Best Savings Accounts in Saudi Arabia | Adam Fayed (2023)

This article will look at some of the best savings accounts for expats in Saudi Arabia.

It continues our analysis at savings solutions after I looked atoptions in numerous countries.

This has includedMarcus by Goldman Sachs,Emirates NBD,HSBC Term Deposit,Bank of China Smart Saver,Citibank’s Time Deposit Accountand anexpat-specific solution.

The article will look at the best options available in Saudi, although it remains our position to in an era of 0% interest rates, saving money in the bank doesn’t make sense.

For any questions, or if you are looking to invest, you can contact me using this form.


Best Savings Accounts in Saudi Arabia | Adam Fayed (1)

Savings Account is a type of bank account that offers profits to the people who make a deposit in them. Usually offered by Banks and other Financial Institutions, Savings Accounts are known to be the most secure form of investment.

However, as an investment option, savings accounts provide very low profits when compared to other traditional forms of investment such as stocks and bonds.

The money deposited in a savings account will be utilized by a bank to provide loans to the people who borrow money from the bank. The interest rate applicable to the borrowers is more than the interest provided to the depositors. The banks earn profits from the difference in interest.

In general words, banks act as a middleman between the depositors and the borrowers.

Saudi Arabia:

Officially known as the ‘Kingdom of Saudi Arabia’, Saudi Arabia is the largest sovereign state as well as a wealthy country in Western Asia. It consists of most of the Arabian Peninsula and is the second-largest in the Arab world, first being Algeria.

The capital of Saudi Arabia is ‘Riyadh’ and the official language as well as the widely spoken language in Saudi Arabia is Arabic. The largest religion of Saudi Arabia is ‘Sunni Islam’, which is the major part of Islam and followed by 87% to 90% Muslims in the world.

The government of Saudi Arabia is ‘Unitary Islamic Absolute Monarchy’, which means, the power resides within the monarch ultimately and he is not restricted to any of the Laws, Legislature, or Customs.

The Kingdom of Saudi Arabia was founded on 23rd September 1932, was admitted to the United Nations on 24th October 1945 and the current constitution was formed on 31st January 1992.

The estimated population of Saudi Arabia as of 2019 used to be around 34.2 million. The currency of Saudi Arabia is Saudi Riyal, which is represented as ‘SAR’. By the time of writing this article, 1 SAR = 0.27 USD/0.21 GBP.

Banking in Saudi Arabia:

Most local and international banks in Saudi Arabia offer a seamless, easy and hassle-free process of opening a bank account. Let us have a brief yet detailed look at banking in Saudi Arabia.

Based on the stats provided by KPMG, the banks of Saudi Arabia are the source of assets worth around $604.9 billion. The banking sector in Saudi Arabia is known for its strong fundamentals, high liquidity and assuring profits.

The banking industry in Saudi Arabia is considered to be stable as Saudi Arabia is a wealthy country. However, there have been some structural changes made to the banking in Saudi Arabia, when compared to its early days.

(Video) Best expat saving account options

The crucial changes have taken place due to the new entries of various banks as well as digital fintech start-ups in the market.

The banking system in Saudi Arabia – Based on the stats of 2020, there are 30 banks in Saudi Arabia. Out of these 30 banks, 12 banks are local, whereas, 17 banks are international. All these banks are supervised by the ‘SAMA (Saudi Arabia Monetary Authority)’.

SAMA was established as the Kingdom’s central bank in the year 1952 in order to oversee the banks & financial institutions, handle the monetary policy and supervise the Finance & Insurance systems. The main objective, in simple words, is to manage the banking system.

When it comes to GDP, the banking sector becomes responsible for 53.2% of Saudi’s economy. Four of the domestic banks account for 57% of total assets within the banking sector. The National Commercial Bank (NCB) being the largest (20.5%), Al Rajhi Bank (16.1%), Samba Bank (10.1%) and Riyad Bank (10.1%).

To provide accurate details, in the first half of 2019, there were 2,062 bank branches all over the Kingdom. Riyadh Bank has the highest number of branches, accounting for up to 627 branches.

ATM services are also easily accessible in Saudi Arabia as more than 18,000 ATM machines can be found all over the Kingdom. These ATM machines are distributed across bank branches, shopping malls, street stores, etc.

