Unallocated metal account

Xalq Bank offers you services for opening a precious metal account and conducting related transactions.

A precious metal is a convenient and attractive tool for investing and increasing funds. The precious metal account at Xalq Bank is designed for purchasing and storing precious metals (gold, silver, platinum, and palladium) without their physical presence. The balance of this account is shown in grams/troy ounces of the precious metal.

When a precious metal account is opened, the Bank credits the purchased metal to the client’s account based on the Bank’s established selling rate. Non-cash buying and selling rates of precious metals are independently determined by the Bank according to internal market conditions, the key rate of the Central Bank of Azerbaijan, and global market trends.

The advantages of having unallocated metal account in Xalq Bank:

• This account allows you to accumulate funds through increase of gold value. Gold is one of the most profitable global investment tool today;

• VAT is not applied to the account, which makes this account more beneficial and attractive for clients;

• Unlike the purchase of gold bars, this account does not require the lease of safe deposit boxes for storage of gold;

• Investment in unallocated gold allows reducing the risks related to unfavourable changes in currency markets.

To open an unallocated metal account you need to visit any branch of the Bank and present your ID to open account.

Main conditions to open and maintain the account:

• Opening an account - free;

• Minimum deposit amount - the quantity of precious metal is a minimum of 1 XAU/XAG/XPT/XPD (troy ounce);

• Minimum account balance - none;

• Accrual of interest - not applicable;

• Withdrawal of gold (in a physical form) from the account - not allowed;

• Closing an account – free.

Unallocated metal account allows you to carry out the following transactions:

• Purchase and sell gold at the rate beneficial for you and gain a profit as a difference between the sale and purchase rates;

• Unlimited top up of the account;

• Transfer gold from one account to another account opened in other Bank ;

• Close the account at no additional cost.

Note: *Bank holds the right to submit to the authorized state body  documents containing information mentioned in inter-governmental agreements due to Common Reporting Standards that is applied in the frame of Multilateral agreement among authorized bodies regarding automatic information exchange about financial accounts.