Evantage account is an online transaction account that entitles you to earn higher interest on your deposits.
Banking and Non-Banking customers can apply for an Evantage account through RAKBANK’s Websites (www.rakbank.ae / www.rakbankdirect.ae) or visit any RAKBANK Branch.
No, there is no minimum monthly account balance requirement for the Evantage account.
No, there is no monthly maintenance fee for the Evantage account.
**Only through Online Banking
Evantage account is provided to only resident individuals. A Valid UAE Residence visa, (if applicable) is to be maintained at all times during the relationship with the Bank. Copy of valid UAE residence visa is to be provided to the Bank from time to time and failure to do so, may lead to closure of the account.
Evantage account is available for individuals above 21 years of age.
Interest is calculated on daily cleared closing balances as per the tier structure and paid monthly. If the interest accrued is less than AED 10, then no interest is payable to the customer. Interest is paid on credit balance as per tiered interest rate structure below.
|Balance Range (AED)||Interest (Per Annum)|
|0 – 9999||0.25%|
|10,000 – 99,999||0.75%|
|100,000 – 249,999||1.00%|
No, an Evantage account can only be opened in AED currency.
Yes, Debit Card will be provided for the Evantage account.