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
Riyad Bank - Islamic Saving Account :
Riyad Bank offers you the best financial solutions to plan for a secure future with a Shariah-compliant competitive returns.
Minimum Balance
No minimum balance
Minimum Salary
Opening Balance
20000 SAR
Annual Rate
0.30%
Monthly Fee
No
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• The deposit amount may not be withdrawn from the Saving Account until after 24 hours from the time of the deposit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.
Benefits:
• Shariah-compliant
• Easy steps to open the account
• No minimum balance required
• Easy transfers and deposits