A current account is an account you can use to make payments to third parties and which you can draw on without giving us any prior notice. Balances on a current account can be positive or negative (in credit or overdrawn).
Notice account means a deposit account which requires you to give us notice of
a specified period before you are permitted to withdraw some or all of your money; or where failure to give the specified notice means that there will be a charge for early withdrawal of your money.
This is a savings account which pays you interest and which allows you access to your money without needing to give any prior notice.
A savings account is an account that pays you interest, but which is not used for making payments to other people. There are several types of savings account with different features and benefits to meet your needs. Some have tiered interest, where the rate differs according to how much is in the account. Some require a certain period of notice before you can withdraw money. Some will pay a fixed interest rate for a fixed term, others pay a variable rate.
A standing order is an instruction to a bank by an account holder to make regular fixed payments to a third party.
A term deposit is a cash deposit for an agreed rate of interest over a fixed period or term. Sometimes the term is referred to as the tenor.
The term “bank charges” covers all charges and fees made by the bank to 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 cheques. Every bank branch is given a unique MICR code and this helps to speed up the cheque clearing process.
Yes, for cheques to be processed, an MICR code is required. The MICR code contains data required to process the cheque.
Only cheques meeting the standard size requirements will be accepted for processing. Cheques should either be 20.3 cm x 7.6 cm or 22.8 cm x 8.9 cm.
Cheque books issued by NBKI comply with all security features and these include:
Type of paper used which does not allow for cheque to be photocopied
Special type of ink
Watermark as part of the cheque
Please contact the individual who has provided you with this cheque and request that they provide you with a new standard cheque. Soon, it will not be possible to process this cheque at any local bank.
No, it is not. Direct sunlight damages the UV security features which would make it impossible for such cheque to be processed by NBKI.
Do not write or sign over the MICR code at the bottom of the cheque
Generally keep cheque in a good condition - it should not be folded or stapled to the paper. Make sure that your cheques are not damaged in any way (ie: torn, folded, or crumpled).
The cheque 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 cheques (cheques returned due to insufficient funds may lead closure of your account by NBKI)
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 current 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 current account at the branch.
The NBK Debit Cards give direct access to your current account and can be used at millions of locations worldwide at ATMs, point of sales and websites.
NBK Debit Cards are now Contactless and will work at Contactless readers throughout the world allowing you to pay for low value items with a simple tap.