Benefits
- Debit cards are for account holders over the age of 18.
- The account is available for minors too.
- No minimum balance is required for the first 3 months on Savings Accounts
- RAKsave savings accounts belonging to minors will be administrated by the parent or guardian.
- Only AED currency is offered for this account.
- Access the account from anywhere, anytime using the RAKdirect.
- Get monthly account statements for all the transactions.
Fees & Charges
- Account Closure (Within one year)= AED 100
- Non-RAKBANK ATM Transactions in UAE- Cash Withdrawal = AED 2
- Non- RAKBANK Transactions in UAE – Balance Inquiry / Declined Transaction= AED 1
- Fee for using the ATM outside UAE and GCC = AED 20
Interest Rates
- Interest Rate = 0.25% p.a on the account balance of AED 25,000 and above.
Documents Required
- Passport copy
- Visa Copy
- Emirates ID
Eligibility
- UAE Nationals, UAE Residents, and non-residents of all ages can open this account.
Addition Information
- If interest payable is less than AED 10, then no interest will be credited.
- In case of accounts of dependents, the account will be opened in the name of the minor under the guardian parent. In all cases, the parent will operate the account for as long as the child is below 16 yrs of age.