RAKBANK Accounts

National Bank of Ras Al-Khaimah PJSC, also popularly known as the RAK Bank, is one of the top banks based in the UAE that offers both conventional and Islamic banking services to customers. RAK Bank is a public shareholding bank of UAE with 52.7% of its shares owned by the government of Ras Al-Khaimah. From general savings account to exclusive fixed deposit accounts, several RAKbank accounts are offered to customers in both conventional and Islamic banking forms. Excellent online access, smooth account opening process and exclusive value-added benefits are just a few of the many benefits that RAK Bank accounts offer. Let us find out the various kinds of accounts that RAK bank offers. 

Types of RAK Bank Accounts

Listed following are all the different kinds of RAKbank online personal accounts offered by the bank. Along with the account, you will find a little something about the special services that the account provides and who is it for. There are the basic categories of savings, current and fixed deposit account and apart from that, you will find a few exclusive accounts as well. 

Savings Accounts

RAK Bank offers four different kinds of savings account to their customer, each one with distinct characteristics, features and benefits. Listed following are the RAK Bank savings accounts following conventional banking rules. 

1. RAK Bank Savings Account

The RAKBANK online savings account is one of the savings accounts with the highest interest rates in the UAE. It is available to be opened in several major currencies including AED, USD, EUR, GBP, CHF, and JPY. While the account requires you to maintain a monthly average balance like all other savings accounts in UAE, it exempts the customers from this ordeal for the initial 3 months.

This means you get to use all the services and benefits of the account without having to maintain a monthly average balance. 

• Earnings:  Interest Rate of up to 0.25% p.a.
• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 3000
• Fall-Below Fee: AED 25

Click here to Open RAK Bank Savings Account

2. RAK Bank Emirates Skywards Savings Account

This RAK Bank online account is your simple and straight way to Emirates Skywards Gold Tier membership. The exclusive account comes with a bunch of benefits that are unique to this account only for example a personal relationship manager, Skyward Points on purchases, valet services and more. The account is available only for RAK Bank existing customers with World Elite Mastercard credit card. 

• Earnings: Skywards Miles on deposits over set AQB
• Monthly Service Charge: AED 0
• Minimum Average Quarterly Balance (AQB): AED 500,000
• Fall-Below Fee: Nil 

Click here to Open RAK Bank Emirates Skywords Savings Account

3. RAKbooster Savings Account

A RAK bank account that pays you for not only your savings but also for being an ideal customer, the RAKbooster saving account is perfect for the people who would like to keep their savings grounded in place without any withdrawals and earn additional interest as well. This bank account offers a bonus interest amount if the customers meet a few conditions like no debit transactions for 3 months (additional bonus for making it to 12 months), etc. Available in AED and USD only. 

• Earnings: Interest Rate of up to 0.75% p.a.
• Bonus Interest Rates: 0.25% p.a. and 0.25% p.a. (applicable on different sets of conditions)
• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 3000
• Fall-Below Fee: AED 25

4. RAKsave Savings Account 

A RAK Bank account made especially for minors, the RAKsave savings account is a good choice to teach your little one a bit about savings, build up their credit Score from the start and save for their future. The bank allows account holders to have a debit card as well as ownership of the account as soon as they turn 18. The account holders do not have to maintain a monthly average balance for the first 3 months. 

• Earnings:  Interest Rate of up to 0.25% p.a.
• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 3000
• Fall-Below Fee: AED 25

Click here to Open RAKsave Savings Account

5. RAK Bank F@st S@ver Account

The exclusive zero balance savings account from RAK Bank, the F@st S@ver Account is the fastest way to earn a profit on your savings without bearing the pressure of maintaining a minimum balance at all times. The zero balance F@st S@ver Account can be opened in AED and USD currencies. 

• Earnings:  Interest Rate of up to 0.50% p.a.
• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 0
• Fall-Below Fee: AED 0

Click here to Open RAK Bank F@st S@ver Account

Current Accounts

You will find two kinds of Current accounts in this selection of RAK Bank accounts. Both the accounts offer complete access to the funds, a rather low minimum balance maintenance level as well as a multitude of currency options. 

1. RAK Bank Current Account

The RAKBank online current account can be opened in AED, USD, GBP, EURO, CHF, and JPY. The account allows you complete access to the funds with no limit on debit transactions and also offers additional benefits. For example, free chequebook (AED accounts), and a free debit card for transactions. 

• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 3000
• Fall-Below Fee: AED 25

Click here to Open RAK Bank Current Account

2. RAKBANK RAKvantage Account

This a high-end special current account that not only gives full access to the funds but also earns you interest. It is offered to UAE residents, nationals and GCC non-resident customers who are already RAKselect & RAKelite customers. It is available in AED and USD currencies. 

• Earnings:  Interest Rate of up to 0.35% p.a.
• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 3000/USD 10,000
• Fall-Below Fee: AED 25

Click here to Open RAKBANK RAKvantage Account

Fixed Deposit Accounts

RAK Bank offers three kinds of Fixed deposit accounts:

1. RAK Fixed Deposit Account 

The basic Fixed deposit account from RAKbank online accounts is available for both individuals as well as entities. You also get a complimentary Life insurance cover with the fixed deposit account. The interest is paid as per the tenure of the deposit which can range from 1 month to 3 years.

