RAK Bank Account Opening Dubai
Looking for a leading bank in the United Arab Emirates for efficient financial services? The RAKBANK, registered under the name National Bank of Ras Al-Khaimah PJSC, offers state-of-the-art banking services in the country. The bank is mainly owned by the government of Ras Al Khaimah and is headquartered there. It services the Emirate of Dubai through multiple branches. Opening a Bank account with RAK Bank means accessing efficient personal, business, and Islamic banking in the UAE.
Why choose RAK Bank in Dubai?
- Competitive personal and business loan options
- Easy account opening for residents and expats
- Strong digital banking services and mobile app
- Wide ATM and branch network across the UAE
- Attractive credit card rewards and cashback offers
- Sharia-compliant Islamic banking solutions
The bank has almost 50 years of experience and expertise in the field. It has modernized its services based on the market requirements, offering relevant bank account types, loans, business packages, and other financial solutions.
This guide walks you through everything you should know about opening a bank account with the RAKBANK in Dubai. It will assist you in understanding the services they provide and how to acquire those services.
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Types of Bank Accounts Offered by RAK Bank
- Current Account
- Savings Account
- Fixed Deposit Account
- Shariah Account
This account is for daily banking. You can deposit and withdraw money anytime. It comes with a checkbook and debit card. The minimum deposit required is AED 3,000. You can use online and mobile banking too. This account is best residents as well as expats.
This account helps you save money and earn interest. You get a debit card to use at ATMs and shops. The more money you save, the more interest you can earn. You must keep at least AED 3,000 in it to avoid charges. However, there is no deposit requirement for the first three months.
This account is for saving a set amount of money for a fixed time. You cannot take money out until the time is over. This tenure can be from 1 month to 3 years. This account provides you with a higher interest rate and helps you keep your savings aside from daily usage.
The bank offers financial services under Islamic law. In shariah-compliant banking, you get profit sharing with no interest. You can open a current or savings account. It’s for all individuals who want to remain compliant with Islamic law and access credible financial services.
Steps to Open a Bank Account With RAK Bank, Dubai
Choose from the different available account types based on your requirements and financial needs.
Different documents are required based on each account type. Gather all the documents and ensure they’re valid and complete.
Ensure that you meet the eligibility criteria defined by the bank under each account type. Expats and residents have to prepare documents and information accordingly.
Visit a branch or apply online. Choose the option more suitable for you. Submit all the necessary attachments with the application. Ensure transparency and validity.
After application approval, your account will be activated, and you will be provided with the debit/credit card, checkbook, and other documents.
Download the mobile app and register with your given account details. Mobile banking is very efficient for daily life convenience.
Deposit funds according to the requirements of your account type. Each account type has a defined minimum balance limit.
Your account is fully ready to use now. You can get cash, transfer money, and access all other services.
Understanding General Trading License in Dubai
Buying and selling goods
Importing and exporting products
Wholesale and retail trading
Selling items online (e-commerce)
Trading tools, equipment, and materials
Storing and delivering goods (logistics)
In simple terms, if your business involves handling different products, this license is required. It is one of the most useful and flexible licenses in Dubai.
Difference Between Mainland & Free Zone Online Business
- Mainland
- Free Zone
The mainland licenses are regulated by the Department of Economic Development (DED). It provides several benefits to online businesses. Here are some of the highlights:
- You can trade freely within the UAE market
- UAE residents and foreign investors can get government support
- Mainland partnerships may be better for the long term
Free zones are regulated by their own authority, offering many benefits to new e-commerce businesses in Dubai. Some of the highlights about free zone setup include:
- Free zones in Dubai offers 100% foreign ownership and tax benefits
- Limited to operating within the Free Zone
- License issued by Free Zone authority with simplified setup
Your Best Banking Options in the UAE
Emirates NBD
This bank started in 1963. Its one of Dubai’s oldest and largest banks. It leading in digital banking. Its strong local trust and wide service network give it a solid edge in both personal and business services.
RAKBANK
RAKBANK was founded in 1976 and focuses on helping individuals and small businesses. It offers both regular and system compliant to Islam. The bank’s strength is in simple services, e.g. fast opening, and easy loan access for startups and freelancers.
