Opening Bank Account in the Saudi Investment Bank

The Saudi Investment Bank offers many types of bank accounts unlike other traditional banks in Saudi Arabia. The Saudi Investment Bank offers Alasalah Account, Salary Account, Murabaha Deposit, Current Account, Saving Account, Call Account and Time Deposit accounts. All the standard facilities available to any other bank account is also available to the Saudi Investment Bank account. However, they offer saving account which gives you the opportunity to earn interest from your savings.[irp]

You can also deposit from SR 50,000 to SR 1 million for the maturity of 3 months but interest rate which they are going to offer is not written on their website. They also have a dedicated chat room. Yes, you can chat with their representative at any time. I also tried once or twice but he disappeared after telling me his name. He did not answer my queries.

Credit Cards offered by the Saudi Investment Bank are of very basic nature. They offer standard Visa and Master Credit Card with standard features. There is almost nothing published on their website about the charges they are going to impose on credit cards. The Saudi Investment Bank offers Tawarruq program according to which they make 12 installments of any purchase made with the credit card. However, this service is also not free of charge unlike the Taqseet service of Samba Bank and NCB Bank.

They charge around 21% interest over this Tawarruq. The Saudi Investment Bank also offers a cash back program according to which you are entitled to get 0.25% cash back of every transaction made by the card.  Frankly speaking, this is way lower than the industry practice as SAMBA Bank is offering 1% cash back.

You just need to bring your original Iqama and a letter of introduction directed to the Saudi Investment Bank to open a bank account with them. However, this letter must be attested by the Chamber of Commerce. A sample letter of introduction is provided in this link “Sample Letter of Introduction for Opening a Bank Account”[irp]

The Saudi Investment Bank also offers Car Murabaha Financing. I am not sure about the rate of financing they are offering and the rate of comprehensive insurance. One must always consider offers of other banks before settling any deal with them.

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