Opening a Bank Account in Riyad Bank

Just like other banks, Riyad bank also offers two types of bank accounts in Saudi Arabia. Current Account is with same benefits as everyone is offering but on Saving Account Riyad Bank is offering interest up to 1.5% per annum on daily product basis. It means even if you keep your money for 5 days, you would be given interest for 5 days. There is only one other bank which is offering this feature but profit rate of Riyad bank is highest in the market for saving the account. Personally, I don’t consider it a decision making factor to open a bank account in any bank as it is not allowed in Islam to earn interest.

Annual fee of Riyad bank credit cards is SAR 175 for the minimum. But if you take Titanium Credit Card and spend SR 6,000/- in a year, next year’s fee will be waived off. So, it is a good offer which should be considered. Riyad bank offers markup on credit card around 24% per annum. Through its Qasseet Program, Riyad Bank offers the customers to convert any transaction over 3 to 12 months installments. If you convert to 3 months, its free of any interest. Moreover, you can also get some reward points on each and every purchase which would be redeemed in shape of the token. Their customer service is not that good but still it is better than bigger banks like Al Rajhi bank.

Requirements to Open Bank Account in Riyad 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. My Personal Suggestion is that you should open an account in it if you want to earn this interest of 1.5% per annum on saving the account. Moreover, Qasseet Program of credit cards also look to be very attractive but before applying for the credit card you should confirm from the banker that there are no hidden charges and conditions.

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