Age:

• 21 years and above

Residency:

• UAE residents and non-residents who hold a Islamic Elite or Select Account

Other Requirements:

• Must have a legitimate source of income

Fee for not maintaining the minimum monthly balance AED 25*

Warnings

• Foreign currency denominated accounts may incur foreign currency services. Applicable foreign currency services will be debited from the available balance for customers availing such Foreign Currency Services. This may cause reducing balance even without customer induced withdrawals.
• 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.

KYC Updates

The Bank may close the account if KYC or identification documents are not updated regularly, or if required as internal policies or upon request of regulatory or judiciary entities.

Risks & Limitations

Chequebooks and debit cards are issued only for AED-denominated accounts.

If a cheque issued on the account is returned, the following may apply:

• Reporting your Account to AECB
  • Account closure
  • The beneficiary can approach the Bank and request for partial payment of the cheque
  • Difficulty in availing financing or credit cards from RAKBANK and other banks
• The debit card is required for accessing digital banking facilities, and hence, for currencies other than AED, you will not be able to access digital banking unless you have another transactional account that provides you with a debit card.

Customer Rights & Obligations

You are required to:

• Review the Key Fact Statement and all other Terms & Conditions set out in the application form in detail
• Regularly check our website (www.rakbank.ae) for updates
• 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
• Always safeguard sensitive banking details such as account numbers, chequebooks, debit cards, login ID, passwords, PIN, etc.