Photo Credit: WAM
Ras Al Khaimah Economic Zone (RAKEZ) and RAKBANK have introduced a new banking service allowing eligible RAKEZ businesses to open a RAKBANK Business Current Account within 60 minutes, marking a first for the UAE.
The service is available to qualifying new and existing companies holding a RAKEZ trade licence and is aimed at businesses seeking to establish a new banking relationship or move their existing banking operations to RAKBANK.
Under the new proposition, eligible businesses can benefit from a zero minimum balance requirement for the first 12 months, along with a discounted monthly account maintenance fee of AED49 during the same period.
Businesses may also receive AED1,000 cashback by maintaining an average monthly balance of AED25,000 in each of the first three months after opening the account.
The offer also includes zero fees on domestic and international transfers under RAKBANK’s current acquisition campaign, which remains valid until 31 October 2026.
Ramy Jallad, Group CEO of RAKEZ, said the enhanced partnership with RAKBANK is designed to simplify access to banking services and provide businesses with greater convenience throughout their growth journey.
He said enabling eligible businesses to open an account within one hour represents an important step towards making banking more accessible, while the additional benefits provide companies with greater choice and value when selecting a banking partner.
Vishal Shah, Managing Director of the Business Banking Group at RAKBANK, said faster access to banking services can help entrepreneurs and business owners focus more of their time on growing their companies, serving customers and exploring new opportunities.
He added that RAKBANK plans to support businesses beyond account opening through services including financing, transaction banking, payments and trade solutions, combining digital banking capabilities with professional support as companies expand.
