Monday, February 24, 2014

Opening a Bank Account in SABB Bank

  1. Bank Account of SABB Bank is offering very basic features. Only one bank account is offered and it is current account. All the facilities which are available to almost all bank accounts are available on this account.
  2. Credit Cards offered by the SABB Bank are competitive to the market. If you ask me about the three best credit card providers of the Saudi Arabia, SABB Bank is one of them.
  • They are offering good reward programs. Their reward program offers you one point for every 10 SAR spent through the credit card. You can redeem these points into SAR 100 when the points reached to 1000. It means you are getting actually 1% discount upon all the purchases made through the SABB Bank Credit Card.
  • Just like other credit cards, you can withdraw up to 50% of the credit limit. However there are charges of SAR 100 for each transaction. If you withdraw it through ATM, you can maximum withdraw SAR 5,000/- and will have to pay SR 100 as charges. But if you withdraw it through internet banking, you can withdraw as much as you can up to the 50% of your credit limit with the flat rate of SR 100/-
  • They are offering 28.68% interest rate upon the delayed payment and you have to make payment of at least 5% of due amount every month.
  • There is another feature, SABB Aqsat program. If you communicate SABB Bank about any certain purchase, you can convert the payment into installments of 6 to 24 months. However, there is charge of 18% per annum if you pay the amount in 12 months installment and 24% per annum if you pay it in more than 12 months. However, there should be a purchase of at least SR 1,000 if you want to make it an installment program.
  • There is a credit card by the SABB Bank which does not require you to pay any annual fee for the first year. Exemption of annual fee is available if your purchases from the credit card exceed the prescribed amount.
  • Customer Service:     Comparatively Better than other Banks
  • Requirements to Open Bank Account in SABB Bank
    • Letter of Introduction from Employer: Sample Letter of Introduction to open bank account in Saudi Arabia is available in this link.
    • Original Valid Iqama
    • Copy of the Passport
  • My Personal Suggestion is that you should open bank account in SABB Bank only if you want to take their credit card. They offer you good credit card limit. However, there are better credit card offers available in the market which you can read in our website.
  • Banks in Saudi Arabia
    1. Al Bilad Bank
    2. Alinma Bank
    3. AlRajhi Bank
    4. Arab National Bank
    5. National Commercial Bank
    6. Riyadh Bank
    7. Saudi American Bank (SAMBA)
    8. Saudi Hollandi Bank
    9. Saudi Investment Bank

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    3. How Virtual Credit Card Number provides security to your Credit Card?
    4. Wrong Practices of Credit Card Users in Saudi Arabia
    5. Procedure obtain Personal Loan from Banks in Saudi Arabia


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