RAKBANK Review| North Loop Official Blog
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North Loop
06 Nov 2020

RAKBANK Review

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Introduction -

RAKBANK is one of the oldest banks in the UAE. Founded in 1976, it offers a wide range of conventional and Islamic retail, small business and commercial banking services through a network of thirty-nine branches and 293 RAKBANK ATMs in the UAE. A retail and business bank, it has assets worth AED 34.5 billion and also offers electronic banking solutions which include Telephone and Digital banking. It also provides Sharia-compliant RAKBANK personal and business banking services via Islamic banking unit, RAKislamic.

RAKBANK savings account -

RAKBANK savings account offers competitive interest rates and credits interest on a half-yearly basis. No minimum balance gets required for the first three months on its savings account, and a salary transfer letter gets required as additional documentation for opening the account for salary transfer purpose. Some of the other features provided with the savings bank account are as follows -

Free debit card and access to your savings account anytime through any RAKBANK ATM in the UAE.
Monthly, quarterly or bi-annual statements with a savings account. (If the debit card option gets selected, monthly statements get issued by default).
Convenient transfer of funds facility.
Free RAKBANK online banking facility. (A RAKBANK online account can get opened with the click and collect service with the debit card available at the bank branch).

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

RAKBANK credit card -

Two of the popular RAKBANK credit cards are as follows -

World Credit Card -

The RAKBANK World Credit Card offers several rewards like travel benefits and lifestyle privileges. Some other include travel discounts, worldwide airport lounge access, discount on chauffeur rides, online shopping deals, insurance covers.

Titanium Credit Card -

The RAKBANK Titanium Credit Card offers a host of privileges and benefits. It also provides a 0% easy payment plan on its credit cards in the UAE that allows conversion of purchase into a 0% credit card payment plan for 3,6,9 or 12 months at several participating merchants. The easy payment plan is, however, not available for RAKislamic credit cards.

Features of the Titanium credit card -

No annual fee
Offers on electronics, holidays and dining
Up to 55 days interest-free credit
Purchase protection
Travel Accident Insurance
Cash advance of up to 40% of the credit limit
Minimum monthly payment of 3%
Buy 1 Get 1 offers throughout the Middle East and Africa across dining and cafes
Complimentary access to VIP lounges in Dubai, Abu Dhabi, Cairo, Kuwait and Jordan

RAKBANK Business -

RAKBANK Business is a mobile banking app for business banking and corporate banking customers to enable them to enjoy the digital banking experience. It offers fund transfer facilities, trade finance services and also allows the payment of VAT online.

RAKBANK customer review -

While this bank may be a popular name in the banking industry in the UAE, especially for its RAKBANK personal loans and credit cards, the customer feedback on most online review platforms is quite negative. Most of the users have complained about the RAKBANK customer care service and even criticised its banking app. Some have even alleged that they never received a credit card that got promised to them. However, the RAKBANK customer care service and support system have received the highest negative feedback.

Conclusion -

If you wish to open an online bank account and enjoy digital banking services from anywhere in the UAE, you can do so with North Loop. We offer a wide range of financial products and services like personal loans, home loans, insurance services, investment instruments, NRE account, savings account, fixed deposits etc. The application process is quick, and our customer support system is also available 24*7 to ensure you have a seamless banking experience.

To sign up with us, click here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.