RAKBANK

RAKBANK, also known as the National Bank of Ras Al Khaimah, was established in 1976. This makes it one of the oldest financial institutions in the UAE. From personal to commerical banking, it provides a plethora of services to fulfil the financial goals and needs of its customers. 

The bank has an Islamic banking unit called RAKIslamic. It was established to deal in Shariah-compliant personal and business banking. With its 27 branches, the institute has its headquarters on Sheikh Mohammed Bin Zayed Road, Ras Al Khaimah, UAE. 52.76% shares of the bank are owned by the Government of Ras-Al-Khaimah.

Range of Products and Services Offered by RAKBANK 

Online and Offline Features of RAKBANK

 Online banking has paved a new era of availing banking facilities. It is not only easier but also has helped the financial institutions raise their overall turnover. Digital banking has now brought all the facilities be it commercial or personal, at the convenience of your home. RAKBANK continues to improve the online banking features so that the customers can easily manage their finances at any time of the day. 

• Log into the online banking portal for the bank. You can even download the mobile banking application to manage your funds more conveniently. 
• When using the  internet banking option for  RAKBANK, you can also request for a no-liability certificate and even upgrade to RAKelite Business.
•  Since this feature is available for 24/7, you do not need to wait for the next working day to conduct transactions and other banking related tasks.
• You can also locate RAKBANK ATM near you with the help of online banking.
• Paying bills gets easy with RAKBANK’s internet banking. 
•  You can now easily upload the trade license and financial transaction documents on the bank’s website.
• Open new accounts and check balance in the existing accounts at your convenience using the online banking option. 
• You can also transfer money to other accounts.
• You can also access the details about your trade finance account. 

 If you are still comfortable with the traditional way of banking, you can visit the nearest RAKBANK branch and get your work done. 

Choose between the two RAKBANK banking modes as per your convenience.

An Overview of Products and Services offered by RAKBANK

List of RAKBANK Products and Services

Accounts are one of the main services of any bank. The types of bank accounts that you can open with RAKBANK are listed below:

Personal Accounts

Personal account enables you to manage your funds based on your needs. Here are five types of personal accounts: 

1. Current

• You receive free Debit card with 24*7 global access.
• You can do transactions in multiple currencies including dirham, US Dollar, Euro, and  British Pound. 
• When you open this account, you also receive a cheque book.

2. Savings

• The account enables you to transact in AED and other currencies like US Dollar,  Pound, and Euro.
• The included debit card can be used 24/7. You can even use it once a week to withdraw money from any ATM in the UAE.
• There is no limit to saving money in the savings account.

3. Emirates Skywards Savings Account

1. With a balance of over AED 500,000 in this savings account, you can earn Skywards Miles on the balance. 
2. You can even take assistance of a relationship manager to manage your funds. 
3. The Emirates Skywards also offer valet services and golf courses across the UAE.

4. RAKbooster

• This savings account enables you to earn more access to your funds than the traditional bank accounts. You can easily improve your savings with an interest of up to 1.25% per annum.
• The account can be opened in either USD or AED
• The interest is computed daily and paid monthly.

5. Gold Account

•  With thjs bank account, you can buy gold at competitive prices starting from 1 g of gold.
• You also get an option to save in gold, beginning from 1 g gold.
•  You can redeem the physical gold at the selected RAKBANK branch. You can also submit a request to redeem physical gold via digital banking.
• To receive this gold, you need to visit RAKBANK Oud Metha Branch (SBC).

Deposit Accounts

Deposit Accounts is one of the best options to save your hard-earned money to meet your financial goals. There are four kinds of deposit accounts that RAKBANK offers:

1. Call Deposit

1. With this account, you can earn higher returns on the minimum average monthly balance maintained. 
2. You can easily access your account by informing two working days in advance.
3. The interest is calculated daily on the minimum account balance.

2. Fixed Deposit and Fixed Deposit Plus

1. Both corporates and individuals can enjoy the privileges of FD and FD plus accounts.
2. The account offers you competitive interest rates. 
3. You get the benefits of life insurance with an FD account.

3. Recurring Deposit

1. Save small amount of money every month and earn assured returns at the end of the tenure.
2. The interest rates can increase up to 2.5% per annum.
3. The tenure ranges from 1 year to 5 years
4. The monthly instalments can start from an amount as low as AED 350 per month.

