services on your RAKBANK savings account without visiting the bank’s branch. From obtaining an account statement to requesting new cheque books or transferring funds, you can avail of any service from anywhere in the world. You can also pay your utility bills with RAKBANK mobile app. However, the bank may charge you a small amount for transactions over digital banking.
The SMS alert facility on your RAKBANK savings account notifies you every time a transaction is made on your savings account. Besides, the bank sends an e-statement on your registered mail ID to keep you updated about transactions on your account. You can choose to receive monthly, quarterly, or bi-annual statements on your account. In case you have opted for the debit card option, you will receive a monthly statement by default.
RAKBANK savings account offers one of the most competitive rates of interest i.e. 0.25%. This interest rate is applicable on AED, USD, and GBP. To take advantage of this interest you need to ensure that the payable interest is at least AED 10 across all the currencies. Please note the negative rate of interest on the following currencies:
This interest is calculated and transacted to your account twice a year, in June and December.
|Fee on balance lower than minimum balance||AED 25*|
|Minimum balance to avoid fee||AED 3000|
|Request for physical statement delivery||AED 5 per statement|
|Teller Fee (6 free transactions every month)||AED 10|
The required minimum balance for currency AED, USD, and GBP is AED 3000, and the fees of AED 25 for not maintaining the minimum balance are applicable on all currencies including AED, USD, and GBP. However, there is no requirement and charge for not maintaining minimum balance on EUR, CHF, and JPY. To earn more profits on your RAKBANK savings account, please ensure that you maintain enough balance to receive payable interest of AED 10 and do not make more than 6 transactions every month.
Please note that Value Added Tax (VAT) of 5% will be applicable on the fees and charges levied by RAKBANK.
Though RAKBANK accepts AED, USD, and GBP, other currencies such as EUR, CHF, and JPY can be accepted on special request. However, you are advised to preferably use AED, USD, and GBP to make profits and avoid negative charges.
Any resident, non-resident, or minor in the UAE is eligible to open a savings account in RAKBANK
These documents are not exhaustive and the bank might ask for more or other documents as per the requirement.
You can open your RAKBANK Savings Account offline or online.
To open your savings account offline:
You can choose to avoid all the hassle of visiting the bank and open the bank account through your mobile phone or desktop.
You can also choose to open your bank account in minutes through policybazaar.ae. All you need to do is:
Q1: Can I receive a duplicate copy of the previous statement cycle on the RAKBANK savings account?
Ans: You can receive a duplicate copy of your previous statement cycle by paying AED 25. If you require a copy of your statement prior to previous cycle, you will require paying AED 25 per cycle.
Q2: Are there any additional charges on the dormant account?
Ans: No, as long as you meet the minimum balance requirement, no additional charges will be levied on the dormant account.
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 savings account.
Q4: Do I receive a cheque book on RAKBANK Savings Account?
Ans: No, the bank does not issue cheque book on the RAKBANK savings account.
Q5: Are there any separates charges on a debit card?
Ans: No, a debit card is issued for free on your RAKBANK savings account.
Q6:. Is there any cut-off time for online banking transfers on Digital Banking?
Ans: Yes, the cut-off time for external transfers is 5 PM (for AED transactions) and 4 PM (for non-AED transactions). External transfers will not be processed on holidays. Internal transfers are processed immediately on both working days and holidays.