As we value your trust and are keen on maintaining it, we would like to inform you that the terms and conditions of our Account Opening Form have been updated, and below you can find the detailed clauses where the changes have occurred.

Adding Under:

A. General:

Miscellaneous:

d. These Terms and Conditions shall be governed by and construed in accordance with the laws for the time being in force in the Kingdom of Saudi Arabia.

e. Account is considered to be Active if last Credit/Debit transaction induced by the customer himself or the authorised signatory is less than 24 months.

f. Account is considered to be Dormant when the last Credit/Debit transaction induced by the customer himself or the authorised signatory is more than 24 months.

g. Account is considered to be Unclaimed when last Credit Debit transaction induced by the customer himself or the authorised signatory is more than 60 months.

h. Account is considered to be abandoned when the last transaction induced by the customer himself or the authorised signatory is more 180 months.

i. Other accounts will be treated in accordance to the SAMA rule in Circular No. 371000120064 dated 20/11/1437 and subsequent/ related circulars.

m. Physical Record Retention Periods for all Bank documents pertaining to Businesses is 10 years from the date of completing the transaction or from the date of relationship expiry. Bank maintains only images after 10 years from the date of completing the transaction or from the date of relationship expiry.

n.  Without prejudice to the provisions of the Saudi Value Added Tax Law and its Implementing Regulations, the Bank will charge a Value Added Tax at the rates prevailing by the Saudi Government from time to time without the need to obtaining the prior approval of the Account Owner , Vat amount - if applicable - will be disclosed with every transaction .

Bank also safe keeps all original and clear copy of documents that are related to legal cases or its investigations in whichever form they are 10 years from the date of case settlement or closure. Bank maintains only images after 10 years from the date of case settlement or closure.

B. Accounts

3. Overdrafts:

Mistakes in deposits clause:

d. In the event of depositing any amount in the account by mistake, the bank may, without reference to the Accountholder debit again the amount deposited by mistake even though such debit may result in overdrawing the account. And if the Accountholder fail to cover the overdrawn amount as soon as receiving the relevant bank’s advice, then the bank shall have the right to charge additional fees at the prevailing rate on the date specified in the bank’s advice claiming of cover the overdraft.

E. Agency, Notices and Law

2. The bank shall have the right to terminate this agreement without disclosing the reasons of termination or objection by the Accountholder, by serving a notice for at least (30) days as of the date of dispatch through any of the communication means stipulated in this Form whether email or mail.

Deleting under:

A. General:

9. The Bank reserves the right to make charges or close the Accounts if balances fall below the required minimum.

Adding Under:

A. General:

10. Miscellaneous:

d. These Terms and Conditions shall be governed by and construed in accordance with the laws for the time being in force in the Kingdom of Saudi Arabia.

e. Account is considered to be Active if last Credit/Debit transaction induced by the customer himself or the authorised signatory is less than 24 months.

f. Account is considered to be Dormant when the last Credit/Debit transaction induced by the customer himself or the authorised signatory is more than 24 months.

g. Account is considered to be Unclaimed when last Credit Debit transaction induced by the customer himself or the authorised signatory is more than 60 months.

h. Account is considered to be abandoned when the last transaction induced by the customer himself or the authorised signatory is more 180 months.

i. Other accounts will be treated in accordance to the SAMA rule in Circular No. 371000120064 dated 20/11/1437 and subsequent/ related circulars.

m. Physical Record Retention Periods for all Bank documents pertaining to Businesses is 10 years from the date of completing the transaction or from the date of relationship expiry. Bank maintains only images after 10 years from the date of completing the transaction or from the date of relationship expiry.

n.  Without prejudice to the provisions of the Saudi Value Added Tax Law and its Implementing Regulations, the Bank will charge a Value Added Tax at the rates prevailing by the Saudi Government from time to time without the need to obtaining the prior approval of the Account Owner , Vat amount - if applicable - will be disclosed with every transaction .

Bank also safe keeps all original and clear copy of documents that are related to legal cases or its investigations in whichever form they are 10 years from the date of case settlement or closure. Bank maintains only images after 10 years from the date of case settlement or closure.

B. Accounts

3. Overdrafts:

Mistakes in deposits clause:

c. In the event of depositing any amount in the account by mistake, the bank may, without reference to the Accountholder debit again the amount deposited by mistake even though such debit may result in overdrawing the account.

E. Agency, Notices and Law

2. The bank shall have the right to terminate this agreement without disclosing the reasons of termination or objection by the Accountholder, by serving a notice for at least (30) days as of the date of dispatch through any of the communication means stipulated in this Form whether email or mail.

Deleting under:

A. General:

9. The Bank reserves the right to make charges or close the Accounts if balances fall below the required minimum.

According to Saudi Arabian Monetary Authority accounts rules and regulations, please note the following updates:

• Account is considered to be Active if last Credit/Debit transaction induced by the customer himself or the authorised signatory is less than 24 months.
• Account is considered to be Dormant when the last Credit/Debit transaction induced by the customer himself or the authorised signatory is more than 24 months.
• Account is considered to be Unclaimed when last Credit Debit transaction induced by the customer himself or the authorised signatory is more than 60 months.
• Account is considered to be abandoned when the last transaction induced by the customer himself or the authorised signatory is more 180 months.
• Other accounts will be treated in accordance to the SAMA rule in Circular No. 371000120064 dated 1437/11/20 and subsequent / related circulars.

Your address is your identity, we encourage our SAB customers to register their address (the National Address) with the Saudi Post to benefit from SAB and government services at your location. You can register by any of these options:

• Calling the unified number 9200 05700,
• Completing the on-line form at www.address.gov.sa,
• Visiting the post office to request the service.

Further to the resolution of the Council of Ministers Np. 252 dated 24.04.1434 regarding the arrangements for activation of Residence and Work addresses as provided for in the Civil Status, Commercial Registration and Residency Rules. Article 1 of the above-mentioned resolution stated that (The public place of residence will be considered as an address for natural or corporate person, sole proprietorship, public departments and others unless a private residence address is selected for receiving notifications and advices, etc. The public or private place of residence address – as applicable – assigned by the Saudi Post will be the official address in respect of all regulatory implications). Whereas Article 5 of the same resolution required banks to take the necessary arrangements to oblige the beneficiaries of their services to provide and update their address information as required, and to link the provision of their services to such beneficiaries to fulfillment of this request.

In our endeavors to continue to provide our services to you up to your aspirations, we urge you to register your addresses (national address) with Saudi Post through the following link: (www.sp.gov.sa)

When applying for any of our services, please provide your Relationship Manager with your national address as registered with Saudi Post. For your information, communications with you will continue as per your records with the Bank.

You can select the appropriate method for receiving your statements and notifications from the Bank either to your P. O. Box or Wassel, but the national address remains a basic requirement for the continuation of our services to you as stated hereinabove.

SAB Saudi Riyal Prime Rate/Base Rate has been revised to 12% effective 1 November 2022.