Expat people can easily be able to open an account with any of the 30 banks available. It is not mandatory, but some banks might require an appointment to be made.

The banks are modern and up-to-date almost everywhere in the Kingdom. People can choose how to manage their funds, whether it be by approaching a branch manually or accessing the services via the internet.

Being an Islamic country, Saudi Arabia provides dedicated services to women clients as well. Some banks might provide ‘ladies-only branches’, whereas, most other banks have specialized sections in the bank for women.

Consisting of Islam’s holiest shrines ‘Mecca’ and ‘Medina’, Saudi Arabia has to cope with the social norms and work accordingly of the Islamic Precepts. This is usually handled by providing Sharia-compliant or Islamic Banking Institutions.

Saudi Arabia contains the world’s largest Islamic banks’ financing base of any country at 78% of the entire sector. Almost 30% of all the Islamic banking activity that is conducted within the GCC happens in the Kingdom.

Based on the law, most banks operate on the basis of Islamic principles. For example, the account holders earn a ‘profit rate’ instead of interest as the concept of interest is against the rules of Islam.

Recently, Saudi Arabia became the digital banking platform for the Middle East and North Africa. Based on some thorough research, more than 76% of banking customers depend on online banking or mobile applications.

Because of the encouragement from SAMA, almost all the banks have an online presence. Residents of Saudi Arabia can make use of an electronic payment system known as Mada.

Almost all the banks in Saudi Arabia operate according to the Islamic principles, whereas, some banks are dedicated Islamic banks.

The topmost banks in Saudi Arabia are:

  • ‘The National Commercial Bank’-
  • ‘Al Rajhi Bank’
  • ‘Samba Bank’
  • ‘Riyad Bank’
  • ‘The Saudi British Bank’.

The international banks in Saudi Arabia are:

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  • ‘Emirates NBD’, ‘Deutsche Bank’
  • ‘BNP Paribas’
  • ‘J.P. Morgan Chase NA’
  • ‘Industrial and Commercial Bank of China’
  • ‘First Abu Dhabi Bank’
  • ‘Standard Chartered Bank’.

Dedicated Islamic Banks in Saudi Arabia are:

  • Al-Rajhi Bank Saudi Arabia
  • Al Jazeera Bank
  • Al-Bilad Bank
  • Alinma Bank

Current Accounts – Most banks in Saudi Arabia offer a wide range of accounts, especially for an individual’s everyday use. Current accounts usually include standard accounts, joint accounts for families, accounts for students & young people, etc.

There might be some minimum balance requirements for the checking/current accounts depending on the bank. Checkbooks are also provided with current accounts and there might even be some added benefits as well.

Investments – People can get access to various types of financial instruments such as bonds, shares and insurance-linked pension plans. There is also an availability of a wide range of investment banks in Saudi Arabia, which are governed by the Capital Markets Authority along with BNP Paribas, Goldman Sachs, JP Morgan, Credit Suisse, UBS and Societe Generale.

On opting for accessing investments with the help of banking services, customers are required to qualify for a certain type of minimum balance eligibility criteria.

Best Savings Accounts in Saudi Arabia:

Savings Accounts in Saudi Arabia – A large number of banks in Saudi Arabia provide Savings Accounts, which are easily accessible with the help of online banking.

While having a minimum balance requirement as low as zero, many banks grant access to savings accounts, which have a higher profit rate when compared to the regular checking accounts.

  1. SABB (Saudi Arabia British Bank) – Al Ruwaad Account:

The minimum balance required to open an Al Ruwaad account at SABB is SAR 30,000. There is no minimum salary requirement to open this type of account and the annual returns are 0%.

