Circular on Extending Savings Account Prize Draws Until End of 2027

CENTRAL BANK OF JORDAN
البنك المركزي الأردني

Reference No.: 3/27/ 5395
Date: 20/Ramadan/1446 AH
Corresponding to: 20/March/2025 AD

Circular to all banks operating in the Kingdom

Greetings,

With reference to our Circular No. (12478/3/27) dated 2023/7/17 regarding "Prizes Linked to Savings Accounts," it has been decided to extend the process of granting prizes linked to savings accounts until the end of 2027, in accordance with the following controls:

1) Quantitative and Qualitative Controls for Granting Prizes on Savings Accounts:
a. The upper limit for the value of a single prize (whether cash or in-kind) on a savings account shall not exceed 100,000 Jordanian Dinars, and the total value of all cash and in-kind prizes provided by the bank during a single year shall not exceed 3 million Jordanian Dinars. b. The frequency of prize draws shall be determined as follows:

• Draws for major prizes (as defined in value in paragraph (a) above) shall occur twice a year at most, to be uniform across all banks, not exceeding the first week following the months of June and December.
• Draws for prizes with values ranging between 10,000 Jordanian Dinars (less than 100,000 Jordanian Dinars) shall occur four times at most, not exceeding the first week following the following months: March, June, September, and December.
• The bank may determine the frequency of draws for prizes with values less than 10,000 Jordanian Dinars.
  c. Prizes on savings accounts shall be granted in Jordanian Dinars only.

2) A representative from the Central Bank must attend the draw for savings account prizes valued at 10,000 Jordanian Dinars and above.

3) Programs for prizes and their associated advertisements must be thoroughly reviewed prior to contacting us to avoid repeated amendments, and all details of the prize programs and their advertisements must be provided to us together.

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CENTRAL BANK OF JORDAN
البنك المركزي الأردني

4) Obtain prior customer consent if the bank wishes to advertise the names of winners of prizes linked to any customer accounts.

5) Provide the Central Bank with quarterly statements regarding the prizes provided, the number and names of customers benefiting from those prizes, and whether the prizes have been received by the customers or not, along with the measures taken by the bank regarding them.

6) Include in the bank's annual internal audit plan a review of the procedures for granting prizes and the draw process for savings accounts in accordance with prevailing legislation and the bank's policy and procedures.

7) The value of prizes provided by the bank shall not serve as a substitute for paying interest to savings account customers.

8) The bank must provide the Central Bank with monthly reports on interest rates for savings accounts.

9) The provisions of the following circulars are hereby repealed:

• Circular No. (3808/5/27) dated 2019/3/10.
• Circular No. (12478/3/27) dated 2023/7/17.

We emphasize the necessity for all banks to obtain prior approval from the Central Bank before advertising and/or promoting any of their prizes linked to any customer accounts.

The provisions of this circular shall be effective as of January 1, 2026.

Please accept our highest regards,

Governor
Dr. Adel Al-Sharkas

Phone: 0096264630301 | Email: info@cbj.gov.jo | Central Bank of Jordan Fax: 0096264635615 | Website: cbj.gov.jo | P.O. Box (37) Amman, 11118 Jordan