Banking Awareness

Accounts & Savings

Personal Accounts

Personal accounts

When opening an account or updating your account information, make sure all information you provide is accurate and clear.
Do not use your personal account for commercial purposes, as this may result in legal consequences.
Do not engage in illegal or fraudulent financial transactions, as they may expose you to the risks of money laundering and terrorist financing.
Donations may only be collected through licensed and accredited organizations in the Kingdom.
Inform your bank immediately of any changes to your phone number, postal address, or other personal information.
No initial deposit is required to open a bank account. However, you must make a transaction within 90 days.

Inoperative Accounts

Inoperative accounts, relationships, and transactions are those with no financial activity for two years from the date of the last financial transaction carried out by the account holder, their authorized representative, or their heirs. Inactive accounts are classified into three stages, as outlined below:

Dormant Accounts
An account, relationship, or transaction is considered dormant if 24 months have passed since the last financial transaction or the last authenticated communication related to a transaction by the account holder, their authorized representative, or their heirs.
Unclaimed Accounts
An account, relationship, or deal is classified as unclaimed if five years (60 months, including the dormant account stage) have passed without any financial transaction or authenticated communication related to a transaction by the account holder, their authorized representative, or their heirs, and the Bank has been unable to reach the account holder through all available means of communication.
Abandoned Accounts With No Contact With the Bank
An account, relationship, or deal is considered abandoned when the required periods and stages have passed from the date it was classified as unclaimed, and the Bank has been unable to reach or locate the account holder through their account information or transactions with the Bank, despite using all available means of communication in accordance with the Bank’s customer communication policies and procedures.

Terms and periods for an account to be considered abandoned

Terms and Periods for an Account to Be Considered Abandoned

Lapse of ten calendar years (i.e., a total of fifteen calendar years from the date of the last financial transaction) for unclaimed credit current accounts, savings accounts, investment deposits, balances of deceased persons, and credit balances on Credit Cards.

Lapse of five calendar years (i.e., a total of ten calendar years from the date of the last financial transaction) for unclaimed bank transfers, safe deposit boxes, withheld shareholders’ dividends, accrued but unpaid amounts and earnings owed to customers for their investments, other amounts or dues accruing to customers with the Bank, unclaimed stocks, bonds, and mortgaged real estate held for the benefit of the Bank as security for banking facilities whose debts have been duly paid by their respective holders but have not been claimed from the Bank, amounts withheld as collateral for the issuance of Letters of Guarantee and Letters of Credit, unclaimed lease finance settlement accounts, prepaid services accounts, and other amounts owed to customers by the Bank and other accruals.

Proper Savings & Investment

Proper Savings and Investment

Saudi Investment Bank aims to promote the principle of savings and financial planning. Savings help in providing family stability to avoid any financial crisis and contribute to building a good economy for the individual.

Cards

Using your cards safely

Using ATM Cards, Credit Cards and Internet Services

Keep your card number and PIN confidential.
Do not accept assistance from anyone at an ATM.
Avoid using ATMs in remote locations.
Sign the signature panel as soon as you receive your card.
Dispose of expired cards securely.
Make sure your transaction is processed in your presence.
Check the amount before signing the transaction slip.
Keep your receipts and verify them against your account statements.
Set up SMS or email alerts for your card transactions.
Inform the Bank of your contact details before traveling so we can reach you immediately in case of any suspicious card transactions.
Report any unfamiliar transaction alerts, or if your card is lost, stolen, or not received, by contacting SIB Phone using the number provided on the back of your card.

Risks

Risks of using Credit Cards

Using a Credit Card in a careless way may lead to significant risks that affect the customer's credit record and his ability to repay and manage his financial liabilities. The most significant risks are as follows:

It is an easy financial instrument that encourages consumption, if its use is not controlled.

The possibility of being used by others, especially relatives (son, daughter, husband, or wife) if it is not safeguarded. The cards can be used to carry out transactions through the telephone.

The possibility of it getting lost, stolen, and used by another person.

Paying additional amounts as fees in case of default or repaying part of the amount.

Increased commission and interest rates linked to the use of Credit Cards.

It is considered one of the financial instruments that require ongoing monitoring, sound management, and compliance with repayment dates.

Speak to a credit advisor

Credit Advisors

The Credit Advisory Unit aims to provide advice on credit related matters regarding requested products and services from our customers. You can call our toll free number 8001248000 to speak to a Credit Advisor about credit matters.

