New Conditions for Determining Fees and Commissions for Banking Products and Services Offered to Clients

The Saudi Monetary Agency (SAMA) has clarified the conditions that banks must meet to determine the fees for banking services and products offered to individual customers.

SAMA stated that the bank should provide a clear and simple explanation to the customer in order to understand and know the fees applicable to the services or products provided to them.

She added that the bank should also not exceed the maximum bank rate set by the institution and set reasonable fees for services and products, in line with best practice.

She pointed out that the bank could not impose charges not included in the bank tariff without the prior approval of the institution, and that it also had to inform customers of any change in fees and charges. commissions 30 days before the request.

When publishing an advertisement or promotion, the bank indicates the amounts of fees and commissions for the product. The expiry date of the promotion is fixed if it includes a reduction of fees.

The Company has indicated that it periodically reviews and updates the fees for banking services and develops Bank rate Determine the maximum amount of fees and commissions applicable to services and products provided to customers.