Opening a Bank Account in Arab National Bank

Arab National Bank is offering two types of Bank Accounts. Current Account is available with all basic facilities which are written above. Saving Account is available with the option to earn a profit and other basic facilities same as of current account. There are some investment options with this bank starting from SAR 25,000/-. There are several credit cards offered by Arab National Banks. Unique features of these cards are described here. The most attractive feature of this credit card is the annual profit margin which is just 15% per annum as compare to other banks who are charging about 26% per annum. However, this 15% markup is available only on two credit cards (Al Mubarak Plus Platinum Card and ANB Platinum Credit Card) offered by this bank.

So, if you are going to this bank account for the lower markup rates, it is better to apply for only those credit cards which are offering this feature. Al Mubarak Plus Credit Card by ANB is offering you to pay only 5% of the balance due in a month and make installments of the remaining balance. Car Leasing is the most profitable department of ANB Bank. They are offering cheapest rates in the market. They are offering just 3% flat interest rate and 3.5% flat comprehensive insurance rate. Flat rate means that interest charge will not reduce due to the payment of the monthly principal amount. This is the reason, it is suggested that you should try to pay the lease rentals as soon as possible to avoid the interest charges. E.g. 3 years. Their customer service is really very bad.

My Personal Suggestion is that you should open a bank account in this bank only if you are interested in earning interest by opening saving account. However, before opening this account you should ask the representative to let you know about the profit rates which have been applied in last six to twelve months. You should get a credit card of ANB only if you want to avail the offer of 15% markup rate. This should be only if you are expecting your payment to be delayed every month. However, before taking credit card, confirm this markup rate from the bank officials.

Requirements to Open Bank Account in Arab National Bank are Letter of Introduction from Employer. Sample Letter of Introduction to open a bank account in Saudi Arabia is available at this link, Original Valid Iqama, and Copy of the Passport.

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