| FAQ - Precious Metals Service in PIB System |
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| Investments – Gold & Silver Savings via UOB Personal Internet Banking | |||
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| Q1. | When can I buy / sell gold or silver online? |
| A | You can buy / sell from your gold or silver savings account from 8am – 11pm, Monday to Friday. This service is not available on Saturday, Sunday and Public Holidays. |
| Q2. | Can I check my balances online? |
| A | You can view your balance purchased with cash on UOB Personal Internet Banking:- • For details of your balances purchased with cash, please go to Account Information > Account Summary |
| Q3. | Where can I check the prices? |
| A | You can check the prices from our website or within UOB Personal Internet Banking. From the left navigation menu within UOB Personal Internet Banking, select View Rates > View Gold & Silver rates. |
| Q4. | How do I buy Gold & Silver via UOB Personal Internet Banking? |
| A | You will need to have an existing gold or silver savings account with UOB before you can
buy online. To open a gold or silver savings account, please visit one of our UOB branches from Monday to Friday If you have an existing gold or silver savings account, simply login to UOB Personal Internet Banking, from left navigation menu, select “Investments” and click on Precious Metals – Buy Gold / Silver Savings. |
| Q5. | How do I sell Gold & Silver via UOB Personal Internet Banking? |
| A | You will need to have an existing gold or silver savings account UOB before you can sell
online. From left navigation menu within UOB Personal Internet Banking, select “Investments” click on Precious Metals – Sell Gold / Silver Savings. |
| Q6. | Is there risk involved in purchasing gold/silvers products? |
| A | In purchasing gold/silver products, the customer should understand and acknowledge that: The gold and silver market is volatile; (b) losses can be incurred from such an investment; (c) an investment in gold or silver provides no dividend yield or interest; and (d) prices would have to rise sufficiently over the investment period in order to yield a profit on sale. Note: Investments in gold and silver are not guaranteed by the Bank and are subject to investment risks, including the possible loss of the principal amount invested. Value of the investments and administrative fees can go up or down, depending on the fluctuations in international and/or local gold and silver markets and foreign exchange market. |
| Q7. | Is there a minimum transaction amount? |
| A | The minimum transaction amount for gold savings account is 5 grams of gold and for silver savings account is 10 ounces of silver. |
| Q8. | Is there a minimum balance to maintain in gold or silver savings account? |
| A | The minimum balance requirement for gold savings account is 5 grams of gold and for silver savings account is 10 ounces of silver. |
| Q9. | What are the charges for gold savings account? |
| A | The administrative charge for gold savings account is the higher of: • 0.12 grams of gold per month, or • 0.25% per annum on the highest monthly gold balance, For example, (a) if you are holding 100 grams of gold throughout a year the administrative charge is the higher of: • 0.12 X 12 = 1.44 grams or • 0.0025 X100 = 0.25 grams The annual administrative fee for 100 grams is 1.44 grams of gold. (b) If you are holding 1,000 grams of gold for a year the administrative charge is the higher of: • 0.12 grams of gold per month, or • 0.25% per annum on the highest monthly gold balance, The annual administrative fee for 1000 grams is 2.50 grams of gold. The actual gold quantity deducted from your account at the end of the year will be slightly more than those calculated above, due to Goods & Services Tax (GST) incurred. The administrative fee is accrued monthly and debited from the account annually, beginning in January every year or upon closure of account. For account closure, the administration fee is chargeable on a pro-rata basis |
| Q10. | What are the charges for silver savings account? |
| A | The administrative charge for silver savings account is the higher of: • 0.2 ounces per month • 0.375% per annum on the highest balance per month For example: (a) If you are holding 10 ounces of silver throughout a year, the administrative charge is the higher of: • 0.2 X 12 = 2.4 ounces or • 0.00375 X 10 = 0.0375 ounces The annual administrative fee for 10 ounces is 2.4 ounces of silver. (b) If you are holding 1,000 ounces of silver throughout a year, the administrative charge is the higher of: • 0.2 X 12 = 2.4 ounces or • 0.00375 X 1000 = 3.75 ounces The annual administrative fee for 1,000 ounces is 3.75 ounces of silver. The actual silver quantity deducted from your account at the end of the year will be slightly more than those calculated above, due to the GST incurred. The administrative fee will be accrued monthly and debited from the account annually, beginning in January every year or upon closure of account. For account closure, the administration fee is chargeable on a pro-rata basis. |