With a continued commitment to improving our services and faced with increased costs to maintain non-resident accounts in the UK, the National Bank of Kuwait (International) PLC, (the Bank, NBKI, we, us,) introduced a new minimum balance and monthly minimum balance charge. These charges were applied to Retail Banking Accounts with the Bank. These changes took effect on 1 January 2023.
NBKI introduced a new monthly minimum balance charge of £40 per month, which became applicable as of 1 January 2023. The minimum balance charge was only payable if the customer failed during a calendar month to maintain an average aggregate balance of £50,000 as a minimum balance or above.
Please note, if you have more than one account, the minimum balance requirement will have been applied to the aggregate balances across your sub accounts.
If you were already meeting the minimum balance requirement set out above, or had a loan or investment funds with us, then no action was required. You needed to maintain at least the minimum balance across your accounts, your loan or investment funds with the Bank to avoid incurring the minimum balance charge.
It is possible for you to maintain the aggregate balances on your accounts below the minimum balance and pay the minimum balance charge of £40 per month. Nonetheless, if you wish to close your account because of these changes, please write to us and let us know.
In an effort to continually enhance our services and in light of the rising costs associated with maintaining non-resident accounts in the UK, the National Bank of Kuwait (International) PLC, (the Bank, NBKI, we, us,) introduced a new minimum balance and monthly minimum balance charge. This change applied to all existing and new Private Banking accounts with the Bank. These changes took effect on 1 January 2023.
In order to continue to benefit from fee-free banking on your accounts, the new Minimum Balance Requirement for Private Banking customers was set at £300,000. This took effect from 1 January 2023, and was assessed on the aggregate balances in your current and deposit accounts with the Bank. Please note, the Minimum Balance Requirement did not apply to those customers who had any loan(s) or investment funds with the Bank, and/or for direct related family accounts provided that the main account met the Minimum Balance Requirement.
In addition to the above, we introduced a new monthly Minimum Balance Charge, set at £100 per month, which also became applicable from 1 January 2023. The Minimum Balance Charge was only payable if a customer failed during a calendar month to maintain an average aggregate balance at or above the Minimum Balance of £300,000.
Please note, if you have more than one account with us the Minimum Balance Requirement will apply to the aggregate balances across your accounts with us.
If you are currently meeting the Minimum Balance Requirement set out above or have a loan or investment funds held with us, then no action is required by you. You will need to maintain at least the Minimum Balance across your accounts with the Bank, or your loan or investment funds to avoid incurring the Minimum Balance Charge.
Should you not wish to adhere to the Minimum Balance Requirement, you can undertake any of the following:
- You can close your account with Private Banking and open an account in the Retail Branch located on George Street, London. The branch’s Minimum Balance for existing clients is £50,000, with a monthly Minimum Balance charge of £40 when the average balance drops below that £50,000. As with other banks, Retail Banking compared to Private Banking does not benefit from the same level of personalised support but shares similar current and saving account products. Additionally, transactional and cash services in Retail Banking have lower limits compared to Private Banking
- Maintain the aggregate balances on your accounts below the Minimum Balance and pay the Minimum Balance Charge of £90 per month
- In the unfortunate event you wish to close your account because of these changes please contact us and let us know