Minimum salary
No minimum
RAKBANK Flexi Fixed Deposit
RAKBANK Flexi Fixed Deposit sweeps money from your current account into a 1-year deposit in AED 1,000 batches. The deposit renews automatically.
An existing account with RAK is required, such as RAKBANK Current Account.
At a glance
The Flexi Fixed Deposit links a RAKBANK current account to a fixed deposit, so that you do not have to book a deposit by hand. The bank moves funds from the linked current account into the deposit automatically, in batches of AED 1,000. Each deposit runs for 1 year and then rolls over. There is no upper limit on how much can go in. The rate you earn depends on your customer segment with the bank, which is Standard, RAKBANK Select or RAKBANK Elite. You need the current account first, see the RAKBANK Current Account, and that account keeps its own AED 3,000 requirement.
Who can open it
RAKBANK current account needed
The deposit is fed by sweeps from the linked account
Fees and balance
Minimum deposit
AED 1,000
Interest
Automatically sweeps from the linked Current Account in AED 1,000 batches; the linked Current Account requires AED 3,000. Deposits run for 1 year with automatic rollover. The published maximum interest range is 0.50%–1%, depending on customer segment.
Available deposit tenures
- 12 months
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
How your interest is worked out
The tenure is always 1 year, with no shorter or longer option, and the deposit renews by itself at the end of each year. The yearly rate is set by your segment, with Standard customers on the lowest rate and Elite customers on the highest. The same segments decide what happens when money leaves the deposit before the year is up. On the Standard tier an early withdrawal earns no interest. Select and Elite customers still earn on an early withdrawal, at a lower rate than the one for a completed year. If you would rather pick your own tenure, Fixed Deposit Plus is the neighbouring product to compare.
Benefits
Automatic Sweep from Current Account
Funds move from the linked current account in AED 1,000 batches
Automatic Yearly Rollover
Each deposit runs for 1 year and then renews
24/7 Phone Banking
Phone banking through RAKdirect at any hour
How to open
Before you apply
1.An existing account with the bank is required.
2.No minimum salary.
3.Minimum deposit: AED 1,000.
Good to know
Good option for
RAKBANK current account holders who keep more in that account than they spend and want the surplus moved into a deposit automatically.
Consider another account if
You do not hold a RAKBANK current account, or you want to choose your own tenure. Standard customers should also note that money taken out before the year ends earns nothing.
Frequently asked questions
Get answers to common questions about the RAKBANK Flexi Fixed Deposit