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)
(a) OPENING OR ISSUING |
NEW TARIFF
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
(INCLUDING CHEQUES) |
ON BRANCH -FREE
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
OR PERSONAL LETTER OF CREDIT |
1 % |
|
(ii) PURCHASE OF TRAVELLERS
CHEQUES |
NO CHARGE |
|
(iii) INCOMING DRAFTS OR PAYMENT
ORDERS |
NO CHARGE |
|
(iv) NEGOTIATION OF DRAFTS UNDER
PERSONAL LETTERS OF CREDIT |
NO CHARGE |
|
|
|
V) CHARGE FOR COLLECTION ITEMS
RETURNED UNPAID (NO OTHER
COLLECTION COMMISSION TO BE CHARGED). |
(a) FOREIGN COLLECTION
SR. 10 PER ITEM (FLAT RATE)
(b) LOCAL COLLECTION (INCLUDING 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 (PERANNUM) |
|
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)