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Whether someone is willing to manage his finances or business, Banks are useful and peaceful options. RAKBANK is a well-known bank that creates trust among customers in the UAE. It was established in 1976 and provides financial services that are aligned with Islamic principles. Furthermore, the dedication of the Bank to customer service, technology, and innovation enhances the experience of the user. With this well-known bank, you can also avail the option of Investment services that cater to your needs. In this detailed blog, we will try to explore services, account opening methods, and branches of RAKBANK.
Services Offered by RAKBANK
Online Banking
In the UAE, if you choose RAKBANK then you can access services via online banking and the RAK Bank mobile app. Moreover, RAKBank’s online banking features also allow you to transfer money and pay bills 24/7 from anywhere in this country. If you want RAK Bank loans and financing options from home the bank offers facility and peace of mind.
Retail banking
RAK Bank provides retail banking services such as savings and current accounts, credit cards, and loans and mortgages. Furthermore, customers are serviced with digital banking, mobile app access, and ATM transactions. The bank prioritizes quick approvals, reliable interest rates at RAK Bank, and quality customer satisfaction.
Personal Banking
RAKBANK offers a wide range of savings and current accounts that cater everyday banking needs of customers. In this bank, you can avail the option Personal, Auto, and Home Loans for your comfort. Moreover, here users can also experience Islamic credit cards that offer cashback and rewards.
Commercial Banking
RAK Bank also deals in commercial banking such as business loans, trade finance, and corporate accounts. In addition, it finances SMEs with cash management solutions. The companies can also take advantage of digital banking, corporate payroll, and merchant services.
Islamic Banking
With this financial institution, you can experience various Islamic business loans and working capital solutions. Moreover, the banks also provide you with services like Islamic Credit Cards and Takaful (Islamic Insurance).
RAK Bank Promotions and Offers
Cashback on Credit Cards: Customers can earn cashback on purchases, especially on specific categories like groceries, dining, or travel.
Zero Fees for First Year: New customers can enjoy the first year without annual fees on certain credit and debit cards.
Low-Interest Rates on Loans: RAK Bank offers special rates on personal loans, home loans, and car loans during promotional periods.
RAK Bank branch locations in the UAE
| Branch Name | Location | Operating Hours | Notes |
| Main Branch | Ras Al Khaimah | 8:00 AM – 3:00 PM (Mon-Sat) | Headquarters of RAKBANK |
| Deira Maktoum Branch | Dubai – Deira | 8:00 AM – 3:00 PM (Mon-Sat) | Serves Deira business district |
| Khalidiya Branch | Abu Dhabi – Khalidiya | 8:00 AM – 8:00 PM (Mon-Sat) | Extended hours for convenience |
| Sharjah King Faisal | Sharjah – King Faisal | 8:00 AM – 3:00 PM (Mon-Sat) | Centrally located in Sharjah |
| Al Nakheel Branch | Ras Al Khaimah | 8:00 AM – 8:00 PM (Mon-Sat) | Extended hours available |
| Dragon Mart Branch | Dubai – Dragon Mart | 10:00 AM – 9:00 PM (Sat-Thu) | Serves a high-traffic area |
How to open an account with RAK Bank Online
In the UAE, the easiest way to create an account with RAKBANK is online, if you follow the below steps.
Visit the Website: To create an account it is vital for users to visit the official website of RAKBANK.
Choose the Type of Account: After accessing the website you have to select the type of account you wish to open. Whether you want to open a current, savings, or fixed deposit account the bank warmly welcomes everyone.
Select the Account Opening Section: Now you have to select the section that is normally labeled as “Open an Account” to begin the process for your RAKBANK account opening.
Fill in the Application Form: After that, you have to fill out the online application form by providing information like Full name, date of birth, and nationality. Furthermore, you also have to give your contact information, residential address, and employment details.
Upload Documents: In this step, you have to upload copies of the required documents for identity verification. These important documents are Emirates ID, copy of passport, and UAE residency visa.
Submit the application: It is good to double check all information is correct then submit your application
Await Confirmation: The bank will process your application and verify all your documents. When your application is approved, you can receive confirmation via email or SMS.
Account Activation: At last, when your is created then deposit some amount and get your account number and debit card.
RAK Bank Account types
| Account Type | Minimum Monthly Average Balance (AED) | Overdraft Charges | Notes |
| Personal Savings Account | 3,000 | Not applicable | No minimum balance is required for the first 3 months after account opening. |
| Personal Current Account | 3,000 | Not specified | Overdraft facilities are typically not offered on personal accounts. |
| Business Current Account | 25,000 | Not specified | Overdraft facilities may be available; specific charges depend on agreed terms. |
| RAKstarter Account (Business) | No minimum balance | Not applicable | The first checkbook is free annually; AED 75 for additional checkbooks. Overdraft facilities are typically not offered on RAKstarter accounts. |
Current Accounts: Allow everyday transactions, often having added features such as debit cards, online banking, and checkbooks.
Savings Accounts: Ideal for long-term saving because withdrawals can be made with ease, earning interest at the same time.
Fixed Deposit Accounts: Interest income is accrued at a higher rate on funds that are kept locked for a specific time duration.
Islamic Accounts: Accounts based on Islamic law with no interest-bearing current, savings, and fixed deposit accounts.
Youth and Student Accounts: Specially crafted for young age groups, having a relatively simpler fee structure and digital banking facilities.
Tips for Reliable Banking with RAKBANK
Seek Professional Advice
It is vital to take advice from professionals of this reputable bank as it is helpful to grow your wealth.
Regularly Review Your Account
If any customer regularly reviews his account, he can manage his finances without any hassle. So, to avail more benefits and perks from the bank, review your account regularly like after 1 or 2 days.
Use Digital Banking
It is beneficial to avail the benefit of the Mobile app and online banking of RAKBANK to manage your finances.
RAK Bank Customer Care Reviews
- The clients give valuable comments on the service and prompt approval of loans from the bank. Furthermore, most users speak of how their problems are promptly solved by the bank’s professional staff.
- The bank’s interest rates for savings and loans cater to many customer’s all needs. Moreover, some users also praise the mobile app and online banking as they do not feel any issues.
- The vast ATM network of RAK Bank is reliable and offers peace of mind to customers, with locations conveniently accessible as RAK Bank ATM near me available 24/7.
