| Annual Fee | Islamic Banking | Minimum Balance | Multiple Currencies | |
|---|---|---|---|---|
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RAKBANK - RAKelite Business
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Annual Fee: AED 0 | Islamic Banking: Yes | Minimum Balance: AED 500,000 | Multiple Currencies: Yes |
Top reasons to choose:
Enjoy an array of exceptional privileges and cost savings. With priority services, preferential pricing as well as a bouquet of lifestyle benefits, it pays to be one of the Business Elite.
Product USP:
1) Free teller transactions, cheque book and physical statements
2) Free electronic fund transfer through Digital Banking*
3) Higher transactional limit for fund transfer through Digital Banking
5) Preferential Forex Rate for US Dollar
6) Fast Track Servicing of Business Banking service requests through Branches
7) Dedicated RAKelite counters across most of our branches
8) 24x7 Toll-free Dedicated RAKelite Phone Banking number
9) Lifestyle benefits
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
4) Complimentary Airport Pick-up and Drop-off
5) Complimentary Roadside Assistance
6) Discounted Airline tickets with MMI Travels
7) Golf Access
8) Valet Services
9) Dining Offers
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.