First Abu Dhabi Bank
FAB was founded in 2017 from a merger and is now the largest bank in the UAE. It offers strong financial support and global reach. FAB’s edge is in high-value services and safe, large-scale banking for professionals and growing businesses.
ADCB
Abu Dhabi Commercial Bank began in 1985. It is known for smart digital services. It focuses on saving time for users through applications and online tools. It has strong customer service and tech-based growth. Among the best for personal and corporate banking.
Emirates Islamic Bank
This bank started in 2004. It is known for blending laws of Islam with modern tools. It was the first shariah bank to launch WhatsApp banking. Its main strength is offering Shariah-compliant products with easy access and user-friendly digital support.
Benefits of RAKBANK, UAE
Low account fees
High saving rates
Easy account setup
Mobile banking app
Wide ATM network
Cashback on spend
Islamic account
24/7 customer service
Quick fund transfers
SME account perks
Eligibility for National Bank of Ras Al-Khaimah
- Must be 21+ years old for most accounts; minors can open savings accounts with a guardian
- UAE residents need a valid Emirates ID and residency visa; non-residents require a passport
- A minimum monthly salary of AED 3,000 is typically required for salaried account holders
- Provide a valid passport, Emirates ID (for residents), and proof of address (e.g., utility bill)
- Submit a completed account opening form with accurate personal and financial details
- For salary accounts, a salary certificate or employment contract is necessary
- Non-residents must provide proof of address and may need to demonstrate source of income
- Business accounts require a trade license, company documents, and proof of business activity
- Joint account holders must each provide identification and relevant documentation
- Certain accounts may have specific requirements; check with RAKBANK for detailed criteria
Documents Required for RAKBANK Account Opening
- Valid Emirates ID
- Passport copy
- UAE residence visa
- Proof of address
- Salary certificate (if applicable)
- Completed application
- Source of income proof
- Utility bill
- Trade license (if applicable)
- Company documents (if applicable)
Types of Banking Services
Available
Personal Banking
RAKBANK’s Personal Banking services include current & savings accounts, credit cards, easy loans, insurances, and wealth management.
Business Banking
Business offerings include suitable accounts, wealth management, trade finance, and business loans for small and large enterprises.
Islamic Banking
The Bank’s Sharia-Compliant Banking services follow the Islamic law, notably excluding interest (Riba) from all management and investment services.
Seamless Digital Financial Services with RAKBANK
Banking Packages
The bank offers several packages (Beyond, Emirati, and Plus Maximizer), allowing you to access free debit cards, up to 5 credit cards, exclusive rewards like cashback, insurance, and high-interest savings. These packages are suited to expats and nationals alike.
Loan Options
Need personal, auto, home, or national loans? RAKBANK offers flexible options with low rates, quick approvals, and no salary transfer. They even offer green loans for eco-conscious people to purchase solar panels.
Digital Banking
RAKBANK has digital platforms that ensure smooth account access and transactions with OTPs and RAKToken. They provide instant card blocking to secure logins. You can enjoy full control and advanced fraud protection at all times.
Dubai Banking Made Easy with IBG Consultancy
Book a Free Consultation
Contact our experts to choose the right account for your business or personal needs.
We Prepare Your Documents
Our team gathers, reviews, and organizes all required paperwork for a smooth process.
Direct Bank Coordination
We connect directly with leading banks in the country to fast-track your application.
Account Opened
Get your account activated and ready to use, without any delays or confusion.
Why IBG Consultancy is Trusted for Banking in Dubai
IBG Consultancy makes your banking journey easy. We provide you with a new account suitable for your requirements. All you have to do is get in touch with us, provide the details, and wait for the due processing time. Contact us today to open your account with RAK Bank successfully.
Frequently Asked Questions
Where is the RAK Bank’s head office located?
The bank’s head office is located in the emirate of Ras Al Khaimah, where it also holds its official registration.
Can I open my business account digitally with RAK Bank?
Does RAK Bank offer support for business growth across the region?
What types of Islamic banking services does RAK Bank offer?
What is the benefit of using RAK Bank’s seamless digital services?
How does RAK Bank support the economy and local businesses?
Are there any awards or recognitions won by RAK Bank?
What are the opportunities for businesses like mine with RAK Bank?
Does RAK Bank provide wholesale banking services?
Can I expect good customer care with RAK Bank?
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