What are the options available once your RAKBANK Fixed Deposit Plus Account matures?

You can select any one of the following facilities when your RAKBANK Fixed Deposit Plus Bank Account matures - Renew the account for the same tenure with the prevailing interest rate - you have the option to choose between the principal amount and principal and interest for renewal Credit the returns to the linked RAKBANK transactional account

RakBank Fixed Deposit Plus Account

RAKBANK was founded in 1976 and is counted among the most eminent and dynamic banks in the UAE. The bank has carved its niche in the sector with its impeccable banking products like bank accounts, credit cards, debit cards, insurance plans, and loans for personal as well as business banking requirements.

RAKBANK has plenty of offerings if you are looking for fixed deposit accounts. The bank provides high interest-bearing fixed deposits including -

Call Deposits
Fixed Deposits and Fixed Deposit Plus
Flexi Fixed Deposits
Recurring Deposits

The RAKBANK Fixed Deposit Plus Account, in particular, is an interest-bearing account. You can apply for the RAKBANK Fixed Deposit Plus Bank Account not only for personal financial growth but to grow your business as well.

We would go through the key features and benefits, eligibility criteria, and documents required for opening a Fixed Deposit Plus Account below. On top of that, we will also discuss the applicable interest and service charges so that you make a truly informed choice.

Features and Benefits of RAKBANK Fixed Deposit Plus Bank Account

RAKBANK Fixed Deposit Plus Account is a conventional, interest-bearing account. It enables you to deposit a portion of your funds with the bank for a specific period at a fixed interest rate. Once the account completes a year, it gets automatically renewed until you instruct the bank to close the Fixed Deposit.

The following are the features and benefits of the RAKBANK Fixed Deposit Plus Bank Account -

Fixed tenure - You cannot access the funds in your RAKBANK Fixed Deposit Plus Account during the tenure
You can open a RAKBANK Fixed Deposit Plus Account starting from a minimum amount of AED 25,000 or USD 10,000
Earn high interest according to the tenure and the deposit amount
Avail of the auto-renewal and top-up facility
Can be opened by both individuals and businesses
RAKBANK Fixed Deposit Plus Bank Account can be opened either in AED or USD denomination

Interest Rate Applied on RAKBANK Fixed Deposit Plus Account

The interest applied to RAKBANK Fixed Deposit Plus Account is computed in the following manner -

The interest is accrued every day and paid out upon maturity or during premature withdrawal
The interest is calculated using this formula - Deposit Amount x Interest Rates x (Number of Days/365)
When the interest rate is revised, the revised interest amount will get applied from that date forth until a new revision comes

Here are the interest rates applied on the RAKBANK Fixed Deposit Plus Bank Account

In AED

Amount	1 Month To 3 Months	3 Months To 6 Months	6 Months To 12 Months	12 Months To 18 Months	18 Months To 24 Months	2 Years	3 Years
AED 25,000 to AED 100,000	0.10%	0.15%	0.25%	0.30%	0.30%	0.35%	0.40%
AED 100,000 to AED 500,000	0.10%	0.15%	0.25%	1.25%	1.25%	2%	2.10%
AED 500,000 to AED 1 Million	0.15%	0.20%	0.35%	1.25%	1.25%	2%	2.1o%
AED 1 Million to AED 5 Million	0.15%	0.20%	0.35%	1.25%	1.50%	2%	2.10%
AED 5 Million to AED 10 Million	0.20%	0.30%	0.45%	1.25%	1.50%	2%	2.10%

In USD

Amount	1 Month To 3 Months	3 Months To 6 Months	6 Months To 12 Months	12 Months To 18 Months	18 Months To 24 Months	2 Years	3 Years
USD 10,000 to USD 25,000	0.03%	o.o5%	0.10%	0.20%	0.20%	0.25%	0.30%
USD 25,000 to USD 200,000	0.03%	o.o5%	0.10%	1.25%	1.25%	2%	2.10%
USD 200,000 to USD 600,000	0.05%	0.10%	0.15%	1.25%	1.25%	2%	2.10%
USD 600,000 to USD 1.5 Million	0.05%	0.10%	0.15%	1.25%	1.50%	2%	2.10%
USD 1.5 Million to USD 2.72 Million	0.10%	0.15%	0.20%	1.25%	1.50%	2%	2.10%

Note - For a RAKBANK Fixed Deposit Plus Bank Account with an amount below AED 25,000 or USD 10,000 and a tenure of less than 1 month, the interest rate applicable is 0%.

