RAKBANK, or the National Bank of Ras Al-Khaimah (P.S.C.), is a top UAE bank founded in 1976. Based in Ras Al Khaimah and listed on the Abu Dhabi Securities Exchange (ADX), it serves a wide range of clients through branches and digital platforms.
The Ras Al Khaimah government owns 52.76% of the bank, with its board including ruling family members and business leaders.

Comprehensive Account Options at RAKBANK

current-account

Current Accounts

RAKBANK’s current accounts are available in AED and major currencies. They include a free chequebook and debit card, ideal for daily transactions.

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Savings Accounts

RAKBANK savings accounts offer competitive interest rates, flexible access, and are available in multiple currencies to suit various savings needs.

fixed-deposit

Fixed Deposit 

RAKBANK fixed deposit accounts provide higher interest rates with flexible tenures and options in various currencies for better returns.

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Islamic Banking

RAKBANK Islamic accounts follow Sharia principles, offering profit-sharing opportunities with flexible savings and current account options.

Step-by-Step Account Opening Process in RAKBANK

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Choose Your Account

Select from Current, Savings, or Fixed Deposit accounts based on your financial needs.

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Collect Required Documents

  • For UAE Residents: Emirates ID, passport with visa copy, utility bill/tenancy contract, salary certificate or bank statements.
  • For Non-Residents: Passport, utility bill, and a bank reference letter.
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Apply at a Branch or Online

  • Branch: Visit a RAKBANK branch with your documents.
  • Online: Apply on the RAKBANK website and upload your documents.
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Fill Out the Application Form

Provide personal and employment details accurately.

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Submit Documents and Application

Submit your form and documents for bank verification.

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Make Initial Deposit

If required, deposit the minimum amount specified for your account.

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Activate Your Account

After approval, receive account details and any associated debit or credit cards.

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Register for Digital Banking

  • Download the RAKBANK App.
  • Register with your account/card details and set up login credentials.
  • Enable biometric login for convenience.

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Credit Cards and Rewards Programs in RAKBANK

Marriott Bonvoy® World Elite

Earn 200,000 points, a $100 e-Gift Card, elite status, and travel perks.

Etihad Guest Visa Elevate

Earn Miles, fast-track to Gold Tier, and enjoy Etihad discounts.

Skywards Infinite

Get Skywards Miles, Emirates Silver membership, and lounge access.

Dnata World

AED 2,500 travel vouchers, 10% cashback, and VIP lounge access.

U By Emaar Infinite

Earn Upoints, 5X Emaar rewards, valet parking, and property access.

Noon One Visa

Cashback on Noon purchases and free Noon membership.

RAKBANK's Unique Banking Packages

Beyond Package

Balance: AED 15K Current, 100K Savings.

Benefits: Free debit card, 5 credit cards.

Rewards: AED 5,000 loans, AED 50,000 deals, free remittances.

Emirati Package

Balance: No minimum required.

Benefits: Free debit card, 5 credit cards.

Rewards: AED 50,000 rewards, AED 9,010 savings, higher interest.

Plus Maximizer

Balance: AED 5,000 (Current and Savings).

Benefits: Free debit card, 5 credit cards.

Perks: AED 100,000 insurance, 8 teller transactions, AED 500 cashback.

Types of Loans Offered by RAKBANK

  • Personal Loans

    Standard Loan: High loan amounts with low rates and up to 48-month repayment for expatriates.

    Cash Loan: Quick funds without salary transfer, simple application, and low rates.

    Green Loan: For eco-friendly purchases like solar panels and energy-efficient appliances.

  • Home Loans

    Home Loan: For properties in Abu Dhabi, Dubai, and Ras Al Khaimah, with flexible terms and low rates.

    Home in One: Combines home loan and current account to lower interest and shorten loan term.

  • Auto Loans

    RAKauto Loan: For new or used cars with low rates, simple documentation, and no salary transfer.

  • National Loans

    UAE National Loan: High loans (up to 20x salary) with the option to defer the first installment for 180 days.