4. Flexi Fixed Deposit

1. This account combines the privileges of current account and fixed deposit. It helps you to take benefits of liquidity of a current bank account and the high returns of a Fixed Deposit.
2. Nominal impact is levied on the interests in case you withdraw the money from the Flexi FD.
3. The tenure begins with 1 year and then it can auto roll.
4. Flexi Fixed Deposit provides you with high-interest rates.

Cards

Credit Cards

 Following are the credit cards offered by RAKBANK. Browse through them for getting an ideal about the featured premium lifestyle benefits and travel benefits.

1. Personal Credit Cards 

• Emirates Skywards World Elite Credit Card
  • This is an all-in-one credit card with the best lifestyle and travel privileges. 
  • You get the best SkyMiles offers on your Emirates Skywards World Elite Credit card.
  • Take advantage of lifestyle privileges like global airport lounge access, free golf rounds, discounts on fine dining, and a membership to GHA Discovery Titanium.
• World Credit Card
  • With this card, you earn rewards, benefits and privileges daily. 
  • You get exciting cashbacks on every purchase you make with this credit card.
  • You can avail of Premium lifestyle and travel perks. 
• FC Barcelona Platinum Credit Card
  • Express your passion for Barcelona with official Credit Card of Barcelona
  • When you shop for daily essentials, pay monthly bills, and purchase lifestyle products with your Barcelona card, you earn RAKBarca Rewards.
  • You can earn rewards on spending on sports adventure, sport shopping and lounges.
• Air Arabia Platinum Credit Card
  • The Air Arabia Credit Card can be used for both national and international purchases and earn unparalleled AirReward points 
  • You get a welcome bonus of 15,000 AirReward points upon joining. 
  • Earn 10% cashbacks on booking flights with Air Arabia.
• HighFlyer Platinum
  • RAKBANK's HighFlyer gives you the chance to win various travel rewards.
  • Get up to 350,000 Rak Rewards every month on your local and international purchases.
  • Get exciting offers on car and truck rentals, hotels, and resorts. 

2. Business Credits Cards 

• Business Titanium
  • A business can utilise Business Titanium for making major business transactions, paying suppliers, buying raw materials, and purchasing stocks 
  • You do not need to pay an annual fee. 
  • You can provide your main employees witha business credit card.

3. Corporate Credit Cards

• Corporate Purchase Credit Card
  • With a Corporate Purchase Credit Card, you can make payments to vendors, other businesses, or the government agencies.
  • Make secure payments via pin and advanced chip authentication. 
  •  You also get a free lifelong subscription.
• Corporate Executive Credit Card
  • Compensate your employee’s travel and entertainment expenses with the Executive Corporate card.
  • You can take privilege of complimentary access to international airport lounges.
  • Get complimentary accident and travel insurance.

Debit Cards

RAKbank offers multiple debit cards so that you can make purchases as per your convenience. Enjoy premium lifestyle benefits with RAKBANK debit cards.

1. Debit Cards

• RAKBANK Select Mastercard
• RAKBANK Select Mastercard allows you to enjoy unlimited benefits and premium privileges.
• With its pin and chip authentication, RAKBANK's Select Mastercard offers a secure transaction environment
• You can also withdraw cash with your Select Mastercard through more than 1000 RAKBANK ATMs

2. RAKBANK Elite Platinum Mastercard

• This card enables you to enjoy a high-end lifestyle and dining benefits.
• This is an internationally accepted Mastercard with a cash withdrawal benefit.
• You receive SMS alerts as soon as you make a transaction with your Elite Platinum Mastercard.

3. Standard Mastercard

• With the RAKBANK Standard Master Card, you have access to unlimited conveniences, perks, and savings.
• Go cashless with a Standard Master card. Pay anywhere with a single tap.
• Save more on Travel packages if you travel with MMI travels

Business Debit Cards 

RAKbank offers Business Debit cards that align with your corporation’s needs. You can make secure yet high limit transactions from anywhere in the world using Rank Bank’s Business Debit Cards.

