What is the new minimum balance threshold?
It is dependent upon whether you are a Private or Retail Banking Customer. The expected minimum balance of your account(s) will be communicated to each customer individually.
How much is the minimum balance charge?
It is dependent upon whether you are a Private or Retail Banking Customer. The expected minimum balance charge will be communicated to each customer individually.
What is the frequency of the minimum balance charge?
If applicable, the minimum balance charge is paid monthly in arrears and will be debited to your account during the first week of every month.
When will the first minimum balance charge be paid?
The first month of assessment of averages balances on your accounts will be January 2023, and the first minimum balance charge will be debited from your account, where payable, during the first week of February 2023.
I hold a local mortgage loan with the NBKI. Will the minimum balance threshold and minimum balance charge be applicable to my account?
No, the minimum balance threshold and charge will not be applied as long as you continue to hold a local mortgage loan with NBKI.
I hold an investment with the NBKI (NBK Nominees). Will the minimum balance threshold and balance charge be applicable to my account?
No, the minimum balance threshold and charge will not be applied as long as you continue to hold an investment with NBKI (NBK Nominees).
How can I pay UK travel expenses if I do not want to top-up my balance or pay the minimum balance charge?
If you are unable to, or do not wish to top up your balance with NBKI London, to meet the minimum balance requirements, and do not wish to incur the minimum balance charge, you must close your UK account(s) with NBKI. If you are an NBK - Kuwait Account Holder you can use your NBK - Kuwait issued cards which are compatible across the UK.
I am not a NBK - Kuwait Cardholder, how can I pay my UK travel expenses if I do not want to top-up my balance or pay the minimum balance charge?
After closing your UK account with NBKI, the alternatives to pay for UK travel expenses include using your local bank issued cards. Please verify with your local bank that their cards are operational overseas.
How are the average balances computed?
The end of day cleared balances in your current and fixed deposit accounts will be aggregated into GBP and divided by the number of calendar days during the month to arrive at the average balances.
Will my account be charged if I hold average monthly balances of more than the minimum balance but at times, the balances fall below the minimum balance for a few days in the month?
Charges will be based on average balances during the month. Your account will be debited with the minimum balance charge only if the average balance falls below the minimum balance requirement.
I hold an NBK Fixed Term Deposit with NBKI of over the minimum balance. Do I also need to maintain a minimum balance in my NBK Current Account?
Aggregate average balances of NBK Current Account and NBK Fixed Term Deposit will be taken into consideration. You do not need to maintain an average balance of the minimum balance in each of these accounts.
I hold an NBK Current Account in other foreign currency (US Dollars). Is the minimum balance requirement applicable to my NBK Current Account in USD?
The minimum balance requirement will be applicable on other currency accounts as well. The equivalent average balances of the minimum balance should be held. The exchange rates used to calculate average balances for other currencies will be based on the rates determined by NBKI. If you hold your balances in foreign currencies and they are below the equivalent amount of minimum balance, the minimum balance charge will be debited from your current account in foreign currency on a monthly basis (the exchange rates used to calculate the charge for other currencies will be based on the rates determined by NBKI).
Will the balances in other foreign currencies be taken into consideration for computing the average balance at NBKI?
Yes, these balances in other currencies will be included at the exchange rates determined by NBKI.
Will my balances in other NBK Locations count when calculating will be taken into consideration for computing the average balance?
No, NBKI is a UK subsidiary, subject to its own local regulatory and operating environments. The average balance is computed based on aggregate balances held with NBKI only.
What happens if I have no available balances in my NBK Current Account?
If the minimum balance charge is applicable and your current account balance is below the applicable minimum balance charge, we will contact you to topup
your account to cover the charge. If you do not top up your account balance in a timely manner or fail to hold enough funds in your account to meet the monthly minimum balance charge on an ongoing basis, we will close your account in accordance with our terms and conditions.
If I am not able to meet the minimum balance requirement and do not wish to incur the minimum balance charge, how do I close my account?
We will be sorry to have you exit your relationship with us. We can, however, assist you in closing your account if you choose to do so. You will be required to provide us with signed authorisation to close your account and transfer the balance to your specified bank account.