Acceptance of Deposits of Small Categories of Local Currency
| No: 1941/BCI/95 | Date(g): 10/6/1997 | Date(h): 5/2/1418 |
SAMA has received some complaints regarding the refusal of some bank branches to accept deposits in small categories on grounds that this process requires big effort in counting, separating and keeping.
SAMA would like to stress again that banks have to perform their legal responsibility in this respect according to the provisions of several previous circulars issued by SAMA to the effect that all banks have to accept the deposit of such currencies, regardless of amount.
We hope you comply with this in the interest of the public and the reputation of the banks and notify your branches to do so. SAMA, through its examiners, shall inspect the compliance of banks with such instructions and shall impose adequate penalties on violating banks.