Last Updated on 07 February 2019

Credit Bureau Consent, Welcome Offer & General Terms & Conditions

I hereby acknowledge and agree to allow Citibank to share my details with any UAE credit bureau and make enquiries about me with any UAE credit bureau at its sole and absolute discretion. I agree to the Terms and Conditions listed below. Citibank Terms and Conditions apply, are subject to change without prior notice and are available upon request. For the current Terms and Conditions, please visit our website www.citibank.ae. All offers are made available on a best-effort basis and at the sole discretion of Citibank, N.A. Citibank, N.A. makes no warranties and assumes no liability or responsibility with respect to the products and services provided by partners/other entities. By inquiring about our services, offers or products, you will be authorizing our representatives to approach you on your contact details including your telephone/mobile number for any product or service offered by Citibank. The applicant agrees to be bound by Citibank’s General Terms and Conditions available on the website www.citibank.ae. The applicant hereby represents and warrants that the information provided herein is true, accurate, and complete and that he/she agrees to remain responsible for and to indemnify Citibank, N.A. from and against any losses, claims and/or liabilities incurred by Citibank NA as a result of having relied on such information. Citibank, N.A. is not required to verify the information provided by the applicant and neither is the bank obliged to provide the applicant with any loans or credit facilities based on the provided information. The products and services mentioned on this website are not offered to individuals resident in the European Union, European Economic Area, Switzerland, Guernsey, Jersey, Monaco, San Marino, Vatican, The Isle of Man or the UK. This page is not, and should not be construed as, an offer, invitation or solicitation to buy or sell any of the products and services mentioned herein to such individuals.

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RAKBANK RAKfinance Account - Islamic

RAKBANK Bank

RAKfinance Account - Islamic

Interest Rate

0.45%

Min Balance to Maintain

AED 200K

Monthly Fee

AED 100

Relationship Manager

Yes

Yes

Approval Time

3 Days

Local Transfer Cost

AED 40

International Transfer Cost

AED 30

RAKBANK
interest rate

0.45%

Interest Rate

min balance

AED 200K

Min Balance to Maintain

monthly fee

AED 100

Monthly Fee

relationship manager

Yes

Relationship Manager

Yes

Currency Account

approval time

3 Days

Approval Time

local transfer cost

AED 40

Local Transfer Cost

inter transfer cost

AED 30

International Transfer Cost

 

Required Documents

  • Application form
  • Trade Licence
  • Valid passport and Copy of Visa
  • Memorandum of Association (MOA)
  • Articles of Association (AOA)
  • Chamber of Commerce Certificate copy
  • Board Resolutions
  • Address proof

Main Benefits

  • Free Cheque book
  • You can access RAKBANK personal internet banking and mobile banking
  • Free Debit Card
  • Free E-statements

Frequently Asked Questions

⭐ Do I have to pay penalty if I default in paying back loan amount?

A. Yes, you’ll be charged 5% on late payments made by you.

⭐ When will Rakbank check my credit score?

A. Rakbank will check your score right after you agree to their terms of enquiry in the application form.

⭐ Can we open business account in the name of more than two persons in Rakbank?

A. Yes, but in this case you cannot submit the information online. You need to visit the bank and follow the process mentioned there.

⭐ Is my personal information safe with Rakbank?

A. Yes, your personal information is safe and secured with Rakbank.

⭐ What will be my payment schedule in Rakbank?

A. Your payment schedule can be daily,weekly and monthly basis in Rakbank.

Rakbank

Established in 1976, RAKBANK or the National Bank of Ras Al Khaimah (P.J.S.C), is one of the oldest banks in the UAE. As a member of the UAE Banking Federation (UBF), RAKBANK follows the Custom Charter as stipulated by the UBF and tries to encourage best practices in the financial services industry. It works with a vision to provide ‘simply better’ financial solutions to its customers in and around the UAE’ and a Mission to be the leading bank in the UAE by offering best products.

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