1. Business Debit Card

• This business debit card offers high daily transaction limits for your business. 
• You can earn a discount on healthcare, personal accident insurance and motor fleet with this debit card.
• It is embedded with an advanced chip and pin security to make secured transactions.

2. RAKelite Business Debit Card

• RAKelite Business Debit card provides you with more premium business benefits
• You have a daily cash withdrawal limit of AED 50,000 and a transaction limit of AED 75,000. 
• Earn a discount of 20% on DHL on your business shipments.

Prepaid Cards

RAKBANK’s prepaid Cards let you spend and make currency exchanges without any worries. These cards let you go cashless.

1. FC Barcelona Mastercard Prepaid Card

•  This card is suitable to teach your children how to manage funds.
• Load the card with your child’s pocket money and costs incurred during travlling.
• You can avail of great deals on dining, holidays and football coaching with FC Barcelona Mastercard Prepaid card

2. Travel Prepaid Card - Single Currency

• The RAKBank Travel Prepaid Card makes it easy for you to exchange currency on the go.
• You can get lower exchange rates on any currency.
• Carry your cash in a card, in any country with RAKtravel prepaid card.

3. Travel Prepaid Card- Dual Currency

• Travel prepaid card for dual currency is available in  both UAE and USD wallets
• Enjoy low exchange rates, as low as 2% only.
• You do not need to pay fees for cash withdrawals with a travel prepaid Card.

Contactless Payments

RAKbank offers contactless payment solutions for hassle-free and convenient transactions. Explore the smartest contactless payment options with RAKBANK:

1. SwatchPAY!

• You can make contactless payments without any hassle everywhere.
• You are allowed to withdraw cash using this card at more than 170 contactless enabled RAKBANK ATM machines.
• You can enjoy all the cash back, rewards and privileges that you used to enjoy with your normal cards.

2. Google Pay

• RAKbank offers contactless payments with Goggle pay for convenience and security.
• Download the Google Pay; follow the RAKcredit/debit card verification instructions and you are good to go!
• Make your payments within a few taps.

3. Fitbit Pay

• You can make contactless payments using your Fitbit smart watch. 
• Get the same RAKrewards, benefits and privileges as your RAK credit, debit or prepaid card.
• You can withdraw cash from more than 1000 RAK ATMs using your Fitbit Pay.

4. Garmin Pay

• RAKBANK’s Garmin Pay allows you to make your payments with your Garmin watch
• Leave your wallet home as you can pay with Garmin Pay everywhere.
• You can also withdraw cash with Garmin Pay at RAK ATMs.
• It is supported in Android, IOS smartphones and in Tablets

5. Click to Pay

• Click to pay is the safest and most straightforward way to make payments.
• Just click and pay, without having to enter any password.
• It offers intelligent security for faster payments.

Loans

RAKBANK offers a variety of loan products to help you finance your dreams. It is simple and convenient to borrow from RAKBANK.

1. Home in One

• Home in one mortgage is a flexible mortgage plan 
• It fuses your current account, mortgage facility, and interest savings and offers a singular, easy to manage solution. 
• You do not need to pay any processing fees for buyout loans

2. Personal Loan

• RAKBANK's personal loans offer you high amounts for lower interest rates with flexible term plans.
• You can get  a quick approval process and hassle-free documentation.
• The personal loans are available for both UAE nationals and expats.

3. Cash Loan

• RAKBANK offers quick cash loans to meet your short-term needs.
• There is no need to transfer your salary for loan payments. You can easily pay with Direct Debit.
• You can request a loan of up to AED 150,000.
• Get to pay the loan flexibility up to two years. 

4. Mortgage Home Loans

• RAKBANK’s Mortgage Home Loans are an affordable and easy way to finance your home.
• Get a mortgage for low rate interest 
• Get a personal assistant to get the guidance for your mortgage requirements.

5. Green Loan

• The Green loans are the sustainable loan options for a better future. 
• You can get an auto, personal or home loan from green loans.
• You go through fuss-free processing with simple documentations.

Insurance

RAKBANK UAE provides affordable insurance plans to protect you and your family. The bank has a wide variety of insurance solutions for your needs.

1. Car Insurance

• Classic Cars
  • RAKBANK provides a comprehensive coverage for your car.
  • You are covered for up to 15 years
  • You can customise the coverage plan as per your auto needs.
  • You can get an around the clock free roadside assistance.

