The Saudi Central Bank (SAMA) has directed all financial institutions under its authority to make 25 essential banking services available to customers at no cost, as part of wider efforts to strengthen consumer protection across the sector.
In its latest circular, SAMA said banks and electronic money institutions must provide free current account openings, e-wallet creation, cash deposits and withdrawals, as well as cheque deposits.
The ruling also applies to the issuance, renewal and replacement of Mada debit cards, including situations where cards are retained by ATMs. Domestic point-of-sale transactions, online purchases and use of Mada cards within the Gulf network must also be processed without fees.
Customers are entitled to free balance enquiries, mini statements via ATMs, bill payments and refunds, along with cheque books containing 25 cheques. The directive further covers the cancellation of standing instructions, registering beneficiaries, and transfers carried out between accounts within the same bank or between wallets operated by electronic money firms.
SAMA confirmed that banks are required to release property mortgages at no cost once repayments have been completed in full.
On documentation, institutions must issue customer identification certificates and periodic statements free of charge. Statements covering less than one year must be available on request, while statements for periods exceeding one year should be provided at no cost via electronic channels.
Other services to be offered free include certificates of indebtedness, debt transfer papers, clearance and discharge certificates, and International Bank Account Number (IBAN) certificates.
