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Gold Account

Now Buying, Selling or Saving with Gold is so easy, you can do it anytime and anywhere you like

  • Buy gold digitally anytime at your convenience at a competitive price using RAKBANK Gold Account
  • Option to save in grams, starting from 1 gm
  • Buy / Sell anytime through RAKBANK Digital Banking
  • Redeem for physical gold at select RAKBANK branch*
  • Save regularly through monthly Standing Order set up
  • Enjoy capital gains when there is an appreciation in gold price

Purchase and sale of gold will be based on the banks prevailing real time gold buying and selling rates

  • Credit proceeds from sale of gold into your RAKBANK account
  • Physical Gold redemption will be allowed from select RAKBANK branch*

* Physical Gold redemption request can be submitted through Digital Banking or any RAKBANK Branch, however physical gold delivery can be received only at RAKBANK Oud Metha Branch (SBC).

  • Funding of value for purchasing gold must be done from own RAKBANK current or savings account.
  • Physical redemption of gold can be availed for minimum 10 grams and maximum 5Kg per day.
  • Physical redemption of Gold may take 3 to 5 days to execute.
  • Physical redemption of Gold may be suspended by the Bank from time to time or such facility may be offered on case to case basis.
  • Prevailing Buy/Sell rate of Gold is displayed only on RAKBANK Digital Banking platform.
  • Any adverse impact on the linked transactional account will also apply to Gold Account.

You are required to:

  • Review this document and all other terms & conditions set out in the application form in detail;
  • Regularly check our website www.rakbank.ae for updates;
  • Notify the Bank in writing if there is a change in your employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form; and
  • Always safeguard sensitive banking details such as a/c number, cheque book, Debit Card, login ID, passwords, pin number etc.
  • The Bank may amend the features, fees, charges, terms & conditions of the Account on 60 days’ notice to you in advance.
  • Gold rates are based on market rates which are updated regularly, and will be applied for buying and selling gold. Hence, no notice period will apply.
  • If the transaction Account linked to the Gold Account is not used for a period of 1 year, it will be designated as inactive and you will not be able to transact unless activated again.

 


Warnings

  • RAKBANK prevailing Gold rate is subject to market price fluctuations and customer may lose value of the purchased gold if the sell rate goes below buy rate.
  • The Bank may close the Account if KYC or identification documents are not updated regularly, or if required as internal policies or upon request from regulatory / judiciary entities.
     
*Note: Verification Image text is case sensitive

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