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Evantage Account
Evantage Account - FAQs
What is an Evantage Account?
Evantage account is an online transaction account that entitles you to earn higher interest on your deposits.
How can I open an Evantage Account?
Banking and Non-Banking customers can apply for an Evantage account through RAKBANK’s websites(www.rakbank.ae / www.rakbankdirect.ae) or visit any RAKBANK Branch.
Is there any minimum monthly balance requirement for Evantage?
No, there is no minimum monthly account balance requirement for the Evantage account
Is there any Account maintenance fee for Evantage Account?
No, there is no monthly maintenance fee for the Evantage account.
What are the Evantage benefits?
- No minimum Account Balance and no Account Maintenance Charges
- Up to 1 International OR 3 Local Electronic Outward Remittance free every month**
- Free one time set up of an initial Balance Order to transfer balance above a set amount to your F@st S@ver account**
- Mail a Cheque facility on request.**Charges apply
- Free Debit Card
- Free EDM Cash & Cheque deposits
- Free RAKdirect & RAKconnect
- Free monthly electronic statements
- Interest calculated on daily balances and paid monthly as per tiered structure
**Only through Online Banking
Can a non resident individual open an Evantage Account?
Evantage Account is provided only to resident individuals. A Valid UAE Residence visa, (if applicable) is to be maintained at all times during the relationship with the Bank. Copy of valid UAE residence visa is to be provided to the Bank from time to time and failure to do so, may lead to closure of the account.
Can a minor open an Evantage Account?
Evantage Account is available for individuals above 21 years of age.
How is the Interest calculated?
Interest is calculated on daily cleared closing balances as per the tier structure and paid monthly. If the interest accrued is less than AED 10, then no interest is payable to the customer. Interest is paid on credit balance as per tiered interest rate structure below
| Balance Range (AED) | Interest (p.a.) |
| 0-9999 | 0.25% |
| 10,000-99,999 | 0.75% |
| 100,000-249,999 | 1.00% |
| =or >250,000 | 1.50% |
Can I open an Evantage Account in multiple currencies?
No, an Evantage account can only be opened in AED currency
Is there a Debit Card given with the Evantage Account?
Yes, Debit Card will be provided for the Evantage account.
Is there a cheque book given with the Evantage Account?
No cheque book is provided with the Evantage Account. However Mail a Cheque facility can be availed by the customer through Online Banking only. A charge of AED 15 will be applicable as courier charges for delivery of cheque leaf(ves).
Under the Mail a Cheque facility, the customer is eligible for 4 preprinted cheque leaves in a span of 31 calendar days, with the below mentioned details to be filled through Online Banking.
- Beneficiary Name – (Mandatory)
- Amount in words/figures
- Reason for request – (Mandatory)
- No. of cheques – (Mandatory)
Requests for more than 4 cheque leaves within a span of 31 calendar days will be declined.
Is there a minimum income requirement for Evantage?
Minimum gross monthly income to open the account is AED 5000/-. If salary is between AED 3000/- and AED 5000/- then a Salary Transfer Letter (in RAKBANK Format) is required.
Can I get an overdraft facility?
Yes, customers can apply for an overdraft facility subject to Bank's approval.
Can I withdraw cash from my Evantage account through the teller counter?
Branch transactions are restricted for the Evantage Account. Charges apply*
When and how do I receive statments for the Evantage Account?
Account Statements will be emailed to the customer’s Email ID OR mailed to the mailing address on a monthly basis.
Is it possible to transfer salary directly into the Evantage Account?
Yes.
Through which banking channels can I access the Evantage Account?
You can access the Evantage Account through IVR (Interactive Voice Response), Mobile Banking, ATM/EDM and RAKBANK Online Banking.
Can I receive SMS alerts on my Evantage Account?
Yes, you can receive SMS alerts on the Evantage Account by applying for the RAKconnect Service.
Can a self employed customers open an Evantage Account?
Yes, a self-employed individual can open an Evantage Account.
Can a company open an Evantage Account?
No, a company cannot open an Evantage Account. The Account is only for individual customers.
Is the Account Sharia compliant?
No, the account is not Sharia compliant.
Can I do multiple Telex Transfers?
Yes, you can process multiple Telex Transfers (Outward Remittances). However only 1 International OR 3 Local Outward Remittances per month processed through Online Banking will be FREE. Any additional Outward Remittance will be charged as per the applicable S&P Guide.
* Terms and Conditions governing Evantage Account, Personal Account & Online Banking Services will be applicable.
