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Frequently Asked Questions
Gold Account
1. What is GOLD Account?
GOLD Account is an instant digital account where customers can buy or sell digital gold.
2. Who is eligible to avail Gold Account?
Existing RAKBANK Individual customers from Personal Banking and Business Banking including business entities are eligible.
3. Can non-resident account holders open a Gold Account?
Yes. Gold Account is available for existing RAKBANK non-resident customers.
4. Will there be a Cheque Book / Debit Card issued on Gold Account?
No, cheque book and Debit card is not issued for Gold Accounts.
5. Is GOLD Account an interest bearing account?
No, there is no interest paid on the Gold Account.
6. Are there any cut-off timings for Gold purchase/sale using Gold Account?
Digital Gold can be bought or sold at any time using Gold Account. There is no cut-off timings.
7. Where is the buying and selling rates applicable on RAKBANK Gold Account displayed?
RAKBANK Gold Account buy and sell rates can be viewed on RAKBANK Digital Banking platforms. Note: The stated rates are not available on website.
8. RAKBANK Gold Account buy and sell rates are in line with published global market Gold rates or are they decided by the RAKBANK?
RAKBANK Gold Account buy and sell rates are decided by RAKBANK Treasury Unit.
9. Is there any fee applicable for buying or selling Gold?
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.
10. Is it possible to redeem digital Gold balance in to physical Gold? If yes, what is the process to apply?
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.
11. How long does it take for the customer to receive physical Gold post submitting redemption request?
Physical Gold can be collected after 4 working days from the request submission date.
12. What is the minimum and maximum physical gold customer can redeem in a day?
10 grams minimum and 5 kg maximum.
13. Is there any fee/charges applied for physical Gold redemption?
Yes, charges are applicable for physical Gold redemption based on the quantity. Please refer RAKBANK Service & Price Guide to know charges.
14. How long will the RAKBANK branch hold physical Gold if not collected by a customer?
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.