The features you need to know:
Multiple Currencies
Available in Saudi Riyals and US dollars.
Investment period
Choice of investment period from 1 week to 12 months.
You have the flexibility to choose a term that best suits your needs. The rate of interest does not change during the term of the deposit.
This is a conventional banking product offered only at our Regional Head Office branches in Khobar, Jeddah, Jubail and Riyadh.
Interest is paid on maturity and can either be added to the principal amount and rolled-over for another period or credited to your account.
Following requirements need to be fulfilled to open an account:
ELIGIBILITY CRITERIA
- Age:
- 18 years
- 15 years for Saudis holding a valid ID card
- Nationality:
- Saudis
- GCC citizens with valid passport, or national identity card (applicable only to citizens of Bahrain, Oman, Qatar and UAE), and proof of address in the Kingdom (evidenced by a utility bill, house rental contract, real estate title deed, or a letter from a Saudi citizen attesting to the GCC citizen’s address) along with their home country address
- Non-Saudis (and Non-GCC) holding a valid residency permit (Iqama)
DOCUMENTATION
SAIB Time Deposit agreement form.
CHARGES AND MINIMUM REQUIRED BALANCE
Minimum investment amount of SAR 10,000 or USD 5,000.
Premature withdrawals are permitted subject to a handling fee.
TERMS & CONDITIONS
Click here to view the account opening terms and conditions
SERVICE STANDARDS
- The entire process of opening an account takes no more than 25 minutes at any of SAIB Branches.
- Account identification card is issued immediately.
