RakBank Call Deposits Account

RAKBANK is a UAE-based financial institution that is renowned for its multiple banking services. This bank is also a suitable option if you are looking to park your savings in a bank account and grow or manage them.

The bank has numerous bank accounts for both personal and business purposes, with one such account type being the RAKBANK Call Deposits account. To know more about the RAKBANK Call Deposits bank account, how to apply for it, how it can benefit you, and more, let’s go through the article below.

Features and Benefits of Personal and Business RAKBANK Call Deposits Account

Enlisted below are the salient features of both business and personal RAKBANK Call Deposits bank accounts -

The application process is quite convenient
You can start using your account by providing a notice of 2 working days
It is an interest-bearing account. However, note that a free chequebook and debit card are not provided with this bank account.
As a customer, you can get a free monthly statement with all the necessary details of the previously made transactions
The financial institution offers a hold mail facility to its customers, albeit charging certain tariff fees for the same

What are the Eligibility Criteria for RAKBANK Call Deposits Account?

To know whether you are qualified to open a RAKBANK Call Deposits bank account for personal or business purposes, check out the eligibility criteria mentioned further -

Eligibility Criteria for Personal Account	The applicant must be at least 21 years old The applicant must be a UAE national, UAE ex-pat, or GCC national
Eligibility Criteria for Business Account	The age of the applicant must be at least 21 years The applicant must be a UAE national or GCC national or from a non-resident company

What are the Documents Required for RAKBANK Call Deposits Account?

In order to apply for a RAKBANK Call Deposit account, you would be required to submit some mandatory documents to carry out the verification process as listed below -

Personal Account

Emirates ID
Valid proof of income such as a salary certificate or bank account statement

Business Account

Emirates ID
Trade Licence
Valid proof of income such as a bank account statement

How to Apply for RAKBANK Call Deposits Account?

If you wish to apply for a RAKBANK Call Deposits account, you can use any of the following methods mentioned further -

Online Banking

Open the official website of RAKBANK.
Tap on the ‘Call Deposit’ option under the ‘Accounts’ menu.
After you are redirected to the ‘Call Deposit’ page, scroll below and move to the right side of your screen
Type in your name, mobile number, email ID, salary, and the text displayed
Tap on the ‘Apply Now’ button
Go through the on-screen prompted instructions to complete the process

Via Paisabazaar UAE

You can also apply for the RAKBANK Call Deposit bank account via our platform. With us, you can have a hassle-free application experience and get to explore all the features and terms of your chosen account in just a few taps or clicks of your device.

Here’s how you can apply for a RAKBANK account through paisabazaar.ae -

Open paisabazaar.ae, our website
Under the ‘Banking Products’ menu, click on the ‘Bank Account’ option
Provide a few essential details such as account type, name, email ID, contact number, monthly income, city, and nationality
Click on the ‘View Quotes’ option and choose RAKBANK
Tap on the ‘Apply Now’ option and follow the further steps as instructed

For any further queries, you can reach out to our customer care support by dialing 042472904 or by dropping us an email at communication@paisabazaar.ae.

By Visiting Nearest Bank Branch

In case you face an issue in carrying out the process of applying for a RAKBANK Call Deposit account online or simply prefer the offline mode, you can also go to your nearest branch of RAKBANK and apply physically. One of the bank representatives will guide you and help you open an account. Make sure you have all the relevant documents with you for the verification process.

How Long Does It Take to Open a RAKBANK Call Deposits Account?

The processing time to make a RAKBANK Call Deposit bank account varies for personal and business accounts. To know how long it takes to use the account, refer below:

Personal Account

After you apply to open a RAKBANK Call Deposit bank account, the financial institution can open your account within 2 working days.

Business Account

Those who have applied for a business RAKBANK Call Deposits account can register their accounts after 3 business days of applying and submitting the required documents.

How to Access Your RAKBANK Call Deposits Account?

As a user of the RAKBANK Call Deposits bank account, you can access your account through multiple channels. Let’s go through all of them below -

Via Online Banking

Most bank account holders prefer using internet banking to avail of banking services, and for good reason. Online banking makes it very easy to access your account’s features and services without moving even a step anywhere.

Here is how you can use online banking to access your RAKBANK account -

Go to the official website of RAKBANK
On the homepage, move to the ‘Digital Banking’ section and click on it
Select ‘Personal Banking’ or ‘Business Banking’ as per your requirement
Once you are directed to the next page, tap on the ‘Continue to login’ option
Enter your username and password and click on the ‘Login’ button to open your profile

Via Mobile Banking

Mobile banking, just like online banking, is another convenient way to use your bank account from anywhere at any time using your phone. RAKBANK has a mobile application that is available on the Google Play Store, the Apple Store, and Blackberry App World.

To use this application to access your RAKBANK account, follow these steps -

Download and install the application on your smartphone
Register your account
Sign in using your accurate login credentials
Search for the relevant bank account and click on it to use its banking services

Via SMS Banking

To avail of the SMS banking service to get information related to your RAKBANK Call Deposits account, you can send your queries to 042130000.

By Visiting Bank Branch

If you wish to fetch any information regarding your RAKBANK Call Deposits bank accounts, you can also go to your nearest branch of RAKBANK and consult one of the bank experts for the required information.

RAKBANK Call Deposits Account: Fees and Charges

Refer to the following table to know more about the fees and charges related to the RAKBANK Call Deposits bank account -

Type of Fees	Charges
Closure of account within 6 months	AED 100
Monthly charges for not maintaining a minimum average balance	AED 25 or other equivalent currencies
Minimum monthly average credit balance	AED 3,000 or other equivalent currencies

Discussed below are some frequently raised queries related to RAKBANK Call Deposits accounts -

FAQs

The following currencies are available with this RAKBANK account - AED, USD, CHF, EURO, GBP, and JPY.

The bank or the financial institution is liable to close your account if you do not update your identification or KYC documents.

No, Call Deposit account holders do not get a free debit card or chequebook upon opening the account.

In case any changes are scheduled by RAKBANK for its accounts, the bank would notify you 60 days before the amendment.

Once you complete the documentation process, your business Call Deposits bank account gets activated within 3 business days.

Yes, the bank charges a VAT at the current rate of 5% on its fees.

Account Types

Bank Wise Account

Ruchi Gohri

Senior Content Writer

Senior Content Writer | She has a penchant for writing and with over 5 years of experience, she plays around with words elegantly, crafting simple content for all to read. In her free time, she loves her couch either to read or catch on to her sleep.

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