RAKEZ and RAKBANK Launch 60-Minute Business Accounts With Zero Minimum Balance

Ras Al Khaimah Economic Zone (RAKEZ) and RAKBANK have introduced a corporate banking service that allows eligible companies with a RAKEZ trade licence to open a business current account within 60 minutes, according to Arabian Business. The offering is available to both newly registered and existing entities seeking to establish or transfer their banking operations.

Under the partnership terms, participating businesses are exempt from minimum balance requirements for their first 12 months and receive a reduced monthly maintenance fee of AED 49 during that initial year. Clients can also earn AED 1,000 in cashback if they maintain a monthly average balance of AED 25,000 across each of their first three months of operation.

Additionally, RAKBANK has eliminated transaction fees on domestic and international transfers under a promotional campaign valid through October 31, 2026. RAKEZ Group CEO Ramy Jallad and RAKBANK Business Banking Managing Director Vishal Shah stated that the accelerated onboarding is designed to simplify banking access and reduce early administrative hurdles for entrepreneurs and enterprises.