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999.9 PURE GOLD

 

Benefit from the opportunity to start saving and investing in Gold, through the first account of its kind in the Kingdom.

 

Features

    • Shariah Compliant
    • No transaction required to open account
    • Competitive Pricing
    • Buy / Sell or Withdraw Gold Bullion
    • Currency: Gold Grams
    • Available through AlAhli Online and AlAhli Mobile

Buy & Sell

    • Monday to Friday
    • 8:00AM to 8:00PM KSA timing
    • Minimum transaction 10 Grams
    • Transactions in denominations of 10 Grams

Storage Fees (fees displayed are not inclusive of VAT)

    • Fees are collected on monthly basis
    • Fees based on Average Monthly Balance (AMB)
      • AMB x SAR 0.0125
      • or SAR 12.50 (which ever is higher)

Physical Withdrawal (fees not inclusive of VAT)

  • Transport Order (move Gold from main vault to branch)
  • SAR 250 per Gold Bullion

FREQUENTLY ASK QUESTIONS

 

Q. Does SNB have physical Gold?
  • Yes, to ensure the product is Shariah compliant, SNB has to have physical Gold in its custody to sell to clients that request the service.
Q. Is there any fees on Buy and Sell?
  • No, the displayed buy and sell prices have no fees added on them and are the actual transaction value.
Q. Is there any value added tax?
  • Pure investment grade Gold is not charged any VAT on it value. However, the applicable VAT rate is still applicable on services fees as storage fee and transport fees.
Q. Can I deposit personal Gold to the account?
  • No, the account does not accept external deposits, as only Gold bought and sold through this service will be logged as transactions on the account.
Q. Can I return a Gold bar I withdrew from my Gold Account?
  • No, once withdrawn from account, a Gold bar will not be accepted back by SNB. Neither for deposit to your account or to sell to SNB. 
Q. How many Gold Accounts can I open?
  • You are allowed to open only one Gold Account under your banking relationship.
Q. Can I transfer Gold to another Gold Account in SNB?
  • No, the only transactions to buy and sell Gold are from the linked Saudi Riyal account under your relationship.
Q. Can I open a Gold Account for my child?
  • The account is currently for clients over 18 years old. However, we are working on offering it to our younger clients to start their saving journey early.
Q. Can anyone open a Gold Account?
  • The service is available to all individuals, citizens and residents of Saudi Arabia.
Q. When is a good time to buy / sell Gold?
  • Gold is a volatile commodity, every client must decide on their own the amount of risk they are willing to take to invest / save in Gold.