Watch your money grow with RAKBANK’s excellent fixed deposit schemes. RAKBANK provides fixed deposit account services for all UAE Nationals for a fixed period of time at a fixed rate of interest. The fixed deposit periods available from the bank vary from one week up to four years. Customers can open a RAKBANK fixed deposit account in AED, USD and GBP currencies. Other currencies are also available on special requests with the bank.
The interest on a RAKBANK fixed deposit is calculated at the prevailing rate for the term period payable on maturity. No ledger fee is levied on a fixed deposit but the minimum balance required to open an account should be maintained. Cheque books, debit cards and statements are not issued for a RAKBANK fixed deposit account. After the commencement of the fixed deposit term a confirmation receipt will be sent to the customer’s mailing address. A similar confirmation will also be sent when the customer chooses to roll over his fixed deposit at the time of maturity. Customer’s will be charged a fee if they wish to remove their fixed deposit before the completion of the deposit tenure.
RAKBANK’s Fixed Deposit Account requires a minimum balance as given below.
- AED - 25,000 (maximum up to 1,000,000 for UAE nationals / residents)
- USD - 10,000
- GBP - 10,000
- Euro - 10,000
RAKBANK Fixed Deposit: Eligibility Criteria
- Resident and non-resident UAE individuals
RAKBANK Fixed Deposit: Maturity Amount
Following deposit maturity, a RAKBANK customer has the following options:
- Proceeds from deposits can be credited back to savings accounts
- Roll over the deposit for a similar period at prevailing interest rates
- Interest earned can be added to the fixed deposit account or credited to the savings account
Life Insurance Coverage
Customers can enjoy free life insurance coverage, offered by the Union Insurance Company, equivalent to the value of their fixed deposits, without any premium payments. In case of death of the insured, the insurance amount will be paid to the nominated beneficiary without any hassles. This life insurance plan can be obtained by simply opening or renewing a RAKBANK fixed deposit account. No medical check-up or additional documentation is required.
RAKBANK is one of UAE’s leading banks and has remained so since its institution in 1976. It is a public joint stock company, headquartered in the Emirate of Ras Al-Khaimah. The bank provides conventional and commercial banking through a network of thirty four branches across the Emirates. RAKBANK also offers Islamic banking products and services via its subsidiary, RAK Islamic Finance Company. The bank won the “Best Internet Banking Initiative Award’’ at The Asian Banker – Middle East Retail Product Awards and the ‘’Best Core Banking Implementation Project Award’’ in the Middle East at The Asian Banker – Technology Implementation Awards in 2014.
Other products offered by RAKBANK are: