SAMBA Bank is offering very basic features as far as the type of bank account is concerned. Only one bank account is offered and it is current account.
All the facilities which are available to almost all bank accounts are available on this account. However, there is an option to deposit your money through internet banking but the offered rates are very negligible.
It is 0.76% per annum if you make a fixed deposit for one year with the amount of SR 20,000/-. It means you can only get SR 152 after one year of deposit of SR 20,000/-.
There is another feature offered by SAMBA Bank which I like the most is credit card without ANNUAL FEE. It is the only bank in Saudi Arabia which is providing this kind of credit card. If you know any other bank, please let me know about it.
Credit Cards offered by the SAMBA Bank are competitive to the market. If you ask me about the two best credit card providers of Saudi Arabia, SAMBA Bank is one of them.
They are offering good reward programs. Their reward program offers you one point for every 100 SAR spent on the credit card. You can redeem these points in SAR 200 when the points reached to 200.
It means you are getting actually 1% discount on all the purchases made through the SAMBA Bank Credit Card. Apart from this general reward program, they offer you consumer based credit cards.
SAMBA Bank offers Sony, Jarir, Fursaan and Panda Credit card. If you take Sony Credit Card, you will get 2 reward points for every SR 100 spent on Sony Outlets. Same is the case with other credit cards.
Just like other credit cards, you can withdraw up to 50% of the credit limit. However, there are charges of 3.5% or SR 75, whichever is higher for each transaction.
If you withdraw it through ATM, you can maximum withdraw SAR 5,000/– and will have to pay SR 175 as charges. They are offering 30% interest rate on the delayed payment and you have to make payment of at least 5% of due amount every month.
There is another feature, SAMBA 0% Taqseet program. This is really a very good feature available only on the purchases made from the designated stores. This program available on all the SAMBA Islamic Credit cards.
In this program, if you purchase above a certain amount from the designated stores of SAMBA Bank and communicate SAMBA Bank through a helpline, they can give you the option to pay the amount in 6 to 24 months installments.
This is completely free of charge without any interest. Detail of designated stores is available on this website. SAMBA BANK
SAMBA Panda credit card by the SAMBA Bank does not require you to pay any annual fee for the first year. Exemption of annual fee for the subsequent year is available if your purchases from the credit card exceed SR 8,000/- in the previous year.
Saudi American Bank is a good bank as far as its customer services in the branch are concerned. However, their phone banking is not as good. Even if you select the English language, they don’t talk to you in English.
They ask you to redial the number to talk to another representative in English. Once I had to call 4 times to talk to some representative who could speak Basic English.
Requirements to Open Account in SAMBA Bank are a Letter of Introduction, (Sample Letter of Introduction to open a bank account in Saudi Arabia is available at this link), Copy of Iqama and Copy of Passport.
Your address must be registered with the National Address System.
My Personal Suggestion is to open an account in this bank only if you want to get SAMBA Panda Credit Card with zero annual fees.
If you want to get benefited from the SAMBA 0% Taqseet Program, NCB offers the same type of program but they have many designated stores.
- Opening an account in Al Bilad Bank
- Opening an account in Al Rajhi Bank
- Opening an account in Alinma Bank
- Opening an account in Arab National Bank
- Opening an account in National Commercial Bank
- Opening an account in Riyadh Bank
- Opening an account in Saudi British Bank (SABB)
- Opening an account in Saudi American Bank (SAMBA)
- Opening an account in Saudi Hollandi Bank
- Opening an account in The Saudi Investment Bank