RIYADH — The brand new Monetary Establishments Providers Tariff Information, launched by the Saudi Central Financial institution (SAMA), would come into pressure on Friday, Feb. 20.
The brand new payment information, which might change the present Banking Tariff, options broad reductions and caps on buyer charges throughout banking, financing and fee providers, as a part of SAMA’s regulatory position to reinforce transparency and shopper safety.
The revised charges will probably be utilized to all monetary establishments underneath SAMA’s supervision, together with banks and fee corporations. Monetary establishments are prohibited from charging charges that exceed the utmost charges for primary transactions and providers prescribed within the new Tariff Information.
The brand new information is launched as a part of SAMA’S regulatory position to reinforce transparency and shopper safety with a concentrate on equity, transparency, and digital providers.
The Central Financial institution mentioned that the up to date information goals to advertise cheap and truthful pricing, strengthen disclosure and transparency, and help monetary inclusion by enabling wider entry to monetary providers at regulated price ranges. The information additionally encourages the usage of digital channels, aligning with ongoing digital transformation throughout the sector.
The SAMA emphasised the need for monetary establishments to stick to the utmost payment limits, clarifying that these charges don’t embody value-added tax (VAT) for providers topic to the rules.
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In line with the up to date information, it’s obligatory on the a part of monetary establishments to reveal all charges and make use of all strategies to make sure their readability to prospects when offering providers or merchandise. They need to additionally get hold of prior buyer consent by established channels for all charges and costs related to the service or product supplied, and notify prospects through SMS instantly upon deduction or issuance of charges.
The Central Financial institution cautioned prospects that banks are usually not permitted to impose charges for the presence or absence of funds in financial institution accounts or e-wallets, nor to cost prospects for any further prices associated to 3rd events after the services or products is supplied.
The rules included amendments to a number of charges, together with reductions within the most charges for varied providers. These reductions embody administrative charges related to sure financing merchandise, reissuance of Mada playing cards, worldwide purchases and money withdrawals, charges for cash transfers from financial institution accounts and e-wallets, and costs for utilizing Mada playing cards at point-of-sale terminals throughout the Gulf Cooperation Council (GCC) community.
