Commercial Bank of Kuwait CBK : KD Privilege Account

Name of the Organization : Commercial Bank of Kuwait
Type of Facility : KD Privilege Account
Country : Kuwait

Website : http://www.cbk.com/en/retail-banking/index.cfm?i=108

CBK KD Privilege Account

What is it?:
The privilege account is addressed to customers who have large balances.

Related : CBK KD/FC Fixed Deposit : www.statusin.org/5892.html

Who Qualifies?:
Individuals and Corporates.

Why is the product used?:
To invest money.

Features:
1.High interest rate.
2.Account may be opened by individuals and corporates. The following services shall be made available on all related accounts free of charge (chequebooks, standing instructions, travelers cheques, exchange compensation).
3.Account statement will be issued on a monthly basis.
4.The initial deposit amount required is KD 5000/- .

5.No chequebook will be issued on this account.
6.Different interest rate is accrued on tiers of balance on monthly basis.
** Up to KD 5,000/000
** From KD 5,000/001 to KD 50,000/000
** From KD 50,000/001 to KD 250,000/000
** Above KD 250,000/000

Interest is calculated daily and paid to the account on the last day of the month. If the balance drops below KD 5000/- on any day of the month, interest will be paid at the rate of – 0.25% for the entire month.

If the average daily balance drops below KD 5000/-, no interest will be paid

When the account is closed, the interest rate will be calculated using the default rate, i.e. 0.25% for the period from the first day of the current month till the previous day of closure.

Four debit transactions regardless of the type of transaction are permitted on the account per month, default rate of 0.25% will be paid throughout the month, if more than four transactions are conducted.

A commission of 2 KD will be deducted if average monthly balance drops below 5000 KD

(for non individual accounts)

FAQs :
What if my credit card is lost or stolen?
If your card is lost or stolen, you should immediately report this to Commercial Bank of Kuwait – Call 1-888-225 and for overseas, dial +965 2299 0899. You won’t be liable for any unauthorized purchases or withdrawals from your account when you notify Commercial bank of Kuwait right away.

What are the documents required to open Al-Najma Account?
Civil ID Copy

Can I withdraw cash on my credit card?
Yes, you are authorized to withdraw cash with your credit card, however this is subject to a Cash advances fees at a rate of 5%.

Can I use my Starlink (ATM) card outside Kuwait?
CBK StarLink/ATM card can be used all over the world on any ATM carrying any of following logos Visa- Master.

What are the required documents to apply for a loan if I am (non-CBK Client)?
** Salary Certificate.
** Six Months account statement.
** Liability letter.
** Civil ID and work ID (for employees of Ministry of Defense, Interior and Oil sector)
** Copy of passport (for Non Kuwaitis).

Am I eligible for renewing my existing loan?
You may review your loan/s at any time you need.