Noticeable Features:

  • The Al Ruwaad account provides special offers and promotions with SABB retail partners, which are exclusively intended for the Al Ruwaad customers.
  • Customers also get access to an automated priority branch service and a specially designed Al Ruwaad ATM card for free.
  • They are also provided with a free SABB Titanium MasterCard Credit Card with no annual fees applicable for the first year.
  • Free supplementary credit cards can also be obtained for the customer’s family.
  • Ability to access Wealth Management services offered by the bank.
  • Access to 24-hour SABB Direct (customer service centre of SABB) and SABB NET (dedicated Internet Banking service of SABB).
  • Remittances can be made to the HSBC India beneficiary account for free. However, a first-time one-off charge should be paid by the customer, which is SAR 50 per each beneficiary account.
  • Account statements, Monthly statements and Cheque books provided for free.
  • A special discount is applicable to safe deposit lockers as well.
  1. BSF (Banque Saudi Fransi) – Saving Account:

The Saving Account at Banque Saudi Fransi allows the customers to put their money aside and give it the ability to grow gradually in the long run. The withdrawals can be made flexibly without any penalties applicable to making a withdrawal.

No minimum balance requirements or minimum salary requirements for opening a savings account at Banque Saudi Fransi and the annual return is 0%.

There is a requirement of certain documents for opening the Saving Account at Banque Saudi Fransi, which is given below:

  • The customer must be a citizen of Saudi Arabia.
  • Saudi National ID
  • Family registration Card or a certified family record along with personal identifier companion (in case of ladies).

GCC citizens are required to submit a Passport and National ID, whereas, Expatriates require Iqama ID and a copy of passport.

Noticeable Features:

  • No minimum balance required to open this account, which makes it a very prominent feature.
  • Guaranteed rate of return and the profits are added to the account quarterly, however, these profits depend on the treasury.
  • Availability of Electronic Banking such as Online Banking, Mobile Application and Phone Banking for the convenience of the customers.
  • This type of account is available in Saudi Riyals and multiple foreign currencies.
  • Account statements for this Saving Account are provided quarterly for free.
  • Availability of SMS Notifications, Cheque Deposit Facility, Withdrawals and Deposits.
  1. Alawwal Bank – Saving Account:

The Saving Account at Alawwal bank helps the individuals get access to their funds in their account, whenever they need it. Customers can also be able to earn profits on their existing funds as well.

It is similar to a current account while having the ability to provide profits and statements. Customers can also opt for Shariah Compliant Savings Account.

There is no minimum salary requirement for opening this account and the annual return is 0%, however, the minimum balance required to open this account is SAR 5,000.

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Noticeable Features:

  • Along with all the services provided with a current account, the customer also gets profit rates added to their account.
  • Ability to open a savings account in many foreign currencies, after meeting with the minimum balance requirement of SAR 5,000 or equivalent to that in foreign currencies.
  • Customers can create and manage savings programs for minors, for which the accounts must be held in guardianship.
  1. ANB (Arab National Bank) – Savings Account:

The Savings Account at ANB allows customers to enjoy anytime access to their funds in their account regardless of their location along with earning profits on their savings.

There are no minimum balance and minimum salary requirements to open a savings account at ANB and the annual return is 0%.

Noticeable Features:

  • No minimum balance or minimum salary requirement is the best feature and needs to be taken into consideration.
  • The funds in an ANB account can be accessed by customers with the help of an ANB ATM card.
  • Customers are able to conveniently conduct transactions anytime and anywhere with the help of ANB Phone Banking services and ANB Net Banking services.
  • Utility bills can be paid with the help of an ANB savings account.
  • Periodical/monthly statement in Arabic or English depending on the customer’s language preference.
  • Profit is calculated on a daily basis and the calculated profit is credited into the account of the customer every six months.
  • Customers can open savings account for their children in order to make savings as a habit to them (under guardianship).
  1. Riyad Bank – Savings Account:

The Savings Account at Riyad Bank offers substantial returns on their savings and gives them access to their funds (whenever they want). The main objective of the savings account at Riyad Bank is to offer a secure option for future planning.

There is no minimum salary required or minimum balance to be maintained for opening a Savings Account at Riyad Bank and the annual return is 0%.

In order to open a Savings Account at Riyad Bank,

  1. Residents are required to provide National ID and Clear Postal Address.
  2. Non-Residents are required to provide Iqama, Clear Postal Address and Additional Home Address.

