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RAKBANK Current Account
What is a Current Account?
A Current Account is a non-interest bearing checking account with a Debit Card and cheque book facilities.
What am I offered when I open a RAKBANK Current Account?
You will be issued with a FREE Debit card, which can be used at all RAKBANK and UAE SWITCH ATMs and if you require, a personalised cheque book can be issued at a nominal charge of AED 25.
Who can open this type of account?
Individuals above 21 years of age who are resident in the UAE. Non resident individuals cannot open a Current Account.
A UAE company registered as a sole proprietorship, L.L.C. Free Zone establishment, general partnership, public or private shareholding, limited partnership or club, association or society.
Do I receive interest on a RAKBANK Current Account?
A RAKBANK Current Account is a non interest bearing account. But if you wish to enjoy interest on your account balance, you can open a RAKvantage account (for individuals only).
What currencies can a RAKBANK Current Account be opened in?
RAKBANK Current Accounts are available in AED, US Dollars, Euro and Pound Sterling (GBP) currencies. Other currencies are available on special request.
When will ledger fees be charged?
If the average monthly balance falls below the minimum average balance, a ledger fee will be charged.
When are statements issued?
Statements are issued on a monthly or quarterly basis as per your requirements.
What facilities does a Current Account give me?
A RAKBANK Current Account allows you to apply for a Credit Card, overdraft, loans and a cash secured facility as per the bank’s credit approval.
Can a cheque book be issued to a customer who does not maintain the minimum balance requirement?
Yes, we can issue a cheque book to customers who do not maintain the minimum balance requirement, as long as any issued cheques are covered by the account balance and cheque book charges maintained.
What currencies are cheque books issued in?
As standard, we will issue your cheque book in AED currency.
