Minimum Balance Threshold

In an effort to continually enhance our services and in light of the rising costs associated with maintaining non-resident accounts in the UK, National Bank of Kuwait (International) PLC, (the Bank, NBKI, we, us,) introduced a new Minimum Balance requirement and monthly Minimum Balance Charge. These changes took effect on 1 January 2023 and were applied to all existing and new Retail Banking accounts with the Bank.

To continue to benefit from fee-free banking and to avoid the Minimum Balance Charge being applied to your accounts, you will need to ensure you maintain a Minimum Balance of £50,000 for Retail Banking customers (£100,000 for accounts opened after May 2022). We will look at the aggregate balances in your current and deposit accounts with the Bank to determine whether the Minimum Balance Charge will apply. Please note, the Minimum Balance requirement does not apply to those customers who maintain any loan(s) or investment funds with the Bank, and/or for direct related family accounts provided that the main account meets the Minimum Balance requirement.

The monthly Minimum Balance Charge is currently set at £40 per month is only payable if a customer failed during a calendar month to maintain an average aggregate balance at or above the Minimum Balance of £50,000 (£100,000 for accounts opened after May 2022).

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.

If you do not meet the Minimum Balance requirement set out above or have a loan or investment funds held with us, then you will need to maintain at least the Minimum Balance across your accounts with the Bank or take out a loan or an investment fund 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:

• Maintain the aggregate balances on your accounts below the Minimum Balance and pay the Minimum Balance Charge of £40 per month.
• In the unfortunate event you wish to close your account because of these changes please contact 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, National Bank of Kuwait (International) PLC, (the Bank, NBKI, we, us,) introduced a new Minimum Balance requirement and monthly Minimum Balance Charge. These changes took effect on 1 January 2023 and were applied to all existing and new Private Banking accounts with the Bank.

To continue to benefit from fee-free banking and to avoid the Minimum Balance Charge being applied to your accounts, you will need to ensure you maintain a Minimum Balance of £300,000 for Private Banking customers. We will look at the aggregate balances in your current and deposit accounts with the Bank to determine whether the Minimum Balance Charge will apply. Please note, the Minimum Balance requirement does not apply to those customers who maintain any loan(s) or investment funds with the Bank, and/or for direct related family accounts provided that the main account meets the Minimum Balance requirement.

The monthly Minimum Balance Charge is currently set at £90 per month is 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.

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.

If you do not meet the Minimum Balance requirement set out above or have a loan or investment funds held with us, then you will need to maintain at least the Minimum Balance across your accounts with the Bank or take out a loan or investment fund 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 retail branch’s Minimum Balance is £50,000 (£100,000 for accounts opened after May 2022), with a monthly Minimum Balance Charge of £40 when the monthly average balance drops below the Minimum Balance. 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.