Noticeable Features:

  • Customers get access to swift transfers between bank accounts.
  • A free ATM card and bank statements are provided for free.
  • The services can be accessed with the help of free Internet Banking services.
  • Competitive profit rates, which are computed depending on the daily balance.
  • Customers can open a Savings Account either in Saudi Riyals or USD.
  • The funds can be transferred from the account as well as to the account easily.
  • The money in this type of account can be instantly accessible.
  • Increased Savings provide higher purchasing power.
  • Customers can access other types of accounts, products & services with the help of electronic banking.
  1. Alinma Bank – Savings Account:

Alinma Savings Account is designed in such a way that it meets with the specific needs of the client. People can plan for the future and fulfill their financial goals in a shariah-compliant way.

There are no minimum salary and minimum balance requirements, and the annual return is 0.27%.

All the Alinma Bank Partners are eligible to open this Savings Account and the requirements are,

  1. The customer should have a Current Account with Alinma Bank
  2. The customer should be able to provide a valid ID card.
  3. The customer should sign the savings account agreement.

Noticeable Features:

  • The customers can open the savings account for free.
  • Flexible deposits as well as withdrawals.
  • Transactions can be made by the customers easily and conveniently.
  • The individuals can get to know about their account details with the help of an account statement or approaching a branch or through Alinma Internet Banking, or Alinma Phone Banking.
  • Monthly Dividends are secure.
  • Funds can be withdrawn by the customer during the period of investment depending on the package terms.
  • Funds added to the account during an investment period will be moved on as the funds for the following investment period.
  • A minimum balance is required to be maintained until the end of the investment period. This minimum balance amount can be added to the investment fund and to obtain dividends based on the package terms.
  1. SABB (Saudi Arabia British Bank) Mudaraba Saving Account:

This is an account based on the Mudaraba concept in Islam and is known for generating profits.

There is no requirement for minimum balance to open or maintain the Mudaraba savings account at SABB.

Noticeable Features>

  • This is an Islamic account and is based on the Mudarabah concept in Islam. `
  • The rates paid to the customers are computed based on the everyday balance.
  • This type of account can be opened in the Saudi Riyal and other types of major currencies.
  • Accessibility through Phone Banking and Internet Banking.
  • No monthly fees applicable to this type of account and no rewards as well.
  • ATM is provided, with the help of which, a customer can be able to access their account whenever they want.
  1. SABB (Saudi Arabia British Bank) Premier Account:

This is a Shariah compliant and customers get access to the Premier centers of the bank along with prioritized services.

The minimum balance required to be maintained in order to open this account is SAR 375,000 and the annual return rate is 0%. No monthly fee applicable and it is a currency account.

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Noticeable features:

  • This account is shariah compliant.
  • Customers get access to priority services at the premier centers in the bank and are provided with gifts that represent the premier status.
  • Wealth Management services are accessible on a 24-hour dedicated Premier Hotline and the services of a Relationship Manager are also provided.
  • Customers also get a free SABB Premier MasterCard, Visa Platinum Credit Card and free Credit Card Insurance.
  • Free SMS alerts, monthly statements, checkbooks and free local & international telex transfers.
  1. NCB Ashbal AlAhli Program:

This is an Islamic account and not a currency account. The minimum balance that needs to maintained is SAR 250 in order to open this account. No monthly fees are applicable, anyhow, no profit paid to the customer with this account.

Noticeable Features:

  • Saving Passbook made available for the child to get familiar with the transactions.
  • Savings can be made regularly with a minimum of SAR 250 monthly and along with this, there are a wide range of investment options.
  1. SAMBA Samba Stars:

This is an account available for kids and teenagers below 18 years of age and no profit is paid out on this type of account. The Annual Percentage Rate is 0% and it is not a currency account.

Noticeable features:

  • An ATM card with a special design is provided for boys and girls having more than 10 years and have the approval of their guardian.
  • The withdrawal limit of the ATM card is SAR 100 per each day.
  • This account can only be opened in Saudi Riyals and there are no rewards applicable to this account.
  1. SAIB Savings Account:

This is an interest-bearing account, which can be opened in multiple currencies. The minimum balance required to open this account is SAR 1,000 and there are no monthly charges applicable to this.

People having an age of at least 15 years can open this account, 18 years in the case of Non-Saudi people.

