Minimum Balance Required Annual Return Features
RAKBANK - RAKvantage Savings Account RAKBANK - RAKvantage Savings Account Minimum Balance Required: AED 3,000 Annual Return: 1.5% Features: Phone Banking, Multiple Currencies, Free Cheque Book
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An account with high interest. Simple.

RAKvantage combines the benefits of a banking account with the advantage of high interest rates. Simply put, the higher your balance, the higher the interest. RAKvantage is an AED/USD Personal Banking account for UAE residents and non resident GCC Nationals in the UAE.

Interest Rates in AED

Balance Amount and it's respective Interest Rate (Per Year):
  • 0 - 9,999 NIL
  • 10,000 - 49,999 0.25%
  • 50,000 - 99,999 0.50%
  • 100,000 - 249,999 0.75%
  • 250,000 - 499,999 1.00%
  • 500,000 - 999,999 1.00%
  • 1 Mio up to 5 Mio 1.25%
  • 5 Mio up to 10 Mio 1.50%
  • 10 Mio up to 25 Mio 1.50%
  • 25 Mio and above 1.00%
Interest Rates in USD

Balance Amount and it's respective Interest Rate (Per Year):
  • 0 - 9,999 NIL
  • 10,000 - 49,999 NIL
  • 50,000 - 99,999 NIL
  • 100,000 - 249,999 NIL
  • 250,000 - 499,999 0.25%
  • 500,000 - 999,999 0.50%
  • 1 Mio and above 0.75%
If interest payable is less than AED 10 or USD 10, then no interest will be credited.

RAK Bank RAKvantage Features:
  • Unlimited FREE cheque books and drawings.
  • Instant account access for bill payments and account transfers through RAKdirect our 24-hour telephone banking service.
  • Minimum Balance - AED 3000
  • Monthly charges for non-maintenance of balance AED 25
  • Currency Types - AED, USD, Euro and GBP
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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