RAKBANK Savings Account

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:

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

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.

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