Benefits
- 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
- Non- RAKBANK Transactions in UAE – Balance Inquiry / Declined Transaction= AED 1
- 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