Loans & Finance

Before you borrow

Loans Tips

Consider your actual needs and the monthly payments you can realistically afford. Use this simple equation:

Total Fixed Expenses + Semi-Fixed Monthly Expenses − Monthly Income = Affordable Monthly Payment

The Saudi Central Bank (SAMA) has also established a maximum monthly payment for each type of finance.
Set your priorities.
Receive a full and detailed explanation for each term and condition of a loan contract from the bank’s employee.
Complete the loan application in clear handwriting.
Do not sign an uncompleted contract or paper work. Ensure receiving a certified customer copy of the contract with the bank’s signature.
Receive the loan repayment schedule, showing the original debt and interest.
To get funding faster you must have a good credit record.
Irregular repayments will be reflected in your credit history.
Review all of your financial obligations to any financial agency connected to SIMAH including Credit Cards due to 5% of the credit limit. It is a monthly commitment, even when not used.

Understanding your credit score

Credit Score

A credit score is a log of an individual’s credit and financial transactions with multiple sectors, such as banks and financial institutions. These records are used by bank management when deciding to accept or reject a customer loan request. Here’s how to keep a good credit score:

Paying installments on time.
There should not be any returned checks on your account
Do not raise your Credit Card limit.
Avoid having several Credit Cards to avoid payment disruptions.
Check your credit record at least once a year.

Personal Finance

Personal Finance and Its Risks

Like any other credit product, Personal Finance has both benefits and risks. By considering your financial needs and your ability to manage the finance, you can determine whether it is suitable for you.

For example, late or missed monthly installments can negatively affect your credit report. Failure to make your monthly installments according to the repayment schedule can also lower your credit score, which may affect your ability to obtain financing in the future.

The following are some important points to consider before applying for Personal Finance:

Avoid / Reduce credit inquiries as much as possible to reduce the effects of the inquiries on your credit history.
Request the finance amount that suites your actual needs and capabilities of repayment on a monthly basis.
Ensure that you read and understand the terms and conditions of the finance and request an explanation of them by The Bank employee if you did not understand them clearly.
Ensure to receive a copy of the finance contract after signing it.

Personal Finance risks

Personal Finance Risks

Before committing to the decision of obtaining financing, it is recommended to study your credit report to know your current financial obligations. Reviewing your credit report may help you understand your needs to obtain financing in a better way in addition to how it will affect your current and future financial situation.

Product specific associated risks with Personal Finance

Shares Murabaha Finance Risks

At Saudi Investment Bank, we always seek to facilitate your needs and offer you best in class Sharia-compliant products. But, please be aware that the share price might fluctuate in the process of financing which might impact your finance negatively (in case the share price goes down, God Forbid), in such events you hold the responsibility of such events.

Home Finance

Home Finance and Its Risks

Like any other credit product, Home Finance has both benefits and risks. By considering your financial needs and your ability to manage the finance, you can determine whether it is suitable for you.

The following are some important points to consider before applying for Home Finance:

Choosing the right property that suites your family’s needs.
The ability to benefit from a property consultant to know the details of the contract clauses and inquire about conditions that may be unclear.
Benefit from the feature of early repayment and waive a portion of the profit amount.
Choosing the right mortgage finance product that enables your actual needs which suite your family.
Avoid / Reduce credit inquiries as much as possible to reduce the effects of the inquiries on your credit history.
Request the finance amount that suites your actual needs and capabilities of repayment on a monthly basis.
Ensure that you read and understand the terms and conditions of the finance and request an explanation of them by The Bank employee if you did not understand them clearly.
Ensure to receive a copy of the finance contract after signing it.
In the case of REDF financing, The Bank will verify your eligibility via REDF, any miss-information is your responsibility

Home Finance risks

Home Finance Risks

Product specific associated risks with Home Finance

Self-Construction Finance

Self-Construction Finance offers you the key to build your dream home exact to your desires and specification. However, please consider the possible risk of delays in the progress of construction and the issues that may arise with the contractor (God Forbid). Such delays are your responsibility and may cause delays in the disbursement schedule as well. Please take into consideration that any agreement between you and the contractor is your sole responsibility without any involvement of The Bank.

Unit Under Construction (Off-Plan)

With the collaboration of REDF and MOH development projects, Off-Plan Construction provides you financing to obtain your desired home under development. Please consider that, in the event of unforeseen delays by the developer (God Forbid), you are liable for the impact that arises from the delays. Please take into consideration that any warranties provided by the property developer is solely between you and the developer.

Ready Home

Obtaining your home is an important step in your life and must be taken carefully. As with any home, flaws in the construction of property may be present (God Forbid) and you need to be aware as you hold the responsibility of them in the future.

Speak to a credit advisor

Credit Advisors

Fraud & Security

Protect yourself from bank fraud

Bank Fraud

How to avoid bank fraud?

