| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
RAKBANK - Evantage
|
Minimum Balance Required: AED 0 | Annual Return: 1.25% | Features: Free Credit/Debit Card |
24 hours a day just never seem to be enough to get everything done. That’s why RAKBANK’s Evantage Account gives you the speed and convenience of managing your day-to-day finances online, with free online telex transfer options, while earning you interest at the same time.
Balance Range and it's respective Interest (Per Annum):
Documents Required:
Balance Range and it's respective Interest (Per Annum):
- AED 0 – AED 9999 - 0.25%
- AED 10,000 – AED 99,999 - 0.75%
- AED 100,000 – AED 249,999 - 1.00%
- =or> AED 250,000 - 1.25%
- Convenient management of your finances online
- Attractive interest rates
- Interest calculated on daily balances and paid monthly
- No minimum Account Balance and no Account Maintenance Charges
- Free Debit Card
- Free monthly electronic statements
- Free EDM Cash and Cheque deposits
- Free RAKdirect and Mobile Banking Channel facility
- Up to 1 International OR 3 Local Electronic Transfers free every month
- Mail a Cheque facility on request - Charges apply
- Check Account Balance and view Statements online
- Cheque Book
- Initial Balance - AED 1000
- No minimum Account Balance or Account Maintenance Charges
- Currency - AED Only
- Only UAE nationals and residents who are 21 years and above in age can apply
- Single and joint account holders (either or accounts only) permitted
- Branch transactions are restricted for this Account. Charges apply
- Interest payout on intra month closure of account will be as per Bank’s policy
- Upto 4 cheque leaves requests permitted within a 31 day period for Mail a Cheque facility
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.
