I hold a mortgage loan with the NBKI London. Will the minimum balance charge be applicable to my account?
The minimum balance charge will not be applied so long as you continue to hold a mortgage loan with NBKI London.
I hold an investment with the NBKI London (NBK Nominees). Will the minimum balance charge be applicable to my account?
The minimum balance charge will not be applied so long as you continue to hold an investment with NBKI London (NBK Nominees).
What is the frequency of the Minimum Balance Charge?
If applicable, the charge of £100 will be debited to your current account during the first week of every month, if the average balances on your accounts for the preceding month was below £300,000.
When was the first Minimum Balance Charge be payable?
The first month of assessment of averages balances on your accounts was January 2023, and the first Minimum Balance Charge was debited to accounts, where payable, during the first week of February 2023. The minimum balance charge is a recurring monthly charge, where payable.
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 to £300,000, 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 card holder, 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 if 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 £300,000 but at times, the balances fall below £300,000 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 fixed deposits with NBKI London of over £300,000. Do I also need to maintain a minimum of
£300,000 in my current account?
Aggregate average balances of Current and Fixed Deposit Accounts will be taken into consideration. You do not need to maintain an average balance of £300,000 in each of these accounts.
I hold a Current Account in other foreign currency (US Dollars). Is the Minimum Balance Requirement applicable on my USD current account?
The Minimum Balance Requirement will also be applicable on other non-GBP currency accounts. The equivalent average balances of £300,000 in the relevant currency should be held. If you hold your balances in foreign currencies and they are below the GBP equivalent amount of £300,000, the charge equivalent to £100 will be debited to your current account in foreign currency on a monthly basis. The exchange rates used to calculate average balances for other non-GBP currencies and the monthly charge will be based on the rates determined by NBKI London.
Will the balances in other foreign currencies in NBKI be taken into consideration for computing the average balance?
Yes. These balances in other currencies will be included at the exchange rates determined by NBKI.
Will my balances in other NBK locations 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 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 top-up 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.
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 your signed authorisation to close your account and transfer the balance to your specified bank account.