The RAKBANK RAKbooster Account is a savings account that can earn high interest on the balance boosting the savings. Also, earn higher interest for bigger deposits.
The minimum amount required to earn interest is AED 25,000 or greater than USD 50,000.
Amounts over AED 25 Million and USD 6.5 Million will not earn any interest
RAKbooster Savings Account can be operated only through Digital Banking
Interest accrual below AED 10 will not be paid
RAKbooster Savings Account can be active only in conjunction with a current or savings account. If no current or savings account is held, then the bank may close the RAKbooster Savings Account at its discretion
You can earn a 0.25% p.a bonus and 0.25 % additional bumper bonus if you meet the conditions mentioned.
An online savings account can be opened in AED and USD currencies.
Pay utility bills using digital banking.
Interest is calculated daily and paid monthly.
Fees & Charges
Account Closure (Within one year)= AED 100
Non-RAKBANK ATM Transactions in UAE- Cash Withdrawal = AED 2
Fee for using the ATM outside UAE and GCC = AED 20
Interest Rates
From AED 25K to AED 1Million = 0.25%
Greater than AED 1Million to AED 10Million = 0.50%
Greater than AED 10Million to AED 25Million = 0.75%
Documents Required
Duly filled and signed Application form
Eligibility
Individuals who hold a conventional account can open a RAKBooster account. It cannot be opened by Islamic and business customers.
It can remain active along with a current or savings account and the bank at its discretion may close this account if the other account is closed.
Addition Information
1 withdrawal and/or 5 Utility* / RAKBANK Credit Card payments allowed per month to be eligible for monthly interest If the customer exceeds the count of permitted transactions in a month (1 withdrawal and/or 5 Utility* / RAKBANK Credit Card payments) then no interest will be payable for that month. Please note, the bonus is not paid if there is any debit transaction in the account.
A minimum balance of AED 3,000 to be maintained to avoid paying a non-maintenance fee.
Earn 0.25% p.a. bonus if below conditions are met:
The monthly interest is credited to the account for each preceding 3 months
No debit transaction performed in the preceding 3 months
If the bonus is not already credited during the preceding 3 months
Earn an additional 0.25% p.a. bumper bonus if the below conditions are met:
The monthly interest is credited to the account for each preceding 12 months
No debit transaction performed in the preceding 12 months
If the bumper bonus is not already credited during the preceding 12 months
