- Buy or sell gold from wherever you are
- Get 24/7 access to your gold deposit account online
- As gold is held electronically, no physical storage is required
- Stay liquid with the ability to convert gold to cash and back
- Earn competitive interest on your gold investments
Frequently Asked Questions:
How does the NBF Gold Deposit products work?
Like any other foreign currency account, the gold deposit account works with the currency code XAU and is denominated in ounces.
How will I store any gold purchased?
As the gold is held electronically, you won’t have to deal with the risks of storing and moving physical gold.
How can I buy gold using the NBF Gold Investment products?
You will give NBF an instruction to purchase gold in the number of troy ounces you would like to invest in. NBF will purchase the gold on your behalf at the prevailing rate.
Will I be issued with a cheque book and/or ATM card for this account?
No, ATM cards and cheque books are not issued.
Who holds the risk associated with any gold investment I make?
The quantity of gold purchased by the customer remains constant and any risk associated with an increase or decrease in the price of gold is held with you the customer.
How do I liquidate my NBF Gold Investment products?
You can liquidate your account by giving an instruction to NBF to sell your gold investment at the prevailing rate and to transfer the funds from that sale to your customer account.
Can I redeem actual gold that I have purchased?
No, no option for physical gold redemption exists.
Does this account generate interest?
Yes, interest will be credited to your account upon maturity.
Can I withdraw cash from this account?
No, you will not be able to withdraw cash from the gold deposit account. The deposit can be closed and the gold can be transferred to Gold account or sold off and money credited into your linked account.
What are the on a gold deposit account?
The available tenures are 1 month, three months, six months and 12 months.