Benefits
- It is a sharia-compliant account where you can earn profits on your savings.
- Mudaraba based savings account.
- Is available only in AED currency.
- Free EDM Cash and Cheque deposits.
- The account can be opened online.
- Get a free debit card with this savings account.
- Earn profits on a quarterly basis.
- E-statements are available online.
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%
Documents Required
- Passport Copy
- Emirate ID
- Visa Copy
Eligibility
- A UAE National, UAE Resident, non-residents, and minors can open this account.
Addition Information
- The savings account can be accessed using RAKDirect or mobile banking services.
- The profit rate payable will be worked out by executing the Profit Distribution Module (PDM) on a quarterly basis and credited into the account.