Home Insurance

1. Home Safe

• Home Safe is protection insurance that keeps your home safe against unpredicted events.
• You get a coverage for your valuables as you travel (maximum for 90 days).
• Get a reimbursement cost for the basic necessities of up to AED 5000 per year.

2. Home Comfort

• RAKBANK's Home Comfort offers coverage for household articles.  
• You will be covered against accidental loss or a loss due to natural disasters.
• Receive coverage for your domestic helps too, to make them feel secured.

Travel

1. Visitor's Travel Insurance

• With RAKBANK's Visitor Travel Insurance, you can protect your family and friends who visit you in the UAE against unforeseen events,
• You can avail of immediate inpatient medical expenses. 
• Get a coverage for flight delays, loss of luggage or flight cancellation.

2. Travel Insurance

Enjoy your holidays without any worries with RAKBANK’s Travel insurance 

• You are covered even for your business trips
• You can access around the clock medical facilities 

3. RAK Health Insurance

• RAK Health Insurance offers protection for you and your family against uncertain events.
• The enrolment process is hassle-free and does not require any medical tests.
• You can get coverage for your spouses, children, parents and even for your domestic helps.

Life Insurance

1. Legacy Pro

• Legacy pro is a life term insurance that helps you protect your family’s future. 
• Get a free terminal illness cover along with a chronic illness cover.
• Pay a fixed premium for 5 to 30 years for the term plan.

2. Lifetime Pro

• RAKBANK’s Lifetime pro is saving and lifelong protection plan. 
• Get an accidental life cover, the nominees will receive a lump sum amount on the insurance holder’s sudden demise.
• Take advantage of the free withdrawal facility to withdraw some of your savings.

Savings & Investment Plans

1. Accelerator Pro

• Accelerator Pro is a regular saving plan for reaching your saving objectives.
• You can switch your funds anytime and no costs are involved.
•  In case of permanent and total disability, you can avail of a cash payment of AED 918,258.75.

2. Everest Pro

• With Everest Pro, you invest once for a limited time and pay a single premium.
• Get an accidental death coverage so that beneficiaries will get a lump sum amount on uncertain death of the plan holder.
• You can invest only in USD
• Single premium starting from USD 500 to USD 1000,000 and above

3. Invest Pro

• Investment pro lets you invest in the short term plans for long term benefits.
• Enjoy competitive rates on charges.
• You can withdraw your savings in the form of cash whenever you want.

General Insurance

1. MaxLifestyle

• RAKBANK’s MaxiLifestyle helps you maintain your lifestyle even in unpredicted times.
• You get financial support to pay your bills.
• When you opt for this insurance, you receive exclusive support if you lose your job or you get sick.
• Get coverage for accidental death or death due to illness anywhere in the world.

2. MaxFreedom

• MaxFreedom protects you and your family for a short term.
• You are covered for child’s school fees, credit card payments and monthly bill payments. 
• All RAKBANK credit card customers are eligible for this insurance plan.

3. RAK Protect

• RAK Protect is a personal accident insurance that protects you in unpredicted times.
• Get coverage for partial or permanent disability and accident hospitalization
• Your spouse and children are covered, too

Other Products and Services by RAKBANK

RAKBANK Bank - Awards and Achievements

Year	Awards	Award By
2021	The Gold Award Winner	The ASSET ESG Corporate Awards
2021	Best Wealth Management Provider	World Finance Wealth Management Awards
2021	Best online Bank UAE	International Business Magazine
2020	Best Service Performance Outlet – Services Sector	Dubai Service Excellence Scheme
2020	Best Product/Service launch- Gold Award	MMA MENA Smarties
2020	Industry Award for the Advertiser of the Year	MMA MENA Smarties

RAKBANK Customer Contact Info

Official Website	https://rakbank.ae/
Email ID	contactus@rakbank.ae
Personal Banking	600 54 4049 and 04-2130000
Priority Banking	600 54 4049 and 04-2130000
Company Address	RAKBANK Head Office P.O.Box 5300, RAK Operations Centre, Emirates Road, Ras Al Khaimah, U.A.E

FAQ's