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RAKfuture
What is RAKfuture?
RAKfuture is a fixed deposit placed with the bank by a customer for a fixed time period at a fixed rate of interest. The usual periods are one week, a fortnight, one month, three months, six months, one year, and up to four years.
In what currency can I open a RAKfuture Deposit?
You can open a RAKfuture Deposit in AED, USD and GBP currencies. Euro and other currencies are available on special request.
What is the minimum amount for placing in a RAKfuture Deposit?
Minimum amounts are AED 25,000, USD 10,000 and GBP 10,000.
Can a cheque book and Debit Card be issued on a RAKfuture Deposit?
No, a cheque book and Debit Card cannot be issued on a RAKfuture Deposit.
Who is eligible to open a RAKfuture Deposit?
Both resident and non-resident individuals and companies are eligible to open a RAKfuture Deposit.
Are statements issued on a RAKfuture Deposit?
No, statements are not issued on a RAKfuture Deposit. You will be issued with a confirmation receipt, which will be sent to your mailing address. A similar confirmation will also be posted to you if you choose to rollover your RAKfuture Deposit on maturity.
Are there any ledger fees on a RAKfuture Deposit?
There are no ledger fees on a RAKfuture Deposit. However, the minimum balance of the RAKfuture Deposit needs to be maintained for opening a RAKfuture.
How is interest calculated on a RAKfuture Deposit?
Interest is payable at the prevailing rate for the term period payable on maturity.
If the customer wishes to uplift his deposit prematurely, what rate of interest is charged?
On premature upliftment charges will apply accordingly. For further details contact RAKdirect sevices on 04-213 00 00.
On deposit maturity, what options are available?
On deposit maturity, customers have the following options:
- To credit proceeds back to his existing bank account.
- Rollover the deposit for a similar period at prevailing interest rates.
- Add interest to the deposit amount or credit interest to his bank account.
What are the applicable interest rates on RAKfuture Deposits?
At RAKBANK we continuously strive to provide you with investment solutions which offer you the best returns. To obtain further information about current interest rates, please contact RAKdirect services on 04-213 00 00.
