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.

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!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
The curious case of David Haigh

The curious case of David Haigh

The story of how David Haigh went from football fan and manager...

How Mashreq hits the sweet spot

How Mashreq hits the sweet spot

Mashreq’s retail operations in a series of Middle Eastern markets...

Q&A with Noor Bank

Q&A with Noor Bank

Kazim Ali, head of corporate banking at Noor Bank, discusses...

Most Discussed