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RAS AL KHAIMAH / WAM
The National Bank of Ras Al Khaimah (Rakbank) on Tuesday announced further plans to provide financial relief to individuals, SMEs, and corporates impacted by the economic consequences of the coronavirus (Covid-19).
For individual customers, the bank will provide payment deferrals of up to three months on auto loans and personal loans for Covid-19 impacted salaried and self-employed individuals without any charges. In addition, credit cardholders will be given a choice to defer card payments for one month without any deferral charges.
Also, the bank will provide customers with an option to convert education and electronic spends on their conventional credit cards into an Easy Payment Plan (EPP), option at a zero percent interest rate and zero processing fee for up to 24 months.
Small to medium-sized business owners facing hardships are encouraged to contact the bank and discuss options for financial relief.
Rakbank established a direct helpline to assist its Business Banking customers and urged them to directly contact their Relationship Manager for further assistance. Trade Finance solutions and Real Estate financing for the bank’s Business Banking customers will be dealt with on a case-by-case basis and necessary assistance will be provided.
The bank will be waiving off local transfer charges conducted via the Digital Banking app or the ATMs and Electronic Deposit Machines (EDMs). Rakbank is also offering a one-time discount of up to 50 percent on overdue transaction fees, as well as discounts on trade finance services done via the bank’s Digital Banking. Lastly, Rakbank is offering a RAKstarter zero balance current account to start-ups and new entrepreneurs.
Rakbank is urging all customers, especially SMEs, to take their business online with several options to efficiently run their operations successfully and not have any health implications on the surrounding environment. Rakbank Simplify platform’s monthly fee will be waived off for the next three months to businesses that offer essential services such as the delivery of medicines, groceries and other related services.
Wholesale Banking customers that are directly impacted due to Covid-19 are encouraged to contact their Relationship Managers at Rakbank to discuss concerns and potential options and solutions.
Peter England, CEO at Rakbank, said, “We are continuously monitoring the developments of Covid-19 and are always prepared to support our customers facing financial hardships or loss of income due to the COVID-19’s economic impact on individuals, SMEs and corporates, including the elimination or reduction of many fees.”