Tuesday, February 25, 2014

Opening a Bank Account in Riyad Bank

Just like other banks, Riyadh bank also offers two types of bank accounts in Saudi Arabia. Current Account is with same benefits as everyone is offering but on Saving Account Riyadh Bank is offering interest up to 1.5% per annum on daily product basis. It means even if you keep your money for 5 days, you would be given interest for 5 days. There is only one other bank which is offering this feature but profit rate of Riyadh bank is highest in the market for saving account.

Annual fee of Riyadh bank credit cards is SAR 175 for minimum. But if you take Titanium Credit Card and spend SR 6,000/- in a year, next year’s fee will be waived off. So, it is a good offer which should be considered. Riyadh bank offers markup on credit card around 24% per annum. Through its Qasseet Program, Riyadh Bank offers the customers to convert any transaction over 3 to 12 months installments. If you convert to 3 months, its free of any interest. Moreover, you can also get some reward points on each and every purchase which would be redeemed in shape of token.

Customer Service:     Fair

Requirements to Open Bank Account in Riyadh Bank
  1. Letter of Introduction from Employer. Sample Letter of Introduction to open bank account in Saudi Arabia is available in this link.
  2. Original Valid Iqama
  3. Copy of the Passport

My Personal Suggestion is that you should open account in it if you want to earn this interest of 1.5% per annum on saving account. Moreover, Qasseet Program of credit cards also look to be very attractive but before applying for credit card you should confirm from the banker that there are no hidden charges and conditions.


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