Accounts
How does the NBF Gold Account work?
Like any other foreign currency account, the Gold Account works with the currency code XAU and is denominated in ounces. You can purchase gold without taking physical custody of it and maintain the investment in electronic form.
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 Account?
You will give NBF an instruction to purchase gold in the number of troy ounces you would like to invest in. NBF will buy the gold on your behalf at the prevailing rate of the day. The money will be debited from your AED/USD account and your Gold Account will be credited with the ounces purchased.
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 you 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 Account?
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 the actual gold that I have purchased?
No, no option for physical gold redemption exists.
Does this account generate interest?
No, as earnings are dependent on the gold price, interest is not paid in this account. If you would like to earn interest on your gold investments, consider the NBF Gold Deposit Account.
Can I withdraw or deposit cash from this account?
No, you will not be able to deposit cash into the Gold Account or withdraw cash from it.
Does this account generate interest?
No, as earnings are dependent on the gold price, you won’t earn interest with this account. If you would like to earn interest on your gold investments, consider the NBF Gold Deposit Account.
What is the rate at which I can purchase gold?
The daily rate from treasury is applied and may vary. Your NBF Relationship Manager or any branch staff can inform you about what the daily rate is.
Do I need to maintain a minimum balance?
Yes, you need to maintain a minimum of one ounce in the Gold Deposit. Accounts not funded for three months will be closed.
Are there any charges levied by NBF for purchasing gold on my behalf?
No charges will be levied by NBF. However, there may be a slight discrepancy in the account as debits are made based on the prevailing USD rate.
Who can open an NBF Gold Account?
UAE nationals and expats with valid residence visas are eligible to open a Gold Account. To open an account, an application form needs to be completed and you will be required to provide proof of identity.
How can I access my Gold Account?
You can view the balance of your account on Internet banking, but you can’t currently buy or sell gold yourself online. You need to do so through your NBF Relationship Manager or branch. You will also receive quarterly email statements.
Will I be issued with a cheque book and/or ATM card for this account?
No, ATM cards and cheque books are not issued.
How does the NBF Gold Deposit work?
Like any other foreign currency account, the Gold Deposit account works with the currency code XAU and is denominated in ounces. You can purchase gold without taking physical custody of it and maintain the deposit in electronic form, while earning interest on it.
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 you 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 the actual gold that I have purchased?
No, no option for physical gold redemption exists.
Can I withdraw cash from this account?
No, you will not be able to withdraw cash from the Gold Deposit. The deposit can be closed and the gold can be transferred to your Gold Account or sold off, with the money being credited to your linked account.
What are the on a gold deposit account?
The available tenures are 1 month, three months, six months and 12 months.
Who can open an NBF Gold Deposit?
UAE nationals and expats with valid residence visas are eligible to open a Gold Deposit. You can only open an NBF Gold Deposit if you have an NBF Gold Account. To open a Gold Deposit account, an application form needs to be completed and you will be required to provide proof of identity.
How can I buy gold using the NBF Gold Deposit?
You will give NBF an instruction to purchase gold in the number of troy ounces you would like to invest in. NBF will buy the gold on your behalf at the prevailing rate of the day. The money will be debited from your AED/USD account and your Gold Deposit will be credited with the ounces purchased.
What is the rate at which I can purchase gold?
The daily rate from treasury is applied and may vary. Your NBF Relationship Manager or any branch staff can inform you about what the daily rate is.
Do I need to maintain a minimum balance?
Yes, you need to maintain a minimum of one ounce in the Gold Deposit. Accounts not funded for three months will be closed.
How can I access my Gold Deposit?
You can view the balance of your Gold Deposit on Internet banking, but you can’t currently buy or sell gold yourself online. You need to do so through your NBF Relationship Manager or branch. You will also receive electronic deposit receipts via email.
How do I liquidate my NBF Gold Deposit?
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 Gold Account.
What tenures can I select for my deposits?
You can select a tenure that best suits you from one month to three months, six months or 12 months.
What is the interest payable on my Gold Deposit?
The current interest rates are as follows and are subject to change:
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Interest will be credited to your account upon maturity.
For rates on higher tenures, please contact your Relationship Manager or your nearest branch.
Can I roll over my deposit?
No, auto roll over of deposit is not allowed.
Am I allowed to partially or prematurely withdraw my deposit?
No partial withdrawal is allowed for deposits. Premature withdrawals are allowed but you would not be paid interest on these deposits.
Are there any charges levied by NBF for purchasing gold on my behalf?
No charges will be levied by NBF. However, there may be a slight discrepancy in the account as debits are made based on the prevailing USD rate.
