Saudi banks told to axe minimum account balance

Banks in Saudi Arabia are being forced to introduce more customer-friendly account rules, with the Saudi Arabian Monetary Agency (SAMA) requesting institutions axe their minimum threshold to open an account and banning charges for customers whose balance falls below SR1000 ($266).

The requirements were included in new banking tariff rules issued by SAMA on Saturday, local media reported.

Banks also were told not to impose any service fees for opening personal bank accounts, including issuing of cards, while customers who lose an ATM card can be charged SR30 for a replacement.

The new SAMA regulations covered client accounts, ATM cards, bank statement, cash withdrawal using withdrawal voucher, issuance of chequebooks and e-services.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi riyal peg pressure eases, but not gone

Saudi riyal peg pressure eases, but not gone

Volatile energy swings mean the currency remains vulnerable,...

The Gulf's sovereign dilemma

The Gulf's sovereign dilemma

With oil prices still faltering around their lowest level in...

Gulf's bond market thaws as panic over oil fades

Gulf's bond market thaws as panic over oil fades

Improved sentiment seen in the response to a $500m, five-year...

Most Popular
Most Discussed
sponsoredTracking