RAKBANK Islamic Savings Account RAKBANK Min. Salary AED Min. Balance 3000 Interest Rate 0.25% Non Maintenance Fee 25 Features Free Debit Card Internet Banking Islamic Banking Mobile Banking Sharia Compliant The RAKBANK Islamic savings account is a sharia-compliant account where you can earn profits on your savings. Apply Now Benefits It is a Sharia-compliant account. The Savings Account is based on the Islamic principle of ‘Mudaraba’ Waiver of minimum balance for the first 3 months of the account. The profit is declared and credited to your account on a quarterly basis. The account can be opened in many currencies. Monthly E-statements/statements are available. 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 Profit Rate = 0.25% The profit rate is calculated on a quarterly basis using the Profit Distribution Module. Documents Required Passport Copy Emirate ID Visa Copy Eligibility Any individual who is a UAE National, UAE Residents, non-Resident, and minors are eligible Addition Information Online banking and RAKDirect banking service can be used to access the account. SMS alerts available on your account. The minimum balance required for a Private Banking relationship is AED 3,500,000 or USD 1,000,000 Minimum be minimum balance required for a Premium Banking relationship is AED 250,000 Minimum balance required for RAKprime banking relationship is AED 50,000 or USD 15,000 Apply Now
