Saudi central bank mandates 25 free banking services to boost customer protection

29/12/2025 04:13 AST

The Saudi Central Bank (SAMA) has issued a circular requiring all financial institutions under its supervision to provide 25 core banking services free of charge.

According to the directive, banks and electronic money institutions must offer free services including the opening of current accounts and e-wallets, cash withdrawals and deposits, and cheque deposits.

The measure also covers the issuance, renewal and replacement of Mada debit cards, including cases where cards are retained by ATMs.

The circular mandates free use of Mada cards for domestic point-of-sale transactions and online purchases, as well as usage within the Gulf network.

Customers are also entitled to free balance inquiries, mini statements via ATMs, bill payments and refunds, and the issuance of a cheque book containing 25 cheques.

SAMA said additional free services include the cancellation of standing orders, registering beneficiaries for transfers, and executing transfers between accounts within the same bank or between wallets held with electronic money companies.

The central bank also confirmed that banks must release property mortgages at no cost once customers have fully settled their financing obligations.

On documentation, SAMA said banks must provide free issuance of customer identification certificates, periodic account statements, statements covering less than one year upon request, and statements for periods exceeding one year when issued through electronic channels.

Other services that must be provided without charge include certificates of indebtedness, debt transfer documents, clearance and discharge certificates, and the issuance of International Bank Account Number (IBAN) certificates.

Saudi Gazette