RAKBANK Savings Account

RAKBANK 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.

Featuring competitive interest rates, the flexibility of no minimum balance requirement for the initial three months, and the freedom to choose your preferred account currencies, RAKBANK paves the way for a tailored and rewarding savings experience. 

Types of RAKBank Savings Accounts

RAKBank account opening can be done for different savings account variants, these include:

Account Type

Top Features

Fees & Charges (in AED)

Savings Account

  • For non-residents & residents of the UAE
  • 0.25% annual interest
  • Available in EUR, GBP, USD, etc.

No. min. balance for 3 months

 

Min.monthly balance - 3000

 

Fall below charges - AED 26.25 p.m

RAKbooster Account

  • Interest rates up to 1.75% p.a
  • Available in AED & USD

Min.monthly balance - 3000

RAKBANK Emirates Skywards Savings Account

  • Preferential elite benefits
  • Free upgrade to Gold tier
  • With min. quarterly balance of AED 5,000 earn 3 skywards miles on every AED 200 

Min. avg. quarterly balance - 500,000

Gold Account

  • Buy gold digitally
  • Save in grams
  • Set up standing instructions

Buying & selling of gold - 0

 

Physical gold custody charge - 262.5

Open RAKBank Account

Benefits of RAKBank Account Opening

  • Choose from various currency options including USD, GBP, EUR, and more for added flexibility in managing your savings.
  • Enjoy seamless money transfers through RAKMoneyTransfer, ensuring convenient and efficient transactions globally.
  • Experience the freedom of no minimum balance requirement for the initial three months, allowing you to kickstart your savings journey hassle-free.
  • Set up your account swiftly in just minutes, empowering you with quick access to RAKBANK's comprehensive banking services.
  • Embrace next-generation digital banking features, revolutionizing the way you manage and grow your savings with RAKBANK zero balance account opening online.

Eligibility Criteria to Open Bank Account Online

To be eligible to open a bank account, customers need to meet certain criteria. Here is the general eligibility criteria:

  • 18 years old and above
  • UAE residents & non-residents

Fee & Charges on RAKBANK Savings Account

Fee on balance lower than minimum balance AED 25*
Minimum balance to avoid fee AED 3000
E-statement Nil
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.

RAKBank Debit Card

Documents Required to Open RAKBANK Savings Account

The general set of documents required to open a RAKBANK savings account with minimum balance include:

  • Proof of Residential Address
  • Passport photocopy, Visa copy (with at least 2 months validity for UAE Residence Visa), 
  • Recent Salary certificate (if your salary falls between AED 3000 and AED 5000), 
  • Emirates ID copy

Note: The bank may request additional documents on their sole discretion.

FAQs on RAKBANK Savings Account

Q1. When is a ledger fee charged on an account?

Ans: A ledger fee is applied to both individual and corporate accounts when the required minimum balance is not kept.

Q2: What is the minimum balance required for a RAKBANK savings account?

Ans: You need to maintain a monthly account balance of AED 3,000.

Q3: Are there extra fees for a dormant account?

Ans: No, provided you maintain the required minimum balance, there won't be any extra charges for a dormant account.

Q4: Will I get a cheque book with my RAKBANK Savings Account?

Ans: No, RAKBANK doesn't provide a cheque book for their savings accounts.

Q5: Are there any additional fees for a debit card?

Ans: No, a debit card is issued at no extra cost for your RAKBANK savings account.

Reviews & Ratings

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