Customer Signature on Bank Account Agreements

No: 29811/67

Date(g): 17/1/2019 | Date(h): 11/5/1440

Status: In-Force

Effective from 2019-02-25 - Feb 24 2019
To view other versions open the versions tab on the right

Reference to paragraph (3-1-2) of the Account Freezing Rules No. (3-1) from the Banking Account Opening Rules, which states that "the accounts and all transactions of non-Saudi individuals must be frozen upon the expiration of the expatriate's residence permit," and what is included in the general freezing rules No. (3-2), which do not allow non-Saudi individuals to withdraw their balances and close their accounts after the expiration of their residence while they are in the Kingdom except after presenting either a final exit visa or a letter from the Passport Department, security authorities, or regional governorates directing the bank to allow the withdrawal of the account balance based on their passport.

I inform you that, in accordance with the powers granted to the Saudi Central Bank under the letter from the Ministry of Interior No. 12515 dated 20/2/1435 AH to open accounts for those whose residence permits have expired, and based on the ongoing coordination between the Central Bank, the Ministry of Labor and Social Development, and the Ministry of Interior, the following has been decided:

1-	Allow banks to activate the accounts and relationships they have opened for the employees of companies that have become distressed, whose residence permits have expired and the companies have been unable to renew them, for the purpose of depositing their salaries and dues and enabling them to use these accounts.
2-	Allow banks to open and activate the accounts and relationships they have for employees of distressed companies who have not been issued residence permits and are working under temporary residence based on their border number (for three months) for the purpose of depositing their salaries and dues and enabling them to use these accounts.
3-	Require a copy of the expired residence document for the worker who has an expired residence and a copy of the document indicating temporary residence and the border number when visiting to use or activate the account, ensuring that the worker is under the sponsorship of the company.

The Central Bank will provide banks via email with a list of names of distressed companies, and the Ministry of Labor and Social Development will approve the designated representatives from the companies authorized by the ministry to visit banks to provide them with the names of employees and their accounts. Please note that the deposit of salaries and dues for these employees will be through accounts in the name of the Ministry of Labor and Social Development / Labor Wage Settlement Committees.

For your information and action accordingly, and for coordination or inquiries in this regard, please contact the specialist in the Banking Licensing Department at the Central Bank.