RAKBANK—officially the National Bank of Ras Al Khaimah P.J.S.C was founded in 1976. It stands as one of the oldest and dynamic financial institution. Based in Ras Al Khaimah, it is majorly owned by its government and listed on the ADX (Abu Dhabi Securities Exchange).
Their vision is to foster a culture that inspires growth, innovation, and mutual success. They offer a wide variety of banking solutions comprising personal banking, business banking, Islamic banking, wealth, insurance, and investment-related advisory services.
In our blog today, we delve into Rak Bank’s business banking, helping our followers to make informed decisions.
On the business banking front, Rak Bank offers three products:
- RAKstarter Account
- Business Current Account / RAKfinance
- Business Elite
- RAKstarter Account:
Best suited for:
- An entry-level business account designed specifically for new startups, freelancers, and micro-businesses.
- Available in different currencies- AED, USD, Euro or GDP.
Key features:
- No minimum monthly average balance is required.
- Consequently, no fees are charged for not maintaining a minimum monthly average balance.
- A monthly maintenance fee of AED 103.95 will be charged.
- An additional charge of AED 52.50 applies for digital banking.
- A teller transaction fee of AED 25 per transaction will be charged.
- One free cheque book is provided; from the second cheque book onwards, AED 75 each (through digital banking).
- AED 1 for digital banking and AED 50 for branch intervention for transferring local funds in AED within the UAE.
- Charges for international or local funds transfer in a non-AED currency are AED 25 through digital banking and AED 100 through the branch.
- No relationship manager will be assigned.
Looking for more digital-first business banking options in the UAE? Check out our guide on opening a Wio Bank account in Dubai tailored for startups and SMEs.
- Business Current Account / RAKfinance:
Best suited for:
- Established SMEs or companies with steady monthly transactions
- Businesses that want full-service banking: pay vendors, receive client payments, make foreign payments
- Companies wanting options like overdraft/short-term working capital (RAKfinance)
Key features:
- A minimum monthly average balance of AED 25,000 is required.
- A fall-below fee of AED 52.50 will be charged if the minimum monthly average balance is not maintained.
- A monthly maintenance fee of AED 103.95 will be charged.
- An additional charge of AED 52.50 applies for digital banking.
- Teller transaction fees are as follows:
0 to 5 transactions: Free
6 to 20 transactions: AED 10 each
21 or more transactions: AED 25 each
- One free cheque book is provided; from the second cheque book onwards, AED 75 each through the branch or AED 50 each through digital banking.
- AED 1 for digital banking and AED 50 for branch intervention for transferring local funds in AED within the UAE.
- Charges for international or local funds transfers in a non-AED currency are AED 25 through digital banking and AED 50 through the branch.
- A relationship manager will be assigned to assist users.
Once your business bank account is set up, ensure smooth financial management with our expert guide on accounting and bookkeeping for small businesses in Dubai.
- Business Elite:
Best suited for:
- A premium tier business account for larger SMEs or companies with high balances.
- Offers better interest/profit rates on balances.
Key features:
- A minimum monthly average balance of AED 500,000 is required.
- A fall-below fee of AED 262.50 will be charged if the minimum monthly average balance is not maintained.
- No monthly maintenance fee will be charged.
- An additional charge of AED 52.50 applies for digital banking.
- No teller transaction fees will be charged.
- No cheque book issuance charges apply.
- AED 50 will be charged through branches for transferring local funds in AED within the UAE; however, no charges apply for local fund transfers through digital banking.
- Charges for international or local fund transfers in a non-AED currency are AED 50 through the branch and free through digital banking.
- A relationship manager will be assigned to assist users.
If you’re exploring other modern banking alternatives, don’t miss our list of the top 9 digital banks in the UAE that are revolutionizing business finance.
RAKBANK’s success comes from striking the right balance — strong retail banking at its core, a focus on digital innovation, and a commitment to sustainability. The businesses can select the products suiting their needs from their wide range of offerings.
We at BCL Globiz provide a one-stop solution including accounting, VAT filings, and corporate tax return filings.
For further inquiries, reach out to our experts at punith@bclglobiz.com.
