Saudi banks told to axe minimum account balance

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

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
Bad Saudi PR fuels riyal devaluation talk

Bad Saudi PR fuels riyal devaluation talk

Political sensitivities and a culture of gov't secrecy have so...

Bahrain's Islamic finesse

Bahrain's Islamic finesse

Islamic finance assets are worth around $2bn globally, according...

Big new-issue premium for Bahrain bond is ill omen for Gulf

Big new-issue premium for Bahrain bond is ill omen for Gulf

Signals grow that Gulf borrowers will have to pay a lot more...

Most Discussed