How to close maybank gold investment account

## How to Close a Maybank Gold Investment Account

**Introduction**

Maybank Gold Investment Account is a convenient way to invest in gold and earn returns over time. However, if you decide to close your account for any reason, this comprehensive guide will provide you with step-by-step instructions on how to do so.

### Step 1: Gather Required Documents

* Original Maybank Gold Investment Account Statement
* Identity Card (MyKad/MyPR)
* Bank Account Number for Transfer
* Account Closure Form (if applicable)

### Step 2: Visit Maybank Branch

* Locate the nearest Maybank branch that offers gold investment services.
* Bring all the required documents mentioned above.

### Step 3: Submit Account Closure Request

* Approach a customer service representative and inform them of your intention to close your gold investment account.
* Provide the original account statement and identity card for verification.
* If available, submit the Account Closure Form.

**Note:** The Account Closure Form is not mandatory, but it is recommended to fill out and submit to ensure a smooth closure process.

### Step 4: Review Account Details

* The customer service representative will review your account details, including the current gold balance and outstanding payments.
* Ensure that all payments are settled before proceeding with the closure.

### Step 5: Gold Redemption

* Gold redemption options may vary depending on the branch and availability of physical gold.
* **Over-the-Counter Redemption:** Redeem your gold in the form of physical bars or coins. The branch will provide you with details on the redemption process and fees.
* **Bank Transfer:** Sell your gold and have the proceeds transferred to your designated bank account. The gold price and transfer fees will apply.

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### Step 6: Account Closure Confirmation

* Once the gold redemption and payment settlement are complete, the account closure will be processed.
* You will receive an official confirmation letter from Maybank stating the closure date of your account.

### Additional Information

**Fees and Charges**

* Account Closure Fee: Maybank may impose a fee for closing your gold investment account.
* Gold Redemption Fee: Redemption fees may apply depending on the method of redemption and gold quantity.

**Tax Implications**

* Capital Gains Tax: If you sell your gold at a profit, you may need to declare the gains and pay capital gains tax.
* Sales Tax: Sales tax may be applicable on the purchase or redemption of physical gold.

**Important Notes**

* **Timeframe:** The account closure process may take a few working days to complete.
* **Incomplete Documents:** If you do not have all the required documents, the branch may not be able to process the closure request immediately.
* **Outstanding Payments:** Ensure that all outstanding payments are settled before closing the account.
* **Communication:** Keep a record of all communication and documents related to the account closure for future reference.

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