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NBO unveils Gold Savings Account.

MUSCAT: National Bank of Oman (NBO) has introduced 'Gold Savings Account' exclusively for its Sadara customers.

With a number of firsts to its credit, NBO is once again, proud to be the first Omani bank to introduce such a unique and innovative investment vehicle.

Sadara customers can now open an NBO Gold Savings Account where they can deposit an amount that will be converted to gold at the prevailing market rates as quoted by its treasury. The gold will be transacted in units of Troy Ounce (31.103gm) and customers will have to maintain a minimum of 10 Troy ounces in the account.

The major benefit of the investment, among others, is that the customer does not need to take physical possession of the gold.

The troy ounce units of gold will be held in the customer's account and they will have a claim on the bank against the value of these ounces just like any other currency that is kept with the bank.

Converting gold into cash

Additionally, the customer can, at any time, convert the gold into cash by selling it to the bank and crediting the cash proceeds into their normal account. Transactions can be done during the bank's working hours, except for Sundays and international holidays.

Moosa Masoud Al Jadidi, NBO's head of Sadara Wealth Management said: "There is a huge demand for investment products from the local and expatriate community. This is an initial step towards the launch of customer focused investment products, from Sadara. Gold has historically been an excellent hedge against inflation.

Recently, the price of gold has risen over growing concerns around economic uncertainty, fluctuation in value of currencies and inflation which have caught the attention of savvy clients in Oman who are now looking for a vehicle to get exposure to safer or less risky investments.

We are delighted to be the first local bank to introduce this for our Sadara customers."

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Muscat Press and Publishing House SAOC 2011

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Publication:Times of Oman (Muscat, Oman)
Date:Jun 8, 2011
Words:336
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