| Annual Fee | Islamic Banking | Minimum Balance | Multiple Currencies | |
|---|---|---|---|---|
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RAKBANK - Business Current Account
|
Annual Fee: AED 0 | Islamic Banking: Yes | Minimum Balance: AED 25,000 | Multiple Currencies: Yes |
Top reasons to choose:
1) Earn intererst upto 0.5%
2) Dedicated Relationship manager
2) Dedicated Relationship manager
Product USP:
1) Earn attractive interest
2) Low monthly average balance
3) Dedicated Relationship Manager/ Tele Relationship manager
Fixed Rate:
Attractive Foreign Exchange and Trade Finance rates
Detailed Features:
1) Accounts denominated in Dirham*, US Dollar, Pound Sterling or Euro
2) Attractive Foreign Exchange and Trade Finance rates
3) 24 hour Phone banking service
Documents Required:
1) company profile
2) Valid Trade License
3) MOA/AOA
4) Passport copies of signatories and shareholders
5) Valid Emirates ID
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