• Earnings:  Interest Rate of up to 0.70% p.a. (AED) and up to 0.50% p.a. (USD)
• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 25.000 or USD 10.000
• Fall-Below Fee: Not Applicable 
• Tenure: 1 month to 3 years 

Click here to Open RAK Fixed Deposit Account

2. RAK Fixed Deposit Plus Account

A better version of the basic Fixed Deposit RAK Bank account, the Fixed Deposit Plus account offers higher rates of interest on your funds deposited with the bank without requiring a higher minimum balance amount. Fixed Deposit Plus account does not come with complimentary life insurance though but can be opened in both AED and USD currencies. 

• Earnings:  Interest Rate of up to 0.80% p.a. (AED) and up to 0.60% p.a. (USD)
• Monthly service charge: AED 0
• Minimum Average Monthly Balance: AED 25.000 or USD 10.000
• Fall-Below Fee: Not Applicable
• Tenure: 1 month to 3 years

Click here to Open RAK Fixed Deposit Plus Account

3. RAK Call Deposit Account

Another one of the special RAK Bank accounts, the call deposit account lets its users have fluid funds like in checking accounts and yet allow them to earn a profit on the deposit like a fixed deposit account. RAK Bank call account can be opened in AED, USD, GBP, EURO, JPY and CHF. 

• Earnings:  Interest Rate of up to 0.10% (for AED and USD accounts only)
• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 3,000 or USD/GBP10.000 (AED 0 for other currencies)
• Fall-Below Fee: Not Applicable 

Click here to Open RAK Call Deposit Account

4. RAK Recurring Deposit Account

Start slow and earning constantly with RAK Bank recurring deposit account. This RAK Bank account offers a very low monthly minimum balance and earns interest/profit every month to ensure constant savings. It is only available in AED currency.

• Earnings:  Interest Rate of up to 2.5% p.a.
• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 350
• Maximum Monthly Savings Amount: AED 10,000
• Tenure: Minimum 1 year and Maximum 5 years 

Click here to open RAK Recurring Deposit Account

5. RAK Flexi Fixed Deposit

A unique blend of current and fixed deposit RAK Bank accounts, the Flexi Fixed Deposit account allows you to have full access to your funds while offering the interest-earning benefits of a fixed deposit. As soon as the deposited amount of your account reaches AED 10K, the bank converts it to a fixed deposit, moves it and start paying interest on it. If the balance falls below AED 3000 in future, the sum is moved back to the RAK Bank current account. 

• Earnings:  Interest Rate of up to 1% p.a. (as per deposited amount)
• Monthly Service Charge: AED 0
• Sweep-In Limit: AED 3000
• Sweep-Out Limit: AED 10,000
• Tenure: 1 year (initial)

Click here to RAK Flexi Fixed Deposit

6. RAK Gold Account

You can buy/sell Gold anytime, anywhere digitally with the RAK Bank Gold account. It allows you an option to save the gold in grams, redeem the digital gold for physical gold, and get capital gains too. 

RAK Bank Accounts - An Overview

RAK Bank Islamic Accounts – An Overview 

RAK Bank accounts also come in a Sharia-compliant form for the customers who prefer Islamic banking over the conventional banking system. The benefits offered are almost the same as their conventional variants but with added Sharia law-complaint bonuses. 

• RAKislamic Current Account – Finds its basics on Qard Hassan – a Sharia-compliant concept.
• RAKislamic Savings Account - Earns Mudaraba-style profit on the deposited funds.
• RAKislamic Emirates Skywards Savings Account – Works on Sharia principles with similar benefits offered by its conventional counterpart.
• Jood Savings Account – Earns Mudaraba-style profit on the deposited funds. 
• Advantage Account – Earns Mudaraba profit every quarter. 
• Term Investment Deposit Account: Free Takaful cover and Mudaraba profit.
• Fawrum Term Deposit Account – Receive profit at the time of depositing funds.
• Call Investment Deposit Account – Sharia-compliant flexible fund profit-earning account. 

How to Open a RAKBANK Account Via Policybazaar UAE?

On Policybazaar.ae, you can seamlessly open bank account online in UAE. Here’s how you can open a RAKBANK account —

• Step1- Visit our official website.
• Step2- From the drop-down menu, select ‘Banking Products’.
• Step3- Choose the ‘Open Bank Account’ option.
• Step4- Fill out the lead form with details such as your name, salary, nationality, type of bank account, and so on.
• Step5- Get directed to the car insurance quotes page.
• Step6- Locate the RAKBANK bank account that you want to open and hit ‘Apply’.
• Step7- Proceed as per the instructions prompted on the screen.

Note: You can have a telephonic conversation at 042472904 or drop an email at communication@policybazaar.ae if you have any queries during the process. 

Eligibility Criteria to Open a RAK Bank Accounts

The following the basic eligibility criteria for RAK Bank account opening in UAE:

• The individuals should be either UAE national, resident or non-resident.
• The individual opening and managing the account should be 18 years of age or older. 
• The applicant shall have all the original documents at the time of filing an application.

Some accounts like RAK Bank current accounts from RAK Bank accounts require the individual to be 21 years of age or older while others may require the applicant to be a salaries/earning individual with proof of income. Confirm individual additional eligibility criteria when choosing an account to apply for. 

Accounts available for minors must be maintained by parents/guardians till the account holder is 18 years of age. 

Documents Required for Opening a RAK Bank Accounts

• Original and a copy of the Passport
• Original and a copy of Visa page (for residents)
• Emirates ID (for residents)
• Proof of Income (in cases only earning individuals are eligible)
• Address Proof (non-residents)
• Bank statements (non-residents)

FAQs About on Open RAKBANK Account