A current account is an account with no interest, it may be opened with IQD, USD, Euro or Sterling Pound with the option of issuing a checkbook. This account has the flexibility of depositing and withdrawing easily and the facility of over-drafting. A debit card is offered with this account.
A savings account provides customers with interest depending on their balances. There are several types of savings accounts with different features and benefits to meet your needs. A debit card is offered with this account. No checkbook is offered with this account type.
A standing order is an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization. This service is provided to customers for a fee. Fees differ depending on the type of standing order, whether it is being made to a person or an organization.
A term deposit is an account where you deposit a certain base amount - it will provide you with higher interest rates than a savings account but imposes conditions on the amount, frequency, and/or period of withdrawals.
The term “bank charges” covers all charges and fees made by a bank to their customers with regards to certain services and products. These charges may take many forms such as monthly, annual or once a customer initiates a transaction or requests a service.
Withdrawals must be done by the child’s parents or legal guardian.
MICR (Magnetic Ink Character Recognition), is a character recognition technology which helps in faster processing of checks. Every bank branch is given a unique MICR code and this helps to speed up the check clearing process.
Yes, for checks to be processed, an MICR code is required. The MICR code contains data required to process the check.
Only checks meeting the standard size requirements will be accepted for processing. Checks should either be 20.3 cm x 7.6 cm or 22.8 cm x 8.9 cm.
Checkbooks issued by NBK comply with all security features and these include:
Type of paper used which does not allow for checks to be photocopied
Special type of ink
Watermark as part of the checks
Please contact the individual who has provided you with this check and request that they provide you with a new standard check. Soon, it will not be possible to process this check at any local bank.
No, it is not. Direct sunlight damages the UV security features which would make it impossible for such checks to be processed by NBK.
Do not write or sign over the MICR code at the bottom of the check.
Generally keep checks in a good condition - it should not be folded or stapled to the paper. Make sure that your checks are not damaged in any way (ie: torn, folded, or crumpled).
The check should not be exposed to direct sunlight nor kept in a hot place e.g. in a car in direct sunlight as this can damage the UV logo.
Ensure the availability of sufficient funds in the account before issuing checks (checks returned due to insufficient funds may lead to criminal prosecutions and/ or closure of your account by NBK).
This rate is subject to change depending upon changes to declared interest rates.
The interest rate on loans will remain fixed for 5 years, after which it may be changed as per NBK declared interest rates, provided that the change does not exceed 2% (either by increase or decrease) over the applicable interest rate at borrowing.
Application fees, partial payment fees or full prepayment fees are not charged.
Monthly loan installments are always fixed but may be increased or reduced at the end of every 5 years to reflect any change in the interest rate. For example, if the loan tenure is 15 years, the installment may be changed twice: the first change can occur at the end of the 5th year and the second change at the end of the 10th year.
As per NBK, customers must now submit evidence which proves that the loan was indeed used for the purpose it was granted. Customers have up to a year to submit the documents pertaining to their loan amount.
The purpose of the loan reflection period is to give sufficient time to customers to evaluate all options, read the terms and conditions and then makes a decision.
Only loans required for medical expenses are exempted and can be granted without regard to such a period.
A debit card is a form of payment where the customer can purchase an item using money that is deposited in his bank account without the need to withdraw it in cash.
All customers that currently hold an active account with the bank qualify for a debit card. In the case of a new customer, they will receive a debit card instantly when opening the account at the branch.
The NBK Debit Cards give direct access to your account and can be used at millions of locations worldwide at ATMs, point of sales and local websites.
A credit card is a form of payment where you can make purchases using borrowed money from the bank. This amount can be paid at a later date.
There are two ways to pay for the credit card: in monthly installments or one full payment. Paying in monthly installments will have extra charges associated that are called “flexible payment fees.” Paying the full amount is free and no extra charge is required.
The main difference is that using your debit card will directly reduce your account balance. Paying with your credit card doesn’t and you have more payback flexibility.
You can use your credit card internationally or locally using ATM machines to withdraw cash, at points of sales that accept credit card payment, or online if a merchant accepts credit card payments.
Absolutely! All NBK Credit Cards have chip for extra security which complies with EMV standards. In addition, NBK credit cards support NBK Secure Shopping. This is an added layer of security when using your credit cards online.
Generally, your relationship officer should discuss the fees for your specific card with you. You should be aware of the yearly fee of the credit card, the monthly flexible payments fee, the overdraw fees, cash advance fees and late payment fees.
More information in the “Fees & Charges” section for your credit card.
Yes, you can monitor your credit card usage either by requesting a credit card eStatement, a printed statement copy in branch, calling the NBK Call Center, or by accessing your account via NBK Online Banking.