RAKstarter Account

RAKstarter Account — Terms and Conditions

Mentioned below are some of the terms and conditions for RAKstarter conventional and Islamic bank account:

Islamic Banking

1. The customer must complete and sign the Business Account application and submit all required documents. The account may be opened subject to the fulfillment of all conditions determined by the bank from time to time and in accordance with the laws of the UAE. The Bank reserves the right to reject the customer’s application at its sole discretion without providing any reason.
2. The customer acknowledges that the bank may request the following documents, among others:
   1. A certified and authenticated copy of a shareholders' or Board Resolution (or equivalent) authorising —
      • The opening of the account in the name of the customer
      • The authorized User(s) to open and operate the account on behalf of the customer
      • Certified and authenticated copies of the customer’s constitutive documents
      • Certified and authenticated copies of the customer’s valid trade/professional/service license and commercial registration
3. A customer may open bank account in its own name.
4. Upon the customer’s request and subject to the bank’s discretion, the bank may open additional accounts under the customer’s name, provided all minimum balance requirements or applicable charges are met, unless agreed otherwise.
5. The Bank reserves the exclusive right to refuse to open or close any account at any time. All such accounts shall be governed by these terms and conditions. The customer remains liable to settle any outstanding balances due to the bank upon account closure.

Conventional Bank Account

1. You agree to comply with these terms. Any changes made to them must also be accepted by you. If there are changes, the bank will notify you in accordance with applicable laws. 
2. If you fail to maintain the required minimum balance or meet other conditions set by the bank, additional fees may apply, or the bank may need to change the type of your account.
3. You must ensure that sufficient funds are always available in your account to meet any instructions issued. If funds are insufficient, the bank may be unable to act on your instructions. Any applicable fees will be as set out in the bank’s Service and Price Guide.
4. You may appoint individuals (‘Authorised Users’) to operate the account and use the services on your behalf. You must complete all required forms and submit supporting documentation, especially if you are a company.
5. You understand that actions taken or instructions given by an authorised user are considered valid and binding on you as if they were given by you directly. You must notify the bank immediately of any changes to an authorised user’s authority or status. Verifying the identity of each authorised user and ensuring their compliance with these general terms and applicable laws is your responsibility.
6. You can perform transactions, including deposits and withdrawals, through bank branches, ATM networks, or other electronic channels. It is your responsibility to ensure that all account and transaction details are accurate as some transactions, including ATM deposits, may not be reversible.

 📝Note: Visit the bank’s website for detailed terms and conditions.

Frequently Asked Questions