The Saudi Central Bank (SAMA) has directed all banks and electronic money institutions under its supervision to provide 25 essential banking services free of charge, as part of a wider push to enhance consumer protection and transparency in the financial sector.
Under the circular, financial institutions must offer no-fee services including the opening of current accounts and electronic wallets, as well as cash withdrawals, deposits and cheque deposits. The directive also covers the issuance, renewal and replacement of Mada debit cards, including cases where cards are retained by ATMs.
SAMA said customers are entitled to free use of Mada cards for domestic point-of-sale transactions, online purchases and transactions within the GCC network. Additional free services include balance inquiries, mini statements via ATMs, bill payments and refunds, and the issuance of a cheque book containing up to 25 cheques.
The circular further requires banks to provide, at no cost, the registration of beneficiaries for transfers, cancellation of standing orders, and transfers between accounts within the same bank or between electronic wallets held with licensed providers.
In a move aimed at easing administrative burdens on borrowers, SAMA confirmed that banks must release property mortgages free of charge once customers have fully settled their financing obligations.
Banks are also required to issue a range of official documents without fees, including customer identification certificates, periodic account statements, statements covering periods of less than one year upon request, and statements exceeding one year when issued electronically.
Other free documents include certificates of indebtedness, debt transfer papers, clearance and discharge certificates, and International Bank Account Number (IBAN) certificates.
The central bank said the measures are intended to safeguard customer rights, standardise banking practices and strengthen confidence in the Kingdom’s financial system.
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