Services and Charges Levied on RAKBANK Fixed Deposit Plus Bank Account

Given below are the services and charges on RAKBANK Fixed Deposit Plus Bank Account -

Description	Charges
Minimum Amount Required to Avail a Fixed Deposit	AED 25,000 or USD 10,000 (or equivalent in any other currency)
Premature or Partial Upliftment	2% of the interest rate stated at the time of deposit for the set tenure

Eligibility Criteria to Apply for a RAKBANK Fixed Deposit Plus Bank Account

You can apply for a RAKBANK Fixed Deposit Plus Bank Account if you fulfil the following eligibility criteria -

Nationality - UAE nationals, residents, and non-residents
The account can be opened by individuals and banking customers who hold transactional accounts with RAKBANK. This account will fund the deposit, with the returns of the deposit being sent to this transactional account.

Documents Required to Open a RAKBANK Fixed Deposit Plus Account

There is no set list of documents you need to open the RAKBANK Fixed Deposit Plus Account. You must have an existing savings or current account with the bank to open this account.

How to Apply for a RAKBANK Fixed Deposit Plus Account?

Discussed below are a few ways if you are wondering how you can apply for RAKBANK Fixed Deposit Plus Bank Account -

Via Paisabazaar UAE

You can open your RAKBANK Fixed Deposit Plus Bank Account via Paisabazaar UAE. Our portal enables you to effortlessly open the Fixed Deposit Plus Account without having to stand in a long queue at the bank or go through tedious documentation.

To open the account, simply visit paisabazaar.ae and fill in the lead form in the section for bank accounts. This will redirect you to the quotes page, where you can check out the features of the RAKBANK Fixed Deposit Plus Account and click on the Apply button. Your application will be sent to the bank with minimum documentation.

Other Modes

You can also open your account instantly through Digital banking if you have an existing transactional account with the bank and digital banking access.

Note - The account opens within 1 business day from the date of submitting the application form

How to Close a RAKBANK Fixed Deposit Plus Bank Account?

For closing a RAKBANK Fixed Deposit Plus Bank Account, you would need to connect with the bank either by calling on the customer care number 04 2130000 or by connecting with the automatic phone banking service on 600 54 4049. You can also visit your nearest bank branch and meet the dedicated executive to know more about the account closing process.

For more details about RAKBANK Fixed Deposit Plus Account, read the following FAQ section.

RAKBANK Fixed Deposit Plus Account Frequently Asked Questions

You can select any one of the following facilities when your RAKBANK Fixed Deposit Plus Bank Account matures -

Renew the account for the same tenure with the prevailing interest rate - you have the option to choose between the principal amount and principal and interest for renewal
Credit the returns to the linked RAKBANK transactional account

There is a penalty charged for the premature closure of the RAKBANK Fixed Deposit Plus Bank Account, which is 2% on the actual interest rate applied to the account. The fine is applied to the accumulated interest (if any) rather than to the principal amount.

The RAKBANK Fixed Deposit Plus Account can be opened by both residents and non-residents who have an existing transactional account with the bank.

No fee is levied on the functioning of the RAKBANK Fixed Deposit Plus Bank Account.

The RAKBANK Fixed Deposit Plus Account is operable in AED and USD denominations.

Since this is a deposit account, a chequebook cannot be issued on a RAKBANK Fixed Deposit Plus Account.

Account Types

Bank Wise Account

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