Accounts & Savings Cards Loans & Finance Fraud & Security Rights & Support Accounts & Savings Personal Accounts Personal accounts When opening or updating your account information, the data given must be accurate and clear. You must not use your personal account for commercial purposes in order not to be a subjected to legal repercussions. Do not engage in illegal or fake financial transactions in which you will be at the risk of money laundering and terrorist financing. Donation collection can be authorized only though licensed and accredited organizations in the Kingdom. Inform your bank immediately of any changes in your phone numbers, postal address, or any other personal data. Deposit of any amount is not required to open a bank account, however you are obligated to make a transaction in less than 90 days. Inoperative Accounts 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 AccountsAn 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 AccountsAn 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 BankAn 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 The 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. Banking Awareness & Customer Protection The 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 Document Download Counter-Fraud Awareness Program Document Download Saudi Credit Information Company (SIMAH) Procedural Manual for Consumer Awareness Document Download Frequently Asked Questions I want to send money to an overseas beneficiary through the bank, but cannot find details about how much this will cost. A bank has the right to impose fees on consumers for the transfer of funds outside the Kingdom. These fees should be a fixed amount and not a percentage of the amount being transferred. Any beneficiary bank fees should be included, as well as any fees imposed by the correspondent bank. The consumer should be informed of the amount of all fees before confirming the transfer of funds. Cards Using your cards safely Use of ATM Cards, Credit Cards and Internet Services Keep your card number and secret number [PIN] confidential. Do not accept help from any person present at an ATM. Avoid using ATMs that are at remote location. Sign on the signature panel as soon as you receive your card Dispose of your expired cards. Ensure that your transaction is processed in your presence. Check the amount required before signing the slip. Preserve your invoices and double check them with your account statements. Request SMS or email alerts for your card transactions. Inform your Bank about your contact details upon travel in order to contact you immediately in case of any suspicious transaction on your card. Report any unfamiliar transaction alerts or if your card is lost, stolen, or not received by calling the SAIB Flexx Call Center 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. Banking Awareness & Customer Protection The 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 Document Download Counter-Fraud Awareness Program Document Download Saudi Credit Information Company (SIMAH) Procedural Manual for Consumer Awareness Document Download Frequently Asked Questions What are the 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. If I lose my mada Debit Card from The Saudi Investment Bank, where should I go to report the incident? A bank will provide appropriate electronic channels and free-phone to assist consumers to easily report loss, theft, or misuse of their cards. What happens if someone steals my card and uses it? Will I be liable? A consumer will be responsible for any transactions made on their credit card before they reported the loss of their card to the bank. The issuing bank is responsible for any fraudulent transactions (transfer of credit card information) without the knowledge of the card holder, whether made before or after the cardholder informs the bank, except in cases which the bank proves the cardholder’s responsibility for these transactions. Loans & Finance Before you borrow Loans Tips Think about your actual needs and the monthly payments you can realistically afford. Use this simple equation:Total Fixed Expenses + Semi-Fixed Expenses per Month - Monthly Income = Convenience Monthly Payment. The Saudi Central Bank (SAMA) has also developed 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 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 The 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 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. 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 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 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 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 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. Banking Awareness & Customer Protection The 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 Document Download Counter-Fraud Awareness Program Document Download Saudi Credit Information Company (SIMAH) Procedural Manual for Consumer Awareness Document Download 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. Minimise 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 SAIB ATMs, while updating the address can be done via our Internet Banking Channels. NOTE: No need to update your ID expiration date, as SAIB 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. Whistle blowing 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 The 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, The 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 Banking Awareness & Customer Protection The 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 Document Download Counter-Fraud Awareness Program Document Download Saudi Credit Information Company (SIMAH) Procedural Manual for Consumer Awareness Document Download Frequently Asked Questions I received a telephone call from my bank asking me for personal details in order to update my account. Is this normal practice by banks? A bank will never telephone, send text messages, or email a consumer for any details regarding their passwords, PINs, or any other account verification methods. 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 The 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 Document Download Counter-Fraud Awareness Program Document Download Saudi Credit Information Company (SIMAH) Procedural Manual for Consumer Awareness Document Download Frequently Asked Questions Where can I find the terms and conditions for my bank product or service? Provided to new consumers or at the request of existing consumers, through the channels available from the bank and in accordance with the consumer’s preference. They are also detailed either by way of a general terms and conditions booklet or by individual brochures. Consumers should be encouraged to read these terms and conditions before committing to a product or service. I don’t understand how the bank calculates my fees. What can I do? A bank should clarify to consumers the methodology for calculating fees, commissions, and the amount of profit earned by the bank for the products and services held by those consumers. I am regularly receiving SMS messages and emails from banks advertising different products and services, but I do not want to receive them. How can I stop the bank from sending these messages to me? Consumers have the right to receive short messages (SMS) or promotional material for services and products provided by a bank, and the bank should obtain the prior approval of the consumer, whether in writing or electronically, according to the preferences of the consumer. Where can I find out how to make a complaint? And what happens after I make it? A bank should clearly display their complaints procedures in all of their branches and on their websites, as well as provide a hard copy to a consumer if requested. Customer Care Submit inquiries, raise complaints, and access support anytime. /en/customer-care Branches & ATMs Easily locate