| Annual Fee | Islamic Banking | Minimum Balance | Multiple Currencies | |
|---|---|---|---|---|
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RAKBANK - RAKstarter Account
|
Annual Fee: AED 0 | Islamic Banking: Yes | Minimum Balance: AED 0 | Multiple Currencies: Yes |
Tops reasons to choose:
Zero balance account
1) Zero balance account
2) Earn attractive interest
3) Free Banking benefits
4) Free Business Insurance
5) Free Cloud Accounting package with connected banking experience.
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
2) Attractive Foreign Exchange and Trade Finance rates
3) 24 hour Phone banking service
Eligibility:
Length of Business < 12 months
Documents Required:
1) Company profie
2) Valid Trade Licence
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.
