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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 Deira Maktoum branch, Dubai.

  • 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.
     

This Product is suitable for customers who are :

  • Looking to digitally buy or sell gold.
  • Digitally savvy and prefer to transact in their accounts digitally.
  • Looking to regularly save in Gold by setting up a periodic standing order instruction.

YOUR RIGHT TO CANCEL

You are entitled to a cooling-off period that starts from the date of signing the Account opening application and is valid for up to 5 business days after the Account opening date. This means that you may choose to cancel your Account opening application or close your Account during this period and the Bank will waive any Account Closure Fee. If you choose to exercise your right to cancel you must pay any amount owed to us on your Account including any overdrawn balance and any fees or charges related to payments into or out of your Account during the cooling-off period. After completion of the cooling-off period, your Account will be subject to standard fees and charges as per our Service and Price Guide available at www.rakbank.ae

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  • RAKdirect Number 600 54 4049
  • Phone Banking 042130000