RAKBANK has announced the launch of its new savings deposit account called 'Recurring Deposits', that offers easy access to customers’ funds, guaranteed principal, and the ability to earn up to 2.5 percent interest on their savings.

With a minimum tenor of 12 months and a maximum of 5 years, the Recurring Deposits account is particularly ideal for customers that are planning to practice financial discipline, receive guaranteed returns, and gain high interest rate on their savings.

Peter England, RAKBANK CEO, said, "The Bank’s Recurring Deposit is a simple way for all our individual customers to implement savings as a financial obligation and turn it into a positive habit. People are burdened with expenses on a daily basis, where the option of savings is constantly set aside due to other obligations. Our Recurring Deposit helps our customers take small steps towards achieving their financial goals and save money for their future and for when they would like to purchase any big-ticket item."