Important Announcement

There have been important updates to our Conditions at National Bank of Kuwait (International) PLC (‘NBKI’). The current Conditions dated January 2023, available on our website, along with our Tariff of charges, are changing.

At NBKI, we are committed to serving you with the highest level of professionalism, integrity, and transparency. As part of our ongoing efforts to improve our services and to help you achieve your financial objectives in the best way we can, we have reviewed and updated our Conditions and Tariff, which shall be effective from 1 August 2023.

The main change to Conditions is how they look and flow, as they are being made clearer and simpler. In these Conditions, we have made either improvements in your favour or added clarifications. We have not introduced any new detrimental terms.

As for the Tariff, we have decreased or removed certain charges on certain products. We have not increased pricing or added new charges.

In order to assist you, we have summarised the key changes in this letter which you may find helpful.

The main changes made to Conditions primarily focus on the following key areas:

• Updated Rights and Responsibilities: We have refined and expanded upon the rights and responsibilities of both us and our valued customers. This clarity will help in resolving any queries or concerns you may have regarding your banking relationship with us
• Clarifications on blocked accounts, inactivity, call back procedures and other terms designed to protect you or to comply with local regulations and laws
• Withdrawal of the uncommitted unauthorised overdrafts and the associated charge. If your account accidently becomes overdrawn, we will contact you immediately, and you will not be charged on your overdrawn balance. Please ensure to have sufficient balance in your accounts at all times to cover any payments you have
• We no longer renew automatically fixed term deposits if we do not receive your written instruction. In such cases, the maturing deposit will be credited to your Current or Watani Super Account

The main changes made to Tariff:

• Removed the GBP 35 annual Debit card Fee
• Reduced the monthly Minimum Balance Charge for Private Banking from GBP 100 to GBP 90, and for Retail Banking from GBP 50 to GBP 40
• Removed charges on account balance certificates or statements. These will be provided free of charge
• Reduced the interest rate on overdrawn balances from 20% p.a. to 0%

Action by you:

We encourage you to take the time to review the updated Conditions and Tariff available on nbk.com. If you wish for a hard copy to be sent to you, please contact us. These changes in the Conditions and Tariff will come with immediate effect as there are no detrimental terms to you on 1 August 2023. If we do not hear from you, we will assume you are happy with these changes.

We have revamped our website with more information on our products and services, further support if you are experiencing challenging circumstances, and different ways you can contact us. We have also added several useful guides to help you navigate the UK banking environment, such as buying a property in the UK. We hope you find the new website useful, and we welcome any feedback.

Any questions relating to this letter please contact your Relationship Manager directly or on +44 (0) 207224 2277.

Thank you for choosing NBKI as your preferred banking partner in UK.