RAKstarter Account

RAKBANK is one of the leading institutions with respect to banking in the UAE and is reputed for offering impeccable banking products in conventional and Islamic variants. You can find various banking products with RAKBANK, with a few examples for the same including bank accounts like saving, current, business, fixed deposits and more, insurance, loan facilities, Elite banking services, commercial banking, and more.

This article will talk about the RAKstarter Bank Account, a business account (available in conventional and Islamic variants) that can be of great use if you are a budding businessperson who has a startup that is less than a year old. To know more about the two types of RAKstarter bank accounts, read the following sections. 

Features and Benefits of RAKstarter Bank Account

Let’s first check out the key features and benefits of the variants of this RAKBANK bank account -  

RAKstarter Account - Conventional Banking

RAKstarter is a conventional zero-balance business account that enables emerging entrepreneurs like you to maximise the efficiency of your money management and the use of cash with impeccable banking services and offers. 

Here are the features and benefits of the RAKstarter Bank Account -

1. The account can be operated in AED, USD, GBP, or EUR denominations, although you won’t earn any interest on GBP and EUR currencies
2. There are no ledger or fallback charges
3. Limitless access to the chequebook facility
4. Earn competitive interest rates when you open a fixed deposit
5. 24/7 phone banking service
6. Earn a good interest on the RAKstarter account
7. Gain access to a variety of business financing products like working capital finance, business loan, points of sale loan, and more
8. Attractive rates on foreign exchange and trade finance 
9. Allocation of a dedicated relationship manager 
10. Access to RAKvalue SME (Plus and MAX) packages - You can increase your business by saving up to AED 10,000 per year along with unparalleled banking benefits, business insurance, and other related benefits such as -
    • Preferential USD Buy and Sell Rates
    • Complimentary International Remittances
    • Complimentary Domestic Remittances
    • Free Cash Withdrawals from Non-RAKBANK ATMs
    • Intuitive Accounting
    • Payroll Management
    • Inventory Management
    • Connected Banking
    • Account and VAT
    • Users
    • Workmen’s Compensation Cover including Employers’ Liability
    • Public Liability Cover
    • Property Cover
    • RAKvalue Offers
    • RAKBANK Pocket Payments 

RAKstarter Bank Account - Islamic Banking

This RAKstarter account is a Shariah-compliant zero-balance account that follows the principles of Mudaraba. Here, you put your savings in the form of a deposit with the bank for an undefined period. These funds are invested by the bank as per the unrestricted Mudaraba contract. The profit entitlement is decided as per the profit rate decided by the bank and the average balance in the deposit at the time of profit distribution.

This profit is declared and added to your account every quarter. The following are more key features of this RAKstarter bank account -

• You can operate the account in AED, USD, GBP, or EUR denominations (no profit is earned in GBP or EUR denominations) 
• There are no ledger and fallback fees
• Access to chequebook facility
• Earn attractive profit rates when you open a fixed deposit
• 24/7 phone banking service
• Earn promising profit on the Shariah-compliant RAKstarter account
• Gain access to numerous business credit products
• Promising rates on foreign exchange and trade finance 
• D dedicated relationship manager 
• Avail of RAKvalue SME (Plus and MAX) packages - these SME packages include banking benefits, cloud accounting, business insurance, and connected banking convenience. The Plus package is available for a nominal amount of AED 49 per month. 

Interest Rates Applied on the RAKstarter Bank Account

The interest rate of the conventional banking RAKstarter account (annually fixed) is accrued every day and applied monthly to your account. The tables below show the interest rate applied on the different currency denomination RAKstarter account -

In AED

In USD

Profit Rates Applied on the RAKstarter Bank Account

The profit on this RAKstarter account is announced quarterly. Check out the profit rates applied to the Shariah-compliant RAKstarter account below -

In AED

In USD

Services and Charges for RAKstarter Bank Account

Listed below are the services and charges associated with RAKstarter Bank account -

Eligibility Criteria to Apply for RAKstarter Bank Account 

The eligibility criteria for a RAKstarter Bank account remains the same for both conventional and Shariah-adhering bank accounts. Given below are the eligibility criteria for a RAKstarter Bank Account -

• Any business with a tenure of less than 1 year
• A valid trade licence to function in the UAE

Documents Required to Open a RAKstarter Bank Account

Similar to the eligibility criteria, the documents required to open a RAKstarter account, be it conventional or Shariah-compliant, are the same. You would be required to present the following documents to open a RAKstarter Bank Account -

• A valid trade licence
• Passport with residence permit page of all the authorised signatories (for residents only)
• Emirates ID of all the authorised signatories
• Memorandum of Association
• Articles of Association
• Share Certificate
• Partners Agreement

How to Apply for a RAKstarter Account?

You can apply for a RAKstarter Account by choosing any of these modes of application discussed below-

Via Policybazaar UAE

You can easily open a RAKstarter account via Policybazaar UAE. As a third-party aggregator in the country, we offer you the best account and services present in the UAE and enable you to apply for a bank account within a few minutes. 

To initiate the application process, simply fill in the lead form with accurate personal details. This form can be found in the bank account section on policybazaar.ae. You will be then directed to the quotes page where you can go through the information related to the RAKstarter bank account. Once through, click on the apply button. 

Your application will be directed to the bank and the designated personnel will connect with you for the further process. 

Another way to open a RAKstarter Account is by using the ‘Quick Apply’ option on the bank’s website. 

Via Quick Apply Tab

Follow the steps mentioned below to apply for the RAKstarter Account -

• Visit www.rakbank.ae/smesouk and click on the quick apply tab before clicking on the RAKstarter tab. Once done, choose between the Conventional or Islamic banking options.
• Select one of the RAKvalue SME Packages (Plus or Max).
• You will be directed to the new page where you would need to fill in your personal details. After this, you will receive an OTP on your registered mobile number. Provide the OTP in the specific field to authenticate the process.
• Provide your Startup’s name, category, trade licence number, and other relevant information. Post this, provide the information of at least 1 stakeholder, signatory, percentage of the share, nationality, and more.
• Share the information related to your customers, vendors, turnover, and so on. 
• Upload all the required documents and click on the submit button. You will receive an inactive account number which will get activated once your application gets approved.

Keep in mind that it can take up to 3 business days to open the RAKstarter account.

Another way to open this RAKBANK bank account is to visit a branch of the bank, where you can fill in the application form and affix copies of all the required documents. 

How to Close Your RAKstarter Bank Account?

To close your RAKstarter Bank Account, you can connect with the dedicated customer care executive at 042130000. You can also visit your nearest bank branch and meet the relationship manager to know more about the bank account closure procedure. 

For more information regarding the RAKstarter Bank Account, go through the following FAQ section -

RAKstarter Bank Account Frequently Asked Questions