Saving Accounts - RAKislamic Savings Account | RAKBANK UAE

RAKislamic Savings Account

Tell us your goal and we will make it ours

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Min age 18 years old

Salary transfer to this account possible

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Maximum profit rate of 0.25%

State-of-the-art Chip Card technology allows you to shop with confidence at more than 36 million outlets that accept Mastercard. Plus, receive SMS notifications immediately after every transaction, just Tap and pay.

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Fee for not maintaining the minimum monthly balance

Elite Current Account - Maintain a monthly

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Account Features 

Your Savings Account is based on the Islamic principle of &lsquo;Mudaraba&rsquo; which means you can earn profits on your savings. Profit is declared and credited to your account on a quarterly basis.

Tell us your goal and we’ll make it ours

When are statements issued?

Eligibility

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You are required to:
<ul>
<li style="font-weight: 400;" aria-level="1">Review all other terms and conditions set out in the application form in detail;</li>
<li style="font-weight: 400;" aria-level="1">Regularly check our website (www.rakbank.ae) for updates;</li>
<li style="font-weight: 400;" aria-level="1">Notify the Bank in writing if there is a change in your employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form; and</li>
<li style="font-weight: 400;" aria-level="1">Always safeguard sensitive banking details such as account number, chequebook, Debit Card, login ID, passwords, PIN, etc.</li>
</ul>

Customer Obligations 

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With Salary Transfer

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In what currencies can I open a Savings Account?

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Branches & ATMs

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Ultimate Digital Banking Experience

Our Digital Banking platform is built for next-gen banking. 
Advanced money management features allow you to seamlessly perform deposit / withdrawal transactions, make payments and transfer funds.

The ultimate Digital Banking experience

Different currency options

Your Savings Account can be opened in multiple currencies. 
Accounts in Japanese Yen and Swiss Franc may also be approved upon request. 
Accounts in these currencies are based on Qard Hassan and not part of Mudaraba.

State-of-the-art Chip Card technology allows you to shop with confidence at more than 36 million outlets that accept Mastercard. Receive SMS notification immediately after every transaction, just Tap & Pay.

RAKislamic Savings Account - FAQ's

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Islamic

AED 50,000-above

Who can open this account?

Personal - Apply From RakMobile

Download the RAKBANK App and apply instantly

Apply through the RAKBANK App

Offered to both residents and non-residents

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Introducing the RAKislamic Titanium Debit Mastercard

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RAKislamic Titanium Debit Mastercard

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Fees

<ul>
<li style="font-weight: 400;" aria-level="1">Debit Cards are issued only for AED denominated accounts and not for other currencies.</li>
<li style="font-weight: 400;" aria-level="1">Debit Cards are only issued to account holders over the age of 18 years.</li>
<li style="font-weight: 400;" aria-level="1">Debit Card is required to access Digital Banking facilities. Hence, for other currencies, you will not be able to get access to Digital Banking unless you have a transactional account that provides you with a Debit Card.</li>
<li style="font-weight: 400;" aria-level="1">Savings Accounts belonging to minors will be administered by the parent or guardian.</li>
</ul>

Risks & Limitations 

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<ul>
<li>Minor accounts must be opened under guardianship</li>
<li style="font-weight: 400;" aria-level="1">Minimum monthly account balance of AED 3,000</li>
</ul>

Other Requiems

AED 5,000-19,999

How is profit calculated?

AED 20,000-49,999

Possibility to make transactions at branch

Super Quick Account Setup 

Download the RAKBANK App to start your application process. You will have your account up and running in a matter of minutes. 

Make sure to have your Emirates ID, a copy of your passport, and any proof of income ready with you. 

For non-AED accounts, you can visit your nearest branch and our team will get you set up.