Digital Banking Security and Solutions

Security and Fraud Prevention

  • Secure Connection: Industry-standard protocols protect every login.
  • RAKToken: Two-factor authentication secures high-value transactions.
  • Blocking Cards: Instantly block cards via app or support.

Digital Banking

  • Access: Manage accounts, transfer funds, and pay bills in one platform.
  • Security: Transactions protected with OTPs and RAKToken.

Personal and Business Banking Services

Personal Banking

Includes current and savings accounts, various credit cards, personal and home loans, wealth management, and insurance services.

Business Banking

Provides a wide range of solutions for SMEs and large enterprises, including business accounts, loans, trade finance, and cash management services.

Islamic Banking (RAKIslamic)

Delivers Sharia-compliant accounts, financing, and investment products, catering to customers seeking Islamic banking solutions.

Comprehensive Account Options at RAK BANK

Standard Account: Free chequebook and debit card, available in AED and major currencies.

RAKstarter Account: Low balance requirements, ideal for startups and small businesses.

Standard Savings: Competitive rates, no minimum balance for 3 months, available in multiple currencies.

RAKbooster: Online account with higher interest for larger balances.

Fast Saver: Online savings with good interest rates and easy fund access.

Fixed Deposits: High interest for fixed terms with flexible tenures and currency options.

Islamic Accounts: Sharia-compliant with profit-sharing and savings options.

Rizmona Consultancy 15 Years Experience

RAKBANK Account Opening Consultants in Dubai

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Riz & Mona Consultancy is renowned as one of the top business setup consultants in Dubai, with over 15 years of experience facilitating a wide range of businesses throughout the UAE. Our deep connections with government officials and key authorities, combined with our extensive expertise in consultancy, streamline the process of establishing your business in Dubai. Additionally, we offer comprehensive financial, legal, and corporate services to support our clients throughout their business endeavors.

We are here to provide comprehensive support for your RAKBANK Account Opening in Dubai, from preparing your documents to completing the process. Connect with us now to begin your journey with a FREE consultation!

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FAQS (Frequently Asked Questions)

What is RAKBANK’s minimum salary requirement for account opening?

The minimum salary requirement varies by account type; for example, the RAKmore Salary Transfer Account requires a minimum salary of AED 5,000.

Are there any account maintenance fees for RAKBANK savings or current accounts?

Some accounts may have maintenance fees if the minimum balance is not maintained; specific fees depend on the account type.

How can I apply for a RAKBANK credit card online?

Visit RAKBANK’s official website, select the desired credit card, and click “Apply Now” to complete the online application.

Does RAKBANK offer loans for non-residents?

RAKBANK primarily offers loans to UAE residents; non-residents may have limited options and should contact the bank for specific eligibility criteria.

What are the eligibility criteria for RAKBANK home loans?

Eligibility includes a minimum monthly income of AED 15,000 for salaried individuals, confirmed employment, and UAE residency.

How long does it take to open an account with RAKBANK?

The account opening process typically takes a few days, subject to document verification and approval.

Does RAKBANK offer any special benefits or packages for UAE Nationals?

Yes, RAKBANK offers tailored packages like the Emirati Package, providing exclusive benefits for UAE Nationals.

What are the transaction limits for RAKBANK’s digital banking?

Transaction limits vary based on the service and customer profile; specific limits can be viewed within the digital banking platform.

Are RAKBANK accounts insured by the UAE government?

The UAE does not have a formal deposit insurance scheme; however, RAKBANK operates under the regulations of the Central Bank of the UAE.

Can I change my existing RAKBANK account to an Islamic banking account?

Yes, you can request to convert your existing account to a RAKislamic account by contacting the bank and fulfilling the necessary requirements.

How to Register for RAKBANK App?

  1. Download the RAKBANK App.
  2. Open the app, select “Register,” enter account or card details, confirm mobile number with OTP, and input card PIN.
  3. Set a unique User ID and password, with the option to enable biometric login.