Regulatory Alerts2021-03-31
Added · Updated
Circular on the Regulation and Phased Cancellation of Savings Account Prize Programs
The Central Bank of Jordan mandates that banks operating in the Kingdom maintain existing savings account prize programs through 2019, regulate them with specific controls in 2020, and completely cancel such programs by the beginning of 2021, excluding standard service benefits. The 2020 regulations cap individual prize values at 100,000 Jordanian dinars and annual total prizes at 3 million dinars, while establishing strict draw frequencies and advertising standards. Banks are also required to publicly announce savings account interest rates and submit monthly interest rate data to the Central Bank.
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