Regulatory Alerts2021-07-11
Added · Updated
Extension of Prize-Linked Savings Accounts Validity Period
The Central Bank of Saudi Arabia extends the validity period for awarding prizes linked to savings accounts until the end of 2023. This extension maintains the conditions and controls established in circular no. 27/5/3808 dated 10/3/2019. All banks operating in the Kingdom are required to obtain prior approval from the Central Bank before announcing or promoting any prize-linked accounts.
No.: 27/3/9688 Date: 19 / 11 /1442 Hijri Corresponding to: 30 / 6/2021 Circular to all Banks Operating in the Kingdom After Greetings, With reference to our circular no. (27/5/3808) dated 10/3/2019 regarding “Prize- Linked Savings Accounts”, and circular no. (27/3/14218) dated 1/11/2020 regarding the extension of the validity period of awarding the prizes until the end of 2021. Please be informed that the validity period of the process of awarding the prizes linked to savings accounts has been extended until the end of 2023 and with the same conditions and controls contained in the circular no. (27/5/3808) dated 10/3/2019, noting that all banks are required to obtain the prior approval of the Central Bank before announcing and / or promoting any of their prizes linked to all accounts. Respectfully, Governor Dr. Ziad Fariz