Minimum age
21 years
RAKBANK Call Deposit Account
RAKBANK Call Deposit Account pays 0.1% interest a year, paid quarterly. Withdrawals need 2 working days' notice. No debit card or cheque book.
At a glance
Key facts
Monthly Fee
AED 26.25/month below AED 3,000
Minimum BalanceAED 3,000
Minimum SalaryNo minimum salary
A call deposit is a savings account where you ask for your money before you take it. With the RAKBANK Call Deposit Account you send the bank a written withdrawal instruction and can access the funds after 2 working days. In return the balance earns interest. There is no debit card and no cheque book, and no digital banking unless you hold another RAKBANK account that has a debit card. The bank describes the account as suited to non-residents, although UAE residents can apply as well. If you want to withdraw without notice, the RAKBANK Savings Account allows that.
Who can open it
Minimum salary
No minimum
Residents and non-residents
UAE and GCC nationals and expatriates with a legitimate source of income
Fees and balance
You need to keep an average balance of AED 3,000 across each month, and a month that falls short costs AED 26.25. If you hold the account in a foreign currency, the bank converts the balance at its exchange rate to test it against the minimum, so the amount you need in your own currency moves from month to month. Closing within 6 months of opening costs AED 105, with no closure fee during the first 5 working days. One statement a month is free. Asking the bank to hold your mail is a paid service.
Minimum balance
AED 3,000
Monthly fall-below fee
AED 26.25
How to avoid the monthly fee Meet any one of these conditions.
- Keep a balanceAverage monthly balance of AED 3,000 or more
- Other exemptionsCharged below AED 3,000 average monthly balance.
Account closure fee
AED 105
Charged only within 6 months of opening. Waived within 5 working days.
In plain words
- Fall-below fee
- A monthly charge for holding less than the balance the bank asks for. Here it is AED 26.25, charged in a month when your average balance for the month is under AED 3,000. The average is taken over every day of the month, so a few low days do not trigger the fee on their own. It is not charged in a month when you stay at or above that amount. More on this
- Account closure fee
- A one-off charge of AED 105 for closing the account within 6 months of opening it. Closing it later costs nothing. Closing within the first 5 working days carries no charge either. More on this
Interest
How interest works
PayoutQuarterly
- Withdrawals require 2 working days of notice.
In plain words
- Annual rate
- The rate is quoted for a full year. Money held for part of a year earns the matching part of it. More on this
What your money earns here
Held for
1 year
The amount and the rate stay the same for the whole period, and the interest is paid out, not added to the balance. Try other rates
AED 10
interest over 1 year
0.1%
a year
interest earned over time
Interest is calculated on your balance every day. If the interest earned in a month is less than AED 10, none is paid for that month. Because the rate is low, that floor matters, and it takes a large balance for a month's interest to reach AED 10. Every withdrawal needs a written instruction and 2 working days' notice, so this is not an account for money you may need the same day.
Benefits
Free Monthly Statement
One free statement a month listing every transaction
Hold Mail Facility
The bank can hold your mail for a charge
How to open
Before you apply
1.No minimum salary.
2.Minimum balance: AED 3,000.
3.No debit card included.
Good to know
Good option for
Non-residents and others who want to hold money with RAKBANK, do not need a card or cheques, and can plan withdrawals 2 working days ahead.
Consider another account if
You need same-day access, a debit card or digital banking from this account alone, or you are under 21. For a fixed rate on money you can leave for a set period, see Fixed Deposit Plus.
Frequently asked questions
Get answers to common questions about the RAKBANK Call Deposit Account