Noticeable Features:

  • A free Debit card is provided to the customers who opt for this savings account.
  • Accessibility of multiple channels like Flexx Click, Flexx Call, SMS Banking, ATMs, and Branches.
  • Statement is provided for every 6 months and the interest is computed on a daily basis and is credited into the accounts every 6 months.
  • The Savings Account at SAIB can be opened in Saudi Riyals, USD, Pound Sterling, or Euros.
  1. SABB (Saudi Arabia British Bank) Advance Account:

It is a Shariah Compliant account that provides priority banking services. The minimum balance needed to be maintained to open this account is SAR 100,000.

People should notice that the minimum balance requirement is very high when compared to the other savings accounts in this account.

Noticeable features:

  • Priority Banking Services, Wealth Management Services, Dedicated Relationship Manager, Free Credit Card Insurance, etc.
  • Customers can access the services by Phone Banking and online services as well. Free SMS alerts for the transactions made in the account.
  • A Free SABB Visa Advance Credit Card is also provided.
  • Free checkbooks and monthly statements are also offered to the individuals having this account.

Bottom Line:

These are the top savings accounts available in Saudi Arabia and people can choose the type of savings account that is perfectly suitable for them depending on this banking needs.

If you require further information on this topic or require guidance, you can make use of the professional banking services offered by us and get the most of it. That being said, we hope that you found whatever you were looking for in the article.

We wish that you might have a successful career with maximum profits from all your investments. Happy banking!!!


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Best Savings Accounts in Saudi Arabia | Adam Fayed? ›

'Al Rajhi Bank' 'Samba Bank' 'Riyad Bank' 'The Saudi British Bank'.
Dedicated Islamic Banks in Saudi Arabia are:
  • Al-Rajhi Bank Saudi Arabia.
  • Al Jazeera Bank.
  • Al-Bilad Bank.
  • Alinma Bank.
Sep 19, 2020

Which bank is best in Saudi Arabia for expats? ›

The top banks in Saudi Arabia include: The National Commercial Bank. Al Rajhi Bank. Samba Bank.
They include:
  • Emirates NBD.
  • Deutsche Bank.
  • BNP Paribas.
  • J.P. Morgan Chase NA.
  • Industrial and Commercial Bank of China.
  • First Abu Dhabi Bank.
  • Standard Chartered Bank.
Apr 13, 2022

Which Saudi bank is best? ›

Top 10 banks of Saudi Arabia
  • Riyad Bank.
  • Samba Financial. ...
  • Saudi British Bank. ...
  • Banque Saudi Fransi. ...
  • Arab National Bank. ...
  • Alinma Bank. ...
  • The Saudi Investment Bank. ...
  • Bank Al-Jazira. ...

Which bank is best for savings account? ›

Top Savings Bank Accounts of 2022
  • State Bank of India (SBI) Savings Account.
  • HDFC Bank Savings Account.
  • Kotak Mahindra Bank Savings Account.
  • DCB Bank Savings Account.
  • RBL Bank Savings Account.
  • IndusInd Bank Savings Account.
  • ICICI Savings Bank Account.
Jul 22, 2022

Is Saudi Arabia a good place to invest? ›

Saudi Arabia holds exciting potential and opportunity for investors. A G20 economy with a young, highly educated population of more than 30 million people. It also boasts a strategic location at the heart of major trade routes crossing three continents and bountiful natural resources.

Can a foreigner open a bank account in Saudi Arabia? ›

You will need to be physically present to open a bank account in Saudi Arabia. This is because you will need to have your residence visa stamped in your passport, in addition to other documents.

What is the interest rate in Saudi Arabia? ›

Interest Rate in Saudi Arabia is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Saudi Arabia Repo Rate is projected to trend around 3.75 percent in 2023, according to our econometric models.

Is interest allowed in Saudi Arabia? ›

Interest-related transactions are not, therefore, illegal in Saudi Arabia. Rather, they are void and unenforceable. The Saudi Arabian courts and judicial tribunals, do not award interest in any manner or form.

Which bank is international in Saudi Arabia? ›

Foreign-Licensed Banks in Saudi Market

National Bank of Kuwait (NBK) Bank Muscat. Deutsche Bank. BNP Paribas.

