Minimum Balance Required Currencies Features
RAKBANK - Current Account RAKBANK - Current Account Minimum Balance: AED 3,000 Currencies: AED, GBP, USD, EUR Features: Multiple Currencies, Free Cheque Book
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Like a wallet, but bigger and safer.

It’s great to know you’re never far from your money. RAKBANK’s Current Account gives you easy access, all the time. A low minimum balance, and a choice of local and international currencies, makes it an attractive option for individuals or companies.

Features & Benefits:
  • Dirham, US Dollar, Pound Sterling or Euro – you decide.
  • Get a Cheque book.
  • FREE Debit Card, which gives you round the clock access to your current account through any ATM in the UAE.
  • Monthly current account statements detailing all transactions.
  • You need to maintain a minimum average monthly balance in your RAKBANK Current Account. If not, the following fees in the currency of the account will be incurred.
  • Minimum balance - Currency and it's respective Minimum Average Monthly Balance: AED - 3,000 USD - 5,000 EUR - 5,000 GBP - 5,000
Documents Required:
  • Duly filled and signed Application form
  • Copy of valid passport and valid residence visa (Minimum 2 months validity required for UAE Resident Visas), if applicable
  • Salary Transfer Letter, if applicable (If your monthly salary is between AED 3,000 to AED 5,000/)
** 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.
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