Introduction to RAKBANK Current Account in UAE
RAKBANK is one of the most dynamic banks in the UAE. Founded in 1976, it is also known as the National Bank of Ras Al-Khaimah. The bank offers a wide range of personal and business banking services and has 35 branches. Its headquarters is located in Ras Al-Khaimah in the UAE.
The RAKBANK current account provides customers an account from which money can be withdrawn without notice. It is typically an active account which caters to frequent deposits and withdrawals by cheque.
Features and Benefits of RAKBANK Current Account
- Low Minimum Balance – RAKBANK allows its current account holders the choice to maintain low minimum balance in their accounts.
- Multiple Currencies – Account Holders have multiple currency options to choose from for their accounts. They can maintain the account in either Dirhams, US Dollars, Euros or Pound Sterling.
- Cheque Book – Account holders are provided with a cheque book which they can utilise for multiple transactions.
- Free Debit Card – Account holders get a free debit card which gives them the choice to access their account from any ATM in the UAE.
- 24x7 Access – Account holders can use the debit card to access their account round the clock.
- Monthly Statements – The Bank provides monthly statements with details of all the transactions.
- Simple – The application process to open a RAKBANK current account is simple and hassle free.
Eligibility Criteria for RAKBANK Current Account
- Applicant must be a resident of UAE.
- Individual must be above 21 years of age.
- A UAE company which is registered as a sole proprietorship, general/limited partnership, public/private shareholding, LLC Free Zone establishment or club/ association can apply.
Documents Required for RAKBANK Current Account
- Proof of residence.
- Valid passport/visa.
- Passport size photographs.
Fees and Charges RAKBANK Current Account
- A fee of AED 25 is charged if a minimum balance of AED 3,000 is not maintained in personal Current accounts.
- A fee of AED 100 is charged if a minimum balance of AED 20,000 is not maintained in company current accounts.
- A personalised cheque book can be issued at a nominal charge of AED 25.
Why choose RAKBANK Current Account?
RAKBANK is a leader in UAE banking and its ever growing network promises to enhance the quality of service. The facilities provided and ease of doing banking with them is one of their highlights. Opening a Current Account with them is simple and easy and the rates charged by them are very nominal.
Frequently Asked Questions - FAQs
Can a non-resident of UAE open a RAKBANK Current Account?
Does a RAKBANK current account holder receive interest?
How often are account statements issued?
Can an account holder apply for loans or overdraft?
Can a cheque book be issued to customers who do not maintain minimum balance requirements?
No, only residents of UAE can open RAKBANK Current Accounts.
No, the RAKBANK current account is a non-interest bearing account. Individuals who wish to earn interest can opt for the RAKvantage account which is available only for individuals.
Statements are issued either monthly or on a quarterly basis as per requirement.
Yes, an account holder can apply for loans and overdraft subject to the bank’s credit approval.
Yes, customers who do not maintain minimum balance requirements can be issued a cheque book provided the issued cheques are covered by the account balance and the cheque book charges are maintained.