Which bank gives 7% interest on savings account? ›

Shivalik Small Finance Bank
Above 1 Crore to 2 Crore5.00%
Above 2 Crore to 5 Crore7.00%
Above 5 Crore to 7 Crore7.00%
7 Crore and above7.00%
6 more rows
May 29, 2022

Which bank gives highest interest on 2022 savings account? ›

  • HDFC Bank.
  • ICICI Bank.
  • Axis Bank.
  • Yes Bank.
  • DCB Bank.
  • IndusInd Bank.
  • Citibank.
  • RBL Bank.

Which bank pays highest interest on savings account? ›

Savings Bank Account Interest Rates of Banks
Name of BankRates of Interest (p.a.)
Citibank Savings Account2.50% p.a.
Axis Bank Savings Account3.00% p.a. to 3.50% p.a.
IndusInd Bank Savings Account4.00% p.a. to 5.00% p.a.
DCB Bank Savings Account2.75% p.a. to 6.50% p.a.
5 more rows

How can I get rich in Saudi Arabia? ›

7 Steps to get rich in Saudi Arabia
  1. Step 1: Strive for a better job.
  2. Step 2: Other Income.
  3. Step 3: Do not spend your full salary.
  4. Step 4: No Debt Policy.
  5. Step 5: Build Cash Reserve.
  6. Step 6: Invest your savings.
  7. Step 7: Invest your Investment Income.

Where can I invest my money in Saudi Arabia? ›

Saudi banks offer a range of current, savings, and deposit accounts for expats. These include SABB, Samba, Bank Albilad, Alawwal Bank, Riyad Bank, Banque Saudi Fransi, Arab National Bank (ANB), Saudi Investment Bank, and MEEM.

Where do expats invest their money? ›

Like most expats, you probably want to invest in a mix of stock and bond Exchange-Traded Funds (ETFs). Mutual funds (such as Vanguard LifeStrategy) popular with those back home aren't easily available to expats, so we have to use ETFs. In fact, ETFs are so awesome they could stand for Expat Total Freedom.

Are banks in Saudi Arabia interest free? ›

What is Islamic banking? Simply put, Islamic banking is banking that conforms to Shariah law. Islamic law prohibits charging interest as well as any usury (i.e., lending money at exorbitant or unlawful rates of interest). Therefore, interest cannot be charged on loans, nor can it be paid on savings.

Can a foreigner buy a house in Saudi Arabia? ›

Foreigners are allowed to own real estate, subject to approval of the licensing authority. However, foreign ownership is forbidden in Mecca and Medina, except through inheritance, Non-Saudi Muslims are can obtain leases of up to two years in these cities. Leases are renewable for the same period.

What happens if I don't pay my credit card in Saudi Arabia? ›

If a cardholder fails to pay monthly installments for 90 days from the due date, the situation is known as “default.” The financial institution or the card-issuing bank will stop the holder from using the card immediately after being informed of such default.

Is Sabb a good bank? ›

The Saudi British Bank has won the “Saudi Arabia's Best Bank 2022” award by Global Finance magazine for the third year in a row, in recognition of the bank's efforts in providing the best banking experience to customers.

Can Expats get loan in Saudi Arabia? ›

Theoretically, local people and expats can both get home loans in Saudi Arabia, however, the market is still very much developing. This means that many banks still won't lend to expats, and those who require a mortgage may find they are overlooked in favor of cash buyers.

How can I open account in Alrajhi bank? ›

The process of opening a bank account online
  1. Filling the bank account application form via the website.
  2. Verifying your mobile number.
  3. Documenting your information with Absher.
  4. Once you complete the account opening process, you will receive an SMS message with your account information.

Can I open a bank account in Saudi Arabia without Iqama? ›

In order to open a bank account in Saudi Arabia, you will need a valid residency permit, a valid Saudi mobile number under your ID, Absher registration, and national address registration.

Is SABB same as HSBC? ›

As a partner of the HSBC Group, SABB is one of the leading corporate and institutional international banks in the Kingdom with a top retail banking and wealth management proposition.

Is there a Bank of America in Saudi Arabia? ›

Bank of America Corp. has hired Standard Chartered Plc's Yazaid Al-Salloom to run its business in Saudi Arabia, according to people familiar with the matter.

