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