Regulatory Alerts2023-01-23
Added · Updated
Circular on Accepting Social Security Transfers to Basic Bank Accounts
The Central Bank of Jordan instructs all banks operating in the Kingdom to accept Social Security Corporation transfers into Basic Bank Accounts, even if these transfers exceed the standard 700 JOD limit. This directive addresses complaints regarding the rejection of such funds and prohibits banks from refusing any amount of these specific transfers. The circular notes that Basic Bank Accounts may be converted to standard accounts after six months or upon fulfilling required commissions.