RAKBANK Accounts

Types of RAK Bank Accounts

RAK Bank offers various account types to meet your banking needs across the UAE. Before opening a RAK Bank account, you should be aware of the type of account. The types are as follows:

Savings Accounts

RAK Bank offers three types of bank accounts based on your individual needs. Each account has its own benefits and features. The major RAK Bank savings accounts are as follows:

1. RAK Bank Savings Account

The Rak Bank savings account is one of the best savings accounts in the UAE. The account allows you to use various currencies such as USD, GBP, EUR, JPY, CHF, and AED.  The account comes with 3 months of zero minimum balance requirements. It offers quick transfer of money and can be set up easily via the mobile application of the bank.

• Earnings: 0.25% on daily closing balances 
• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 3,000

2. RAK Bank Emirates Skywards Savings Account

The RAK Bank Emirates Skywards savings account is specially designed for the RAKBANK Emirates Skywards World Elite Mastercard Credit Card. This RAK Bank savings account comes with a dedicated relationship manager, preferential exchange rates, exclusive service centres, valet services, golf course access, and more.

• Earnings: N/A
• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 500,000
• Fall-Below Fee: AED 0

3. RAKbooster Savings Account

RAKbooster is an online savings account that provides you with high interest rates on your savings, along with a quarterly bonus payout feature. The quarterly bonus payout comes with a higher interest rate for larger amounts. You can open this account in USD and AED, receive a free bank statement.

• Earnings:  1.75% per annum
• Monthly Service Charge: AED 0
• Minimum Average Monthly Balance: AED 3,000
• Fall-Below Fee: AED 26.25

Current Account

RAK Bank offers a current account that is designed to make your daily transactions easy and smooth. You can open this account in AED or foreign currencies.

Here are the perks and features of this RAK Bank account -

• Earn up to  6.5% p.a. interest for the first 3 months from the account opening
• Receive up to AED 4,000 cashback 
• Enjoy quick account setup
• Get an instant virtual debit card
• Easy money management
• Convenience of money transfer
• Free debit card for AED accounts
• Tailored to meet your banking needs

Eligibility Criteria to Open a RAK Bank Account

If you are looking to open a RAK bank account, understanding the RAK bank account opening requirements is essential. The eligibility criteria to open a RAK bank account are as follows:

• A duly filled account opening form
• You must be 21 years or older.
• You must be a UAE national, resident, or a valid non-resident.

It is also important to note that certain accounts may require you to meet additional RAK Bank requirements for opening an account. Hence, you must check the requirements with the bank while opening the account.

Documents Required for Opening a RAK Bank Account

When opening a bank account, you must also submit some documents to meet the RAK Bank account opening requirements. The documents required may vary depending on the account type. The following are the documents to open an account:

• Copy of your passport
• Address Proof (non-residents)
• Emirates ID (for residents)
• Copy of the Visa page (for residents)
• Proof of Income

RAK Bank Account Opening Minimum Salary Requirement

Understanding the RAK Bank account opening minimum salary requirement is important before applying. While savings accounts usually do not mandate a fixed salary threshold, certain salary and premium accounts may require applicants to meet minimum income criteria.

Key points to note:

• Savings accounts can be opened without a fixed minimum salary
• Salary accounts generally require a minimum monthly income (varies by account type)
• Proof of income, such as salary certificates or bank statements, may be requested
• Higher-tier accounts may offer added benefits like relationship managers and preferential rates

How to Open RAK Bank Account Online and Offline

Understanding how to open RAK Bank account is essential before you begin the application process. RAKBANK allows customers to open a RAKBank account through both online and branch-based methods, making banking accessible and convenient for UAE residents and eligible non-residents.

Online Account Opening Process

To open RAK Bank account online, you can use the official RAKBANK mobile application or website. The digital process is quick and paperless, allowing customers to apply for a RAK Bank savings account or other eligible account types from anywhere.

Steps include:

• Selecting the preferred RAK Bank account type
• Filling out the digital application form
• Uploading required documents as per RAKBANK requirements for opening account
• Completing identity verification

Once approved, your account details and debit card are issued, allowing immediate access to digital banking services.

Offline Account Opening Process

Customers who prefer in-person banking can visit any RAKBANK branch to open RAK Bank account. A banking representative will guide you through the RAK Bank account opening requirements, verify documents, and assist in selecting the right account type based on your income and financial need

Whether you choose online or offline banking, ensure you meet the RAK Bank account opening minimum salary (if applicable) and minimum balance requirements, especially when applying for salary or premium accounts. Some accounts may also qualify as a RAKBank zero balance account for a limited period

Conclusion

Before opening a RAB Bank account, you must understand your banking needs and choose the account that best suits them. By comparing the benefits and features of the bank accounts, you can choose the one that best matches your needs. This makes everyday banking easier, more secure, and better aligned with your financial goals.

Frequently Asked Questions