Print This Page

Send this page to your friend

BANK SERVICES CHARGES

SAUDI ARABIAN MONETARY AGENCY

HEAD OFFICE, RIYADH

No. M/A/1/291

Date: 19-9-1390

(12-8-1979)

CIRCULAR

To all the banks in the Kingdom:

SAMA has conducted a comprehensive study of the fees charged by the banks for their services. The study covers fees charged by banks in various parts of the world.

A considerable time has elapsed since SAMA issued the schedule of tariff for banks. Hence, it became necessary to make this study, keeping in view the rapid economic growth witnessed by the Kingdom and the expansion of banking business which SAMA encourages to promote banking habit among the public.

In the light of the said study, SAMA has introduced a new tariff for banking services (a copy is enclosed herewith), which supersedes the old tariff issued under SAMA' s circular No. 115288/71 dated 22.12.1379. The new tariff shall be effective as from 10.10.1399.

SAMA has kept in view that the new tariff should reflect the state of our economy and be moderate and reasonable as well as the need to spread the banking habit.

You are kindly requested to circulate this tariff to all your branches and to place it at a prominent place in your bank and its branches so that customers could see it easily. The tariff will apply as from the date mentioned above.

Please confirm receipt of this circular.

Regards,

ABDULAZIZ AL-QURAISHI

GOVERNOR

SCHEDULE OF CHARGES APPLICABLE TO FIRMS, COMPANIES & INDIVIDUALS

I. Doc. L/C (IMPORT CREDITS)                                              NEW TARIFF

(a) OPENING OR ISSUING                                                 1/4% ON FIRST SR. 400,000 (OR EQUI-

ALENT) FOR 3 MONTHS (OR PART

THEREOF)

1/8% ON ADDITIONAL AMOUNTS

ABOVE SR. 400,000 (OR EQUIVALENT)

FOR 3 MONTHS (OR PART THEREOF)

1/16% PER MONTH AFTER 3 MONTHS

(OR PART THEREOF)

(b) CONFIRMING                                                                ACTUAL AMOUNT AS CHARGED BY

CORRESPONDENT.

(c) ADVISING                                                                      SR. 20(FLAT RATE)

(d) NEGOTIATION                                                              NO CHARGE

(e) AMENDMENT:

(1) INVOLVING INCREASE OF AMOUNT                     AS PER (a) ABOVE ON TARIFF

(2) OTHER AMENDMENTS                                              SR. 25 + TELEX, CABLE OR MAIL

CHARGES

(f) CANCELLATION OF UNUTILIZED                             NO CHARGE

LETTER OF CREDIT

(g) MISCELLANEOUS                                                          NO CHARGE

(IMPORTER WILL BE ALLOWED 7 DAYS GRACE TO RETIRE THE BILL

AFTER RECEIPT OF ADVICE FROM THE BANK)

II. COLLECTION (INCOMING/OUTGOING)

     (LOCAL/FOREIGN CURRENCY)

     (i) PAYABLE WITHIN THE COUNTRY

(a) CLEAN BILLS                                                ON BRANCH -FREE

(INCLUDING CHEQUES)                      ON OTHERS - SR. 5

(b) DOCUMENTARY BILLS                                   ON BRANCH -FREE

  ON OTHERS -1/10% + POSTAL

  CHARGES (MIN.SR. 10 MAX. SR.l00)

     (ii) PAY ABLE OUTSIDE THE COUNTRY

(a) CLEAN (INCLUDING CHEQUES)                 SR. I PER THOUSAND + POSTAL

CHARGES (MIN. SR.10 MAX. SR. 100)

(b) DOCUMENTARY                                             SR. I PER THOUSAND+POSTAL

CHARGES(MIN.SR.25 MAX. SR. 250)

III. REMITTANCES                                                               NEW TARIFF

TO PLACES WITHIN THE COUNTRY

(i) DRAFT/MAILTRANSFER                                            SR. 5 UP TO SR. 10,000.

SR. 10 OVER SR. 10,000.

(ii) CABLE/TELEX TRANSFER                                           SR. 10 UP TO SR. 10,000.

SR. 20 OVER SR. 10,000 + ACTUAL

TELEX/CABLE CHARGES

TO PLACES OUTSIDE THE COUNTRY

(i) CABLE/DRAFT/MAIL TRANSFER                           SR. I PER THOUSAND

(MIN. SR. 10 MAX. SR. 50 + ACTUAL

CABLE/TELEX CHARGE FOR CABLE

OR TELEX TRANSFER)

IV) COMMISSION ON

(i) SALE OF TRAVELLERS CHEQUES                                1 %

OR PERSONAL LETTER OF CREDIT

(ii) PURCHASE OF TRAVELLERS                                         NO CHARGE

CHEQUES

(iii) INCOMING DRAFTS OR PAYMENT                            NO CHARGE

ORDERS

(iv) NEGOTIATION OF DRAFTS UNDER                             NO CHARGE

PERSONAL LETTERS OF CREDIT

V) CHARGE FOR COLLECTION ITEMS                     (a) FOREIGN COLLECTION

RETURNED UNPAID (NO OTHER                  SR. 10 PER ITEM (FLAT RATE)

COLLECTION COMMISSION TO BE                 (b) LOCAL COLLECTION (INCLUDING

CHARGED).                                                           CLEARING CHEQUES)-NO CHARGE

VI) CHARGES                ON ACCOUNTS                    CURRENT ACCOUNT

(a) BALANCE REQUIREMENT                                          FOR BALANCE LESS THAN SR. 1000

SR. 15 PER HALF YEAR. BALANCE

ABOVE SR. 1000 NO CHARGE

SAVING ACCOUNT -NO CHARGE

(b) STATEMENT OF ACCOUNT                                      NO CHARGE

(c) ACCOUNT CLOSED                                                       NO CHARGE

(d) LOST CHEQUE BOOK                                                     SR. 10

(e) STANDING INSTRUCTIONS                                        SR.5 ON EACH PAYMENT

VII. COMMISSION ON GUARANTEES                    1/4% ON THE FIRST SR. 10 MILLION

1/8% ON ADDITIONAL AMOUNT (PER

ANNUM)

FOR MISSING BILL OF LADING -SR. 20

(FLAT RATE)

VIII. MISCELLANEOUS                                                   ABOVE SAMA RATE:

(a) FOREIGN EXCHANGE SELLING                                 (a) 1/8% ON THE FIRST U.S. $1MILLION

RATE                                                                        (b) 1/6% ON ADDITIONAL AMOUNT

(NOTE: THE ABOVE RATES ARE MAXIMUM RATES AND LOWER RATE CAN BE OFFERED)

© Please see disclaimer and copyright information