Whether you are a worker or owner of business in the UAE, Banks play an important role in managing your finances. RAK Bank is one of the well-known financial institutions that offers a wide range of banking solutions in this vibrant country. It was established in 1976 and offers banking solutions by following the principles of Islam. Moreover, the commitment of the National Bank of Ras Al Khaimah to top services and advanced technology sets its reputation in this country. In this detailed blog, we will explore various services, the account opening process, and different branches of RAK Bank.
RAK Bank
| Accounts | Fee/Charge (AED) | Overdraft Charges | Notes |
| Current Account | No monthly fee | AED 100 per month (for overdrawn accounts) | Minimum balance required: AED 3,000 |
| Savings Account | No monthly fee | Not available | Minimum balance required: AED 3,000 |
| Fixed Deposit | No charges | Not available | Early withdrawal may incur a penalty |
| Islamic Current Account | No monthly fee | AED 100 per month (for overdrawn accounts) | Minimum balance required: AED 3,000 |
| Business Current Account | AED 200 monthly | AED 150 per month (for overdrawn accounts) | Waived with minimum balance of AED 50,000 |
Services Offered by RAK Bank
Islamic Banking
The Bank allows customers to experience Sharia-compliant financing and a wide range of Islamic accounts. Moreover, in the National Bank of Ras Al Khaimah, customers can also avail of the option of Islamic Credit Cards and insurance products for life.
Business Banking
RAK Bank allows you to experience business fixed deposit accounts that are helpful to earn interest on surplus funds. Moreover, in this Bank, customers can also avail of the option of services like business loans, trade finance, and equipment financing.
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RAK Bank Branches in the UAE
| City | Branch | Contact No | Operating Hours |
| Dubai | RAK Bank – Bur Dubai | +971 4 393 2000 | Sun-Thu: 8 AM to 3 PM, Fri: Closed |
| Dubai | RAK Bank – Deira | +971 4 222 7480 | Sun-Thu: 8 AM to 3 PM, Fri: Closed |
| Abu Dhabi | RAK Bank – Al Muroor | +971 2 443 1877 | Sun-Thu: 8 AM to 3 PM, Fri: Closed |
| Abu Dhabi | RAK Bank – Al Ain | +971 3 722 8855 | Sun-Thu: 8 AM to 3 PM, Fri: Closed |
| Sharjah | RAK Bank – Al Gulaya | +971 6 574 4343 | Sun-Thu: 8 AM to 3 PM, Fri: Closed |
| Ajman | RAK Bank – Ajman | +971 6 746 6060 | Sun-Thu: 8 AM to 3 PM, Fri: Closed |
RAK Bank Account Creation: A Step-by-Step Process
Branch Visit
If someone is looking to create an account with RAK Bank then their branch visit is a comfy option for face-to-face interaction.
Visit the Nearest Branch: For account creation purposes, you need to find the RAK Bank branch that is closer to you in the UAE. You can also avail the option of their website or Google Maps for this purpose.
Choose Account Type: It is good to select the type of account of your desire before visiting the National Bank of Ras Al Khaimah. Furthermore, the bank gives you different options like savings, current, and fixed deposit accounts.
Carry Required Documents: When visiting the branch, take your all required documents like original Emirates ID, Proof of address, and UAE Resident Visa. Furthermore, Proof of income and a valid Passport is also vital for this process.
Meet the Bank Representative: Always remember to visit during working hours and ask the bank representative about the account that you want to create
Fill Out the Application Form: After telling the account type, you have to take the form and fill in your Full name, date of birth, and nationality. Always remember to provide the correct contact information and all employment details.
Submit the Documents: After filling out the application form, you need to hand over the required documents to the representative which he asks for.
Verification Process: The representative of the RAK Bank starts to verify your documents and whether the details are correct or not.
Receive Account Details: At last, when your application is processed and approved the bank will provide your account number and other details. Moreover, this whole process takes around 1 to 2 days.
Activate Your Account: Moreover, you can get your debit card and the bank representative will guide you on how to activate the card. Furthermore, you can also get your online and mobile banking credentials.
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FAQs
Which types of accounts can customers open at RAK Bank in the UAE?
With the National Bank of Ras Al Khaimah, customers can create different accounts like savings, current, and fixed deposits.
Which method is best to create an account with RAK Bank online?
If any user is willing to create an account with RAK Bank then he can use their mobile app. Moreover, for this purpose, he has to enter the required details and upload the documents with which demanded.
Explain the reason why it is important to create an account with the National Bank of Ras Al Khaimah.
If anyone creates an account with the RAK Bank it offers him reliable banking and Sharia-compliant financing.
What is the minimum balance requirement for a RAK Bank account?
It depends on the type of account if you want to create a current Account the minimum balance required is around AED 3000.
