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Evantage account is an online transaction account that entitles you to earn higher interest on your deposits.
How can I open an Evantage account?
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.
Is there any minimum monthly balance requirement for Evantage?
No, there is no minimum monthly account balance requirement for the Evantage account.
Is there any account maintenance fee on the Evantage account?
No, there is no monthly maintenance fee for the Evantage account.
What are the Evantage benefits?
No minimum Account Balance and no Account Maintenance Charges
Up to 1 International OR 3 Local Electronic Outward Remittance free every month**
Free one time set up of an initial Balance Order to transfer balance above a set amount to your F@st S@ver account**
Mail a Cheque facility on request** - Charges apply
Free Debit Card
Free EDM Cash & Cheque deposits
Free RAKdirect & RAKconnect
Free monthly electronic statements
Interest calculated on daily balances and paid monthly as per tiered structure
**Only through Online Banking
Can a non resident individual open an Evantage account?
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.
Can a minor open an Evantage account?
Evantage account is available for individuals above 21 years of age.
How is the interest calculated?
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
10,000 – 99,999
100,000 – 249,999
Can I open an Evantage account in multiple currencies?
No, an Evantage account can only be opened in AED currency.
Is there a Debit Card given with the Evantage account?
Yes, Debit Card will be provided for the Evantage account.