The Saudi Arabian Monetary Authority "SAMA" announces the draft of the model format for opening a current bank account for individuals, and the draft model formula for opening a current bank account for legal persons, calling in this regard to the public and the specialists - in strengthening the principle of transparency and participation - to express their observations and opinions.

SAMA indicated that these two formats aim to facilitate the procedures for opening current bank accounts and standardize them at a high level of quality, in addition to creating clear terms and conditions for both parties to the agreement, especially since these accounts have become one of the most important products offered by banks.

SAMA invites the public and specialists regarding the two formats to express their views and observations within (30) days, starting from 1/21/1442 AH corresponding to 9/9/2020 AD, via e-mail: (BankingPolicy@SAMA.GOV.SA), noting that All observations will be subject to study, for the purpose of adopting the final two versions. The two formats can be found along with the form for expressing views and comments through (link).