Article One: Definitions

No: 450596880000

Date(g): 24/3/2024 | Date(h): 15/9/1445

Status: In-Force

Translated Document

Effective from 2024-03-24 - Mar 23 2024
To view other versions open the versions tab on the right

The following terms- wherever mentioned in these rules- shall have the meanings indicated next to them, unless the context requires otherwise:

Term	Definition
SAMA	Saudi Central Bank*.
Bank	Banks and financial institutions licensed to conduct banking activities in the Kingdom according to the Banking Control Law.
Customer	A natural or legal person.
Savings Products:	A product characterized by any or all of the following features: A. Exchange transactions limited to a specific number. B. Maintaining a minimum deposit amount. C. A return due to the customer on the deposit amount, along with the availability of feature (A) or (B).
Deposit Amount	The amount deposited with the bank for savings.
Return	The profit on the deposit amount calculated based on the Annual Equivalent Rate (AER).
Annual Equivalent Rate (AER)	The annual return rate on the savings product as specified in Disclosure of Interest Rates on Financing and Savings Products.
Deduction	A periodic deduction of a specified amount from one of the customer's accounts and its addition to the deposit amount, which the customer can authorize the bank to execute under the product agreement between the customer and the bank.
Trusted Communication Channels	A registered communication method that can be verified and is retrievable in written or electronic form.

* The Saudi Arabian Monetary Agency was replaced by the name of Saudi Central Bank in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442 H.