| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
RAKBANK - Savings Account
|
Minimum Balance Required: AED 3,000 | Annual Return: 0.5% | Features: Multiple Currencies, Free Credit/Debit Card |
Pick your currency and watch your savings grow. RAKBANK’s Savings Account offers you highly competitive interest rates, and credits interest to your account every six months.
Savings Account Currency and it's respective Interest:
Savings Account Currency and it's respective Interest:
- AED - 0.50%
- USD - 0.25%
- EUR - 0.25%
- GBP - 0.25%
- Dirham, US Dollar, Euro or Pound Sterling – you choose the currency for your Savings Account. Other currencies may be approved upon request.
- FREE Debit Card.
- Get access to your savings account 24 hours, 7 days a week through any ATM in the UAE.
- Get monthly, quarterly or bi-annual statements with your Savings Account. If debit card option is selected, monthly statements are issued by default.
- Transfer funds between your accounts easily and conveniently.
- A salary transfer letter is required as additional documentation for customers opening the account for salary transfer purpose.
- AED - 3000
- USD - 5,000
- EUR - 10,000
- GBP - 10,000
- No minimum balance is required for the first 3 months on Saving Accounts.
- AED 25
- USD 15
- EUR 15
- GBP 15
- 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.