Preserve confidentiality of personal data and bank information.
Ensure all notices received from the bank are correct.
Do not deal with unlicensed or unauthenticated parties when implementing banking transactions.
Minimize Credit Card use over the Internet; especially with unauthenticated websites.
Keep your computer protection programs’ software up to date.
Ensure updating information through official channels only: Customers can update their mobile numbers via SIB ATMs, while updating the address can be done via our Internet Banking Channels.
NOTE: No need to update your ID expiration date, as SIB will automatically update its customers’ IDs in the Bank records after inquiring thru (Yaqeen) service to renew them without the need to visit the branch.
Always access the bank’s website directly.
Download the bank’s application through a reliable source.
Do not help unknown people in making any financial transaction from your account.

Stay safe online and on your phone

Awareness Tips

Ignore and delete SMSs and E-mails claiming you won an award.
Avoid using computers in business centers or internet cafés to do your bank transactions.
Change your passcode periodically.
Protect your personal computers with original antivirus software.
While browsing a webpage, make sure that the lock sign appears on the search engine, and that the web link begins with (https ://).
Be careful when authorizing others to perform financial transactions on your behalf.

Whistleblowing

As per whistle-blowing policy, you may report any violation related to fraud, corruption, bribery, collusion, conflict of interest, blackmail, criminal offenses, financial mismanagement, accounting irregularities, failure to comply with a legal or regulatory obligations, miscarriages of justice, endangerment of the health and the safety of individuals, and any malpractice or concealment of any of the aforementioned

To contribute in protecting Saudi Investment Bank, the bank customers, vendors, employees and all third parties, please report immediately through any of the below channels:

SIB website: https://www.SIB.com.sa/en/incident-raise-request
Direct Number: +966 11 8743000 Ext.: 2055
Email: Whistleblowing@SIB.com.sa
Letter to the following address: Whistleblowing Unit, Compliance Group, Saudi Investment Bank HO, North Building, PO Box 3533 Riyadh 11481

As per whistle-blowing policy, SIB is committed to full confidentiality and protection to the whistle blower from any retribution

Rights & Support

Understanding your products and services

Awareness Tips

Carefully read all the information provided by the bank, and be aware about all of your service or product commitments.
Ask for services or products that are suitable to your needs and financial abilities.
Ask the bank representative about any unclear point or condition.

Making a complaint

Customer Complaints

Awareness Tips

The bank has an independent unit to receive public complaints regarding the bank, branches and employees. Complaints should contain the following:

The complainant should state his or her name, a clear description of the complaint and a way to contact him or her.
The complaint should be related to the bank, one of its branches or one of its employees.
The complaint should be from its owner or legal representative.

Banking Awareness & Customer Protection

Saudi Investment Bank is circulating these flyers to raise customer awareness, provide the highest levels of security, and enable customers to make their banking transactions flexible, easy, and safe.

Financial Consumer Protection Principles and Rules

Download

Counter-Fraud Awareness Program

Download

Saudi Credit Information Company (SIMAH) Procedural Manual for Consumer Awareness

Download

Frequently Asked Questions

How can I make sure a message or call from the bank is genuine?

Only use the bank’s official channels, and avoid responding to any message or call asking you to share confidential information or click untrusted links. If you’re unsure, contact the bank directly through its official phone numbers and channels.

Can a bank employee ask me for my One-Time Password (OTP)?

No. Your OTP is for your use only and should never be shared with anyone. Bank employees will never ask for your OTP, passwords, or card PINs.

How can I protect my bank accounts from fraud?

Use strong passwords, enable additional authentication methods, monitor your accounts regularly, and never share your banking information with others.

What should I do if I accidentally share my banking information?

Contact the bank immediately to report the incident and take the necessary steps to protect your accounts and cards.

What should I do if I lose my card?

Block the card immediately through SIB Mobile or the bank’s official channels, then request a replacement card.

What should I do if I notice a transaction I don’t recognize?

To ensure you continue receiving important notifications and alerts, and that the bank can contact you when needed.

Why should I update my personal information with the bank?

To ensure you continue receiving important notifications and alerts, and that the bank can contact you when needed.

Can I be targeted by fraud through social media?

Yes. Fraudsters may use fake accounts, misleading advertisements, or direct messages to trick victims into sharing their information or transferring money.

Why are real-time notifications important for banking transactions?

They help you keep track of transactions made on your accounts and cards and quickly detect any unusual activity.

What should I do if I suspect a fraud attempt?

Stop engaging with the suspected party, keep any relevant information or messages, and report the incident to the bank through its official channels as soon as possible.