Minimum Balance
No minimum balance
Minimum Salary
Opening Balance
20000 SAR
Annual Rate
0.30%
Monthly Fee
No
Savings Account
Riyad Bank - Islamic Saving Account
Description :
Riyad Bank offers you the best financial solutions to plan for a secure future with a Shariah-compliant competitive returns.
Eligibility:
• The bank shall invest the deposit amount in the Mudaraba Pool of Riyad Bank’s different investment activities, approved by the Shariah Committee at Riyad Bank
• The deposit amount may not be withdrawn from the Saving Account until after 24 hours from the time of the deposit
• The bank is entitled to co-mingle the customer’s Mudaraba amount with its funds or other customer’s funds. Each party is a partner on the basis of their ratio of investment
• If the monthly average is below SAR 20,000, the deposit amount shall be handled as a current account balance where the customer is not entitled to any profits whatsoever
• The bank does not guarantee the capital of Mudaraba. Any losses incurred to the Mudaraba Pool shall be borne by the customer alone
• The net profit of Mudaraba shall be allocated to the bank and the customer according to the agreed upon investment ratios set out in the Saving Account agreement
• Should be 18 years of age or older
Documents required:
• Opening current account with Riyad Bank.
• Valid ID card.
• Signing the Saving account agreement.
Features:
• Easy transfer to the Saving Account
• Instant access to the account through free electronic banking
• Shariah-compliant competitive returns on your monthly average when choosing saving account with return
• Ability to set the savings target
• No salary transfer required
• Profits are calculated starting from SAR 20,000 or above
Benefits:
• Shariah-compliant
• Easy steps to open the account
• No minimum balance required
• Easy transfers and deposits
Riyad Bank - Wazin
Minimum Balance
No minimum balance
Minimum Salary
Opening Balance
Annual Rate
Monthly Fee
No
Description :
We all plan to save every month? The reality is we all struggle in achieving it. Wazin is the perfect solution to help you save without you having to put any effort. You set the rules and Wazin takes care of the rest!
Smart and innovative service for saving automatically! For each transaction you specify, a percentage of the net transaction amount will be deducted from your current account, thus the amount will be deposited into your savings account, all of this automatically, and your savings will be easier and without any additional effort.
Eligibility:
Should be 18 years of age or older.
Documents required:
• Valid ID card.
• You only have to have a current account to link it to the program.
• Log on to Riyad Online.
• From the main menu choose “apply online”
• Choose “Wazin program” then Click on “create new Wazin program”
• Choose “start saving now”
• Select the account for Wazin enrollment
• If you prefer saving with return, choose “Saving account with income”, if not then choose without return and click next
• Define your goal and complete all the necessary information
• Specify the percentage for each type of transaction.
Features:
• Easy transfer to the Saving Account
• Instant access to the account through free electronic banking
• Shariah-compliant competitive returns on your monthly average when choosing saving account with return
• Ability to set the savings target
Benefits:
• Shariah-compliant
• Easy steps to open the account
• No minimum balance required