Savings Account
With the savings account you can put your money aside and let it grow gradually over a long period of time, while enjoying the flexibility of penalty-free withdrawals
Features and advantages:
- No minimum balance is required to open the account
- Guaranteed rate of return*
- Profits calculated monthly and paid to customers every six months
- Electronic banking (Online, Mobile and Phone)
- Account in Saudi Riyals or foreign currencies
- Quarterly statement of account
- Withdrawals and deposits
- Cheque deposit facility
- SMS notification
Example: Saving account with Annual Average Balance 1,000
| Saving account Type | Minimum Initial deposit Amount | Minimum Monthly Contribution | Annual AVG Balance | Maturity in years | Annual Equivalent Rate | Number of Withdrawals Permitted in the 1st Year | Number of Withdrawals Permitted in the remaining years |
|---|---|---|---|---|---|---|---|
| Saving account | 0 | 0 | 1,000 | No Maturity Date | 0.10% | No limit | No limit |
Example: Saving account with Annual Average Balance 10,000
| Saving account Type | Minimum Initial deposit Amount | Minimum Monthly Contribution | Annual AVG Balance | Maturity in years | Annual Equivalent Rate | Number of Withdrawals Permitted in the 1st Year | Number of Withdrawals Permitted in the remaining years |
|---|---|---|---|---|---|---|---|
| Saving account | 0 | 0 | 10,000 | No Maturity Date | 0.10% | No limit | No limit |
Example: Saving account with Annual Average Balance 100,000
| Saving account Type | Minimum Initial deposit Amount | Minimum Monthly Contribution | Annual AVG Balance | Maturity in years | Annual Equivalent Rate | Number of Withdrawals Permitted in the 1st Year | Number of Withdrawals Permitted in the remaining years |
|---|---|---|---|---|---|---|---|
| Saving account | 0 | 0 | 100,000 | No Maturity Date | 0.10% | No limit | No limit |
The Annual Equivalent Rates mentioned above are an example and changeable
There is no minimum initial deposit / monthly subscription
There is no predetermined period for the savings account, the Annual Equivalent Rate is calculated based on the daily balance (based on the average account balance), and it is paid into the customer’s account every six months.
Terms and conditions applied
Requirements:
- Saudi National ID
- Passport
- National ID
Saudi Citizens
GCC Citizens
- Iqama ID
- Copy of passport
