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The Saudi Central Financial institution (SAMA) has directed all banks and digital cash establishments underneath its supervision to offer 25 important banking companies freed from cost, as a part of a wider push to reinforce shopper safety and transparency within the monetary sector.
Underneath the round, monetary establishments should supply no-fee companies together with the opening of present accounts and digital wallets, in addition to money withdrawals, deposits and cheque deposits. The directive additionally covers the issuance, renewal and alternative of Mada debit playing cards, together with instances the place playing cards are retained by ATMs.
SAMA stated clients are entitled to free use of Mada playing cards for home point-of-sale transactions, on-line purchases and transactions throughout the GCC community. Further free companies embody stability inquiries, mini statements by way of ATMs, invoice funds and refunds, and the issuance of a cheque guide containing as much as 25 cheques.
The round additional requires banks to offer, for gratis, the registration of beneficiaries for transfers, cancellation of standing orders, and transfers between accounts throughout the similar financial institution or between digital wallets held with licensed suppliers.
In a transfer aimed toward easing administrative burdens on debtors, SAMA confirmed that banks should launch property mortgages freed from cost as soon as clients have totally settled their financing obligations.
Banks are additionally required to difficulty a spread of official paperwork with out charges, together with buyer identification certificates, periodic account statements, statements overlaying durations of lower than one yr upon request, and statements exceeding one yr when issued electronically.
Different free paperwork embody certificates of indebtedness, debt switch papers, clearance and discharge certificates, and Worldwide Financial institution Account Quantity (IBAN) certificates.
The central financial institution stated the measures are meant to safeguard buyer rights, standardise banking practices and strengthen confidence within the Kingdom’s monetary system.
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