Minimum salary
No minimum
RAKBANK Fixed Deposit Plus
RAKBANK Fixed Deposit Plus locks AED 15,000 or more for 7 days to 3 years at a fixed rate of 3.88% to 5% a year. Interest is paid at maturity.
An existing account with RAK is required, such as RAKBANK Current Account.
At a glance
Fixed Deposit Plus is a term deposit. You hand the bank a lump sum for a period you choose, and the bank pays a rate that is fixed on the day you book it. The period is called the tenure, and here it can be as short as 7 days or as long as 3 years. You cannot use the money during the tenure. The deposit is funded from, and paid back into, a RAKBANK transactional account, so you need one first, such as the RAKBANK Current Account. Residents and non-residents can apply. The deposit can also serve as security if you take a secured lending product from the bank.
Who can open it
RAKBANK transactional account needed
It funds the deposit and receives the money back at maturity
Residents and non-residents
Open to individuals and businesses
Fees and balance
Minimum deposit
AED 15,000
Interest
Interest is paid at maturity. Early or partial withdrawal applies a rate 2 percentage points below the rate agreed at booking for the actual deposit period. Rates for placements above AED 10 million or other tenures are quoted by RAKBANK.
Available deposit tenures
Placement from AED 15,000 up to AED 10 million.
7 to below 15 days
Annual rate4%
15 days to below 1 month
From 15 days to less than 1 calendar month4%
1 to below 3 months
Annual rate3.88%
3 to below 6 months
Annual rate4.23%
6 to below 12 months
Annual rate4.43%
12 to below 18 months
Annual rate4.94%
18 to below 24 months
Annual rate4.94%
24 months
Annual rate4.95%
36 months
Annual rate5%
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
- Tenure
- The length of time you agree to leave the deposit in place. You choose it when you open the deposit, and the rate you get depends on the tenure you pick. More on this
- Paid at maturity
- Maturity is the day the term you chose ends. The interest is paid then, together with the amount you deposited. More on this
What your money earns here
Tenure
36 months
Placement from AED 15,000 up to AED 10 million.
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 2,250
interest over 3 years
5%
a year
interest earned over time
These are yearly rates, so a deposit shorter than a year earns the matching share. Interest builds daily. If you give no instruction, the deposit renews automatically at the rate in force on the renewal day.
Benefits
Fixed Rate by Tenure
The rate is fixed at booking and depends on the tenure chosen
Automatic Renewal
The deposit rolls over at maturity unless you instruct otherwise
Six Deposit Currencies
Deposits in AED, USD, GBP, EUR, CAD or AUD
Instant Online Opening
Opens instantly in digital banking for transactional account holders
How to open
Before you apply
1.Open in the app.
2.An existing account with the bank is required.
3.No minimum salary.
4.Minimum deposit: AED 15,000.
Application steps
1.Hold a RAKBANK transactional account. The deposit is funded from it and repaid into it.
2.Choose the amount, from AED 15,000, and a tenure from 7 days to 3 years.
3.Book the deposit through digital banking, where it opens instantly.
4.Or sign the application form and submit your documents. The deposit then opens within 1 business day.
5.Tell the bank before maturity if you do not want the deposit to renew automatically.
Good to know
Good option for
Savers with AED 15,000 or more who know when they will need the money back and want the rate settled on the day they deposit.
Consider another account if
You may need the money before the term ends, or you have less than AED 15,000. The RAKBANK Recurring Deposit builds a deposit from AED 350 a month.
Withdrawing before maturity
You can take the deposit out early, in full or in part, but the rate drops. The bank pays interest for the time the money was actually on deposit, at a rate two percentage points below the one agreed when you booked. If you cancel during the 5 business days after opening, which is the cooling-off period, no interest is paid at all.
Frequently asked questions
Get answers to common questions about the RAKBANK Fixed Deposit Plus