Benefits
- Sharia-compliant account
- The account can be opened in two currencies – AED and USD.
- All AED accounts will get a free cheque book.
- Profits on the accounts will be declared and credited every quarter.
- Low minimum balance required to open and maintain the account.
- A free debit card that can be used at all RAKBank ATMs and UAE SWITCH ATMs.
- Free online banking, mobile, and SMS banking services are available.
- Accountholders can also apply for other bank products like credit cards and finance.
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
- 10% to 0.35% of the deposit amount.
Documents Required
- Duly filled and signed current account application form.
- Copy of passport and resident visa.
Eligibility
- Applicant must be an individual residing in UAE and GCC nationals.
- Businesses are not eligible.
- A minimum monthly average balance of AED 3,000
Addition Information
- Accounts opened in US dollars do not qualify for a free cheque book.
- The bank issues monthly statements.
- The Advantage account can be opened online or by visiting RAKBank branches.
- To calculate the profit rate, the funds in the account are contributed to the Mudaraba pool and the Profit Distribution Module (PDM) will be executed to find the rate.
- A minimum monthly average balance of AED 3,000 needs to be maintained for personal accounts.
- A ledger fee of AED 25 per month will be charged if the monthly balance falls below the minimum average for personal accounts.
- No profit will be paid if the profit accrued is less than AED 10.
- Six free ATM withdrawals per month. AED 10 per transaction will be charged from the 7th withdrawal.