| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
RAKBANK - RAKsave
|
Minimum Balance Required: AED 3,000 | Annual Return: 1.5% | Features: Phone Banking, Free Credit/Debit Card |
RAKsave is high interest savings account for people who hate hassle, and that’s everyone. Having a RAKsave savings account is so easy even a child could do it, literally – minors can have an account too. It has a low minimum balance, up to 1.5% interest.
Savings Account Balance and their respective Interest in AED:
Features & Benefits:
Documents Required:
Savings Account Balance and their respective Interest in AED:
- 5,000 - 24,999: 0.50%
- 25,000 - 99,999: 0.75%
- 100,000 - 499,999: 1.00%
- 500,000 & above - 1.50%
- Free Debit Card to access your savings account through any ATM in the UAE
- Instant account access so you can pay your bills or conduct account transfers through RAKdirect our 24-hour telephone banking service
- Monthly account statements clearly detailing all transactions
- Minimum Balance - AED 3000 - No minimum balance is required for the first 3 months on Savings Accounts
- Monthly charges for non-maintenance of balance AED 25
- Currency Type - AED Only
- 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.
