Circular on the Basic Bank Account

In the name of Allah, the Most Gracious, the Most Merciful

Form (1/1/110)

[Logo of the Central Bank of Jordan]

Number: 10/1/1894 Date: 18 Safar, 1442 Corresponding to: 5 October, 2020

Circular to Banks Operating in the Kingdom

Subject: The Basic Bank Account

Greetings,

With reference to our letter No. (1190/2/3/1) dated 2020/08/26 regarding the automation of National Aid Fund payments, and to the Basic Bank Account Instructions No. (2019/1) dated 2019/02/04, and based on complaints received by the Central Bank of Jordan regarding the refusal of some banks to open basic bank accounts for eligible individuals under the aforementioned instructions, particularly beneficiaries of the National Aid Fund, and their redirection to open ordinary bank accounts or electronic wallets with any payment service provider, as well as the closure of some basic bank accounts that had no withdrawal or deposit activity for a period not exceeding three months, I hereby emphasize the necessity of full compliance with the following:

1. Confirming the notification of all your branches to facilitate the provision of Basic Bank Account services to eligible individuals under the instructions of the Basic Bank Account, particularly those financially excluded and beneficiaries of the National Aid Fund.
2. Not closing any basic bank accounts that have had no withdrawal or deposit activity and where the customer's account balance is zero for a period not exceeding six months, based on the Basic Bank Account instructions mentioned above.

It is noted that if a bank fails to comply with the above, it will be subject to accountability and punishment.

Please accept the highest regards,

The Governor Dr. Ziad Faris

P.O. Box 37 ● Amman ● 11118 ● Jordan ● Phone 4630301 ● Fax 4638889 ● Email info@cbj.gov.jo ● Website www.cbj.gov.jo