Super quick account setup

Terms and Conditions

<ul>
<li style="font-weight: 400;" aria-level="1">No minimum balance is required for the first 3 months on Savings Accounts.</li>
<li style="font-weight: 400;" aria-level="1">Profit is accrued daily and paid at the end of June and December months.</li>
<li style="font-weight: 400;" aria-level="1">Negative charge is accrued daily and applied monthly.</li>
<li style="font-weight: 400;" aria-level="1">A salary transfer letter is required as additional documentation for customers opening the Account for salary transfer purpose</li>
<li style="font-weight: 400;" aria-level="1">The Bank may amend the features, fees, charges, terms and conditions of the Account with 60 days&rsquo; notice to you in advance.</li>
<li style="font-weight: 400;" aria-level="1">The Bank may amend the profit rates for the Account with 30 days&rsquo; notice to you in advance.</li>
<li style="font-weight: 400;" aria-level="1">If the Account is not used for a period of 1 year, it will be designated as inactive and you will not be able to make transactions unless it is activated again.</li>
<li style="font-weight: 400;" aria-level="1">If the Account balance is not sufficient to settle outstanding dues, these will be recovered as and when the Account is funded or alternatively from any other account held by the customer with the Bank.</li>
</ul>

Key Terms & Conditions

Eligibility & Fees 

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AED 26.25 fee for not maintaining minimum balance

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Debit Card facility

<ul>
<li style="font-weight: 400;" aria-level="1">Foreign currency denominated accounts may incur negative charge. Applicable negative charge will be debited from the available balance. This may cause reducing available balance even without customer induced withdrawals.</li>
<li style="font-weight: 400;" aria-level="1">Profit is not paid if monthly accrued profit is less than AED 10, USD 3 or GBP 2.</li>
<li style="font-weight: 400;" aria-level="1">The Bank may close the Account if KYC or identification documents are not updated regularly, or if required as internal policies or upon request from regulatory / judiciary entities.</li>
</ul>

Warnings

Key Fact Statement

Service and Price Guide

Terms & Conditions

RAKMoneyTransfer

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FAQ Accordion Items

 Can a minor open and operate this account?

Instant Virtual Debit Card

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Why wait for the mail? Expect a Virtual Debit Card the moment you sign up!
Connect your new Virtual Debit Card to Apple Pay, Samsung Pay, or any of your favourite payment providers, and start using Tap &amp; Go with Mastercard.
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Instant Virtual Debit Card 

Terms And Conditions

Account purpose: Savings

No withdrawal restrictions

Islamic Savings Account

Not sure about something? Check our frequently asked questions to find what you’re looking for.

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FAQs

Convenience takes the shape of a card!
Pay all your Etisalat, DEWA, du and Salik services in one place.
You can load your RAKBANK Prepaid Card by logging into our Digital Banking platform or by calling us at 600 54 4049.
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<ul>
<li>All age groups may apply</li>
</ul>

 Minimum deposit of AED 3,000 (No minimum for the first 3 months)

Convenient Money Transfers

Our RAKMoneyTransfer facility makes it convenient for you to transfer money inside the UAE and across borders to 30 countries. 

You'll also benefit from a wide network of branches and ATMs.

Convenient money transfers

<ol>
<li>Your Emirates ID</li>
<li>Your Passport with valid residency visa</li>
<li>Any of the following proof of income</li>
</ol>
<ul>
<li>Salary Certificate</li>
<li>Bank Statements</li>
<li>Payslips</li>
<li>Labour Contract</li>
</ul>

Visit A Branch

A specialist will be able to assist you with the process

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Terms and Conditions Notification

Important Information

 What is the Islamic Savings Account?

Scan the QR code to download the RAKBANK app from the Apple App Store

Download the RAKBANK App!

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No minimum balance required for the first 3 months

Easy Kick-start 

Saving is important and we’re making it easier for you. 

We’ve waived the minimum balance required for the first 3 months so you can jump right in.

Account Features

Tell us your goal and we’ll make it ours

Different currency options

Convenient money transfers

Easy kick-start

The ultimate Digital Banking experience

Super quick account setup

Safe and secure cashless shopping

Utility bill payments made easy

Instant Virtual Debit Card

Eligibility & Fees

You’re a few minutes away from your account!

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We’re here to help

Bank on the go anytime, anywhere