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  • The New Tariff for Banking Services

    No: M/A/1/291 Date(g): 12/8/1979 | Date(h): 20/9/1399Status: Superseded
    The Tariff for Banking Services have been replaced by The Banking Tariff, accordance to SAMA circular No. (341000134319), dated 25/11/1434H, corresponding to 29/09/2013G.

    SAMA has conducted a comprehensive study of the fees charged by the banks for their services. The study covers fees charged by banks in various parts of the world.

    A considerable time has elapsed since SAMA issued the schedule of tariff for banks. Hence, it became necessary to make this study, keeping in view the rapid economic growth witnessed by the Kingdom and the expansion of banking business which SAMA encourages to promote banking habit among the public.

    In the light of the said study, SAMA has introduced a new tariff for banking services (a copy is enclosed her with), which supersedes the old tariff issued under SAMA's circular No. 1/5288/71 dated 22.12.1379. The new tariff shall be effective as from 10.10.1399.

    SAMA has kept in view that the new tariff should reflect the state of our economy and be moderate and reasonable as well as the need to spread the banking habit.

    You are kindly requested to circulate this tariff to all your branches and to place it at a prominent place in your bank and its branches so that customers could see it easily. The tariff will apply as from the date mentioned above.

    • Schedule of Charges Applicable to Firms, Companies & Individuals

      1- DOC. L/C (import credits)

      (a) Opening or issuing new tariff

      1/4% on first SR. 400.000 (or equivalent) for 3 months (or part thereof)

      1/8% on additional amounts above SR. 400.000 (or equivalent) for 3 months (or part thereof)

      1/16% per month after 3 months (or part thereof)

      (b) Confirming

      actual amount as charged by correspondent.

      (c) Advising

      SR. 20 (flat rate)

      (d) Negotiation

      no charge

      (e) amendment:

      involving increase of amount as per (a) above on tariff

      other amendments

      SR. 25 + telex, cable or mail charges

      (f) Cancellation of unutilized letter of credit

      no charge

      (g) Miscellaneous

      no charge

      (importer will be allowed 7 days grace to retire the bill after receipt of advice from the bank)

      2 - Collection (incoming/outgoing)

      (local/foreign currency)

      (i) payable within the country

      (a) clean bills on branch - free

      (including cheques) on others - SR.5

      (b) documentary bills

      on branch-free

      on others - 1/10% + postal charges (min.SR. 10 max. SR. 100)

      (ii) Payable outside the country

      (a) clean (including cheques)

      SR. 1 per thousand + postal

      charges (min. SR. 10 max. SR. 100)

      (b) Documentary

      SR. 1 per thousand + postal

      charges(min.SR.25 max.SR.250)

      3 - Remittances           new tariff

      to places within the country

      (i) draft/mail transfer

      SR.5 upto SR.10.000

      SR.10 over SR. 10.000

      (ii) Cable/telex transfer

      SR. 10 upto SR. 10.000

      SR.20 over SR. 10.000+actual telex /cable charges

      to places outside the country

      (i) cable/draft/mail/transfer

      SR. 1 per thousand

      (min. SR. 10 max. SR. 50+actual cable /telex charge for cable or telex transfer

      4 - Commission on

      (i) sale of travelers cheques or personal letters of credit 1% 

      (ii) purchase of travelers cheques  no charge

      (iii) incoming drafts or payments orders no charge

      (iv) negotiation of drafts under personal letters of creditno charge

      5 - Charge for collection items returned unpaid

      (no other collectionsr commission to be charged).10 per item (flat rate)

      (a) foreign collection

      (b) local collection (including clearing cheques) - no charge

      6 - Charges on accounts current account

      (a) Balance requirement  for balance less than SR. 1000 SR. 15 per half year. balance above SR. 1000 no charge saving account-no charge

      (b) Statement of account no charge

      (c) Account closed no charge

      (d) lost cheque book SR. 10

      (e) standing instructions SR.5 on each payment

      7 - Commission on guarantees

      1/4% on the first SR.10 million

      1/8% on additional amount (per annum)

      for missing bill of lading- SR.20 (flat rate)

      8- Miscellaneous  above SAMA rate:

      (a) Foreign exchange selling rate

      (a) 1/8% on the first U.S.$ 1 million

      (b) 1/6% on additional amount

      note:

      (the above rates are maximum rates and lower rate can be offered)