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Frequently Asked Questions

Gold Account

GOLD Account is an instant digital account where customers can buy or sell digital gold.

Existing RAKBANK Individual customers from Personal Banking and Business Banking including business entities are eligible.

Yes. Gold Account is available for existing RAKBANK non-resident customers.

No, cheque book and Debit card is not issued for Gold Accounts.

No, there is no interest paid on the Gold Account.

Digital Gold can be bought or sold at any time  using Gold Account. There is no cut-off timings.

RAKBANK Gold Account buy and sell rates can be viewed on RAKBANK Digital Banking platforms. Note: The stated rates are not available on website.

RAKBANK Gold Account buy and sell rates are decided by RAKBANK Treasury Unit.

There is no specific fee applicable for buying and selling Gold using RAKBANK Gold Account. However RAKBANK’s margin is included in the buy / sell rates offered by RAKBANK for this account.

Yes, customers can convert their RAKBANK Gold Account balances (minimum 10 Grams) in to physical gold bar. Customer can submit a request to redeem physical Gold either through RAKBANK digital banking channels or at any RAKBANK branches. They will receive SMS for collection. Note: While redemption request can be submitted at any RAKBANK branches, physical Gold can be collected only from RAKBANK Deira Maktoum branch, Dubai. 

Physical Gold can be collected after 4 working days from the request submission date.

10 grams minimum and 5 kg maximum.

Yes, charges are applicable for physical Gold redemption based on the quantity. Please refer RAKBANK Service & Price Guide to know charges.

RAKBANK branch will hold requested physical Gold for 1 month from the date of SMS notification sent to customer for collection. If physical gold is not collected within 1 month, custody charges will be applied every month. Please refer RAKBANK Service & Price Guide to know charges.