Circular on Prizes Linked to Savings Accounts

Tel 0096264630301
Fax 0096264638889
Email info@cbj.gov.jo
Website cbj.gov.jo
Central Bank of Jordan
P.O Box (37) Amman 11118 Jordan
No.: 27/3/5395
Date: 20/ Ramadan /1446 Hijri
Corresponding to: 20/March /2025
Circular to all Banks Operating in the Kingdom After Greetings, With reference to our circular No. (27/3/12478) dated 17/7/2023 regarding “Prizes Linked to Savings Accounts”, it has been decided to extend the period of awarding the prizes that are linked to savings accounts until the end of 2027, and in accordance with the following controls:
1) Quantitative and qualitative controls for awarding prizes on savings accounts:
a. The maximum limit of a single prize (whether in cash or in- kind) on a savings account may not exceed JD (100,000), and the value of all cash and in- kind prizes provided by the bank during one year may not exceed JD (3) million. b. The periodicity of prize drawings is determined as follows:

• Grand prize draws- the value of which is specified in paragraph (a) above- shall be held twice a year
  at most, provided that they are unified for all banks and no later than the first week succeeding the months of June and December.
• Draws for prizes ranging in value from (JD 10,000- less than JD 100,000) will be held a maximum
  of four times, not exceeding the first week succeeding the following months: March, June, September, and December.
• Banks may determine the periodicity of prize drawings whose value is less than JD (10,000).
  c. Prizes are awarded on savings accounts in Jordanian dinars only.
  2) The presence of a representative from the Central Bank during the process of drawing for savings
  account prizes in the value of JD (10,000) or more.
  3) Thoroughly review the awards programs and related announcements before addressing us to avoid
  repeated amendments, and provide us with all details of the awards programs and their related announcements together.

Tel 0096264630301
Fax 0096264638889
Email info@cbj.gov.jo
Website cbj.gov.jo
Central Bank of Jordan
P.O Box (37) Amman 11118 Jordan
4) Obtaining the client’s prior approval if the bank wishes to announce the names of the winners of prizes
linked to any of the clients’ accounts.
5) Providing the Central Bank with quarterly statements regarding the prizes offered, the number and
names of clients who benefited from those prizes, and stating whether the prize was received by the clients or not, and the procedures taken by the bank in this regard.
6) Including in the bank’s annual internal audit plan a review of the procedures for awarding prizes and
the process of drawing on savings accounts in accordance with the legislations in force and the bank’s policies and procedures in this regard.
7) The value of the prizes offered by the bank may not be as a substitute for paying interests to savings
account clients.
8) The bank must monthly provide the Central Bank with information on the interest rates on savings
accounts.
9) The provisions of the following circulars are hereby cancelled:

• Circular No. (27/5/3808) dated 10/3/2019.
• Circular No. (27/3/12478) dated 17/7/2023.
  We would emphasize that all banks are required to obtain prior approval from the Central Bank before announcing and/ or promoting any of their prizes linked to any of the clients’ accounts. The provisions of this circular shall enter into force as of 1/1/2026. Respectfully, Governor Dr. Adel Al-Sharkas