How can I get 5% interest on my money? ›

Here are the best 5% interest savings accounts you can open today:
  1. Current: 4% up to $6,000.
  2. Aspiration: 3-5% up to $10,000.
  3. NetSpend: 5% up to $1,000.
  4. Digital Federal Credit Union: 6.17% up to $1,000.
  5. Blue Federal Credit Union: 5% up to $1,000.
  6. Mango Money: 6% up to $2,500.
  7. Landmark Credit Union: 7.50% up to $500.
Jun 15, 2022

Which bank gives 6% interest in savings account? ›

IDFC First Bank changed its savings account interest rates on June 1, 2022, and now provides a maximum interest rate of 6% to its savings account holders on account balances of more than ₹10 lac to ₹10 crore.

How much interest does 10000 earn in a year? ›

How much interest can you earn on $10,000? In a savings account earning 0.01%, your balance after a year would be $10,001. Put that $10,000 in a high-yield savings account for the same amount of time, and you'll earn about $50.

Which bank gives big interest? ›

DCB Bank offers the highest interest rate of 6.75 per cent among private sector banks. Then there's RBL Bank, which is giving up to 6.25 per cent, and Bandhan Bank, which is offering 6%. Here are the top five private sector banks that are presently offering higher savings account interest rates.

Which bank is best for monthly interest? ›

Best Bank For Monthly Income Scheme
BankInterest RateTenure
HDFC Bank Fixed Deposit2.75% - 5.75%7 Days - 10 Years
ICICI Bank Fixed Deposit2.75% - 5.75%7 Days - 10 Years
Axis Bank2.50% - 5.75%7 Days - 10 Years
ICICI Home Finance5.25% - 6.95%12 Months - 120 Months
11 more rows

Do savings accounts pay interest monthly? ›

With most savings accounts and money market accounts, you'll earn interest every day, but interest is typically paid to the account monthly.

Which bank gives monthly interest on savings account? ›

IDFC FIRST Bank offers a high interest rate on savings account - up to 6%. So, with the same account balance, say you get offered an interest rate of 4%, your monthly interest payout will be Rs. 328.7.

Is everyone rich in Saudi? ›

People believe that all Saudis are rich simply because a minority of Saudi families are very wealthy. However, the super-rich is only a small minority of the current 35 million population (11 million expats). The table below shows Saudi Arabia in position 28 on the top 35 countries of millionaires (Credit Suisse 2019).

Can you make good money in Saudi Arabia? ›

Average salaries differ quite a bit between men and women, too. For men, the average annual salary is 267,568 SAR. However, for women, it's only 203,509 SAR. To be considered “rich” in Saudi Arabia and live comfortably, most workers need to earn a salary that's above 260,000 SAR per year.

Can expats buy stocks in Saudi Arabia? ›

Can expats buy stocks in Saudi Arabia? Yes, expats can invest their hard-earned money in the Saudi stock market and buy and sell shares of any company listed on Tadawul.

How do I open a Tadawul account? ›

To open an account in TADAWUL please follow the steps below:
  1. Visit any Emirates NBD Capital.
  2. Submit completed and duly authorized application forms to open brokerage account in TADAWUL Market.
  3. All documentation will be processed by Emirates NBD Capital.

Who owns Tadawul? ›

Tadawul is completely owned by the Saudi Public Investment Fund.

How do I invest in Saudi Aramco? ›

To gain exposure to Saudi Aramco stock, follow the below steps.
  1. Step 1: Pick a brokerage. A broker acts as the intermediary between you and the stock exchange. ...
  2. Step 2: Decide how many shares you want. ...
  3. Step 3: Choose your order type. ...
  4. Step 4: Execute your trade. ...
  5. Bernstein Bear Case. ...
  6. BlackRock Bull Case.
Dec 13, 2021

What do expats do with savings? ›

Top 10 Savings Tips For Expats
  1. Create a Budget. ...
  2. Open A Separate Savings Account & Contribute To It Monthly. ...
  3. Keep Records of Your Spending. ...
  4. Compare Prices. ...
  5. Know Your Taxes. ...
  6. Use a Local Bank Account. ...
  7. Get Insurance. ...
  8. Retirement Fund.
Jun 23, 2021

Which is the best investment plan? ›

Best Investment Plans in India to Invest in 2022
Investment PlansPlan TypePolicy Term
Bajaj Allianz Fortune GainULIP7 - 30 years
Bajaj Allianz Retire RichUnit-Linked pension plan7 - 30 years
Canara HSBC Smart Monthly Income PlanULIP Plan5 - 30 years
Edelweiss Tokio Guaranteed Income PlanULIP Plan5-25 years
16 more rows

How do expats save for retirement? ›

You could contribute to an individual IRA (Traditional or ROTH), or set up a retirement account for your company, like a SIMPLE IRA or Self-Employed Plan (SEP). By setting up a retirement plan for your small business, you would be able to contribute as an employee in addition to an additional 'employer' amount.

Is Sabb a good bank? ›

The Saudi British Bank has won the “Saudi Arabia's Best Bank 2022” award by Global Finance magazine for the third year in a row, in recognition of the bank's efforts in providing the best banking experience to customers.

Can I send money without Iqama? ›

Once again, legally speaking, you are not allowed to transfer any sum of money to your home country if you don't have a valid iqama. Unfortunately, people without Iqama opt for Hawala System or Hundi to transfer money to their home countries. The system is illegal and has many complications.

Can Expats get loan in Saudi Arabia? ›

Theoretically, local people and expats can both get home loans in Saudi Arabia, however, the market is still very much developing. This means that many banks still won't lend to expats, and those who require a mortgage may find they are overlooked in favor of cash buyers.

Do banks in Saudi Arabia charge interest? ›

All Saudi Arabian banks are subject to the strict supervision of the Saudi Arabian Monetary Authority (SAMA), and there cannot be any suggestion that such interest-related transactions are conducted clandestinely. Interest-related transactions are not, therefore, illegal in Saudi Arabia.

How can I make money in Saudi Arabia? ›

List of 15+ Best Ways To Make Money Online In Saudi Arabia 2022
  1. Freelancing (Editors Pick) Are you looking for the best option Make Money Online in Saudi Arabia? ...
  2. Affiliate Marketing. ...
  3. Copywriter. ...
  4. Blogging: Start a Niche Blog. ...
  5. Selling E-books. ...
  6. Create money with online courses. ...
  7. Freelance Translator. ...
  8. Start a Consulting Business.
Jun 16, 2022

How do I close my SABB account? ›

No matter if your bank account is in Al Rajhi Bank, NCB, SABB, or SAMBA, the procedure to close a bank account is the same. In order to do that, you need to visit the respective bank branch with the following documents and they will immediately close your bank account; Credit Card Clearance.

Is MasterCard accepted in Saudi Arabia? ›

The Saudi riyal (SAR) is Saudi Arabia's official currency, with each Saudi riyal divided into 100 halala. Five halala are equal to 20 qurush. Visa and MasterCard are the most commonly accepted credit cards, but some establishments also accept Discover or American Express cards.

Can I open a bank account in Saudi Arabia without Iqama? ›

In order to open a bank account in Saudi Arabia, you will need a valid residency permit, a valid Saudi mobile number under your ID, Absher registration, and national address registration.

What is the limit for money transfer? ›

Some banks allow money transfers up to $10,000 per month, and a few even as high as $25,000 a month. However, other banks have much stricter ACH transaction amount limits, which can be as low as $2,000 a month, so it's important to determine for what purpose you'll be using ACH transfers.

Can I transfer money with expired Iqama? ›

Expatriate employees who receive their salary through bank transfer would not be able to withdraw money if the iqama has expired.

Does Al Rajhi bank take interest? ›

Competitive profit rate. APR starts from 3.40%. Completing your finance request in a timely manner. Allowing customers to benefit from all financing products and other services provided by alrajhi bank.

Can a foreigner buy a house in Saudi Arabia? ›

Foreigners are allowed to own real estate, subject to approval of the licensing authority. However, foreign ownership is forbidden in Mecca and Medina, except through inheritance, Non-Saudi Muslims are can obtain leases of up to two years in these cities. Leases are renewable for the same period.

Which bank is giving loan easily? ›

HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it. Lower interest rates: Interest rates on Personal Loans are lower than other sources.

Is SABB same as HSBC? ›

As a partner of the HSBC Group, SABB is one of the leading corporate and institutional international banks in the Kingdom with a top retail banking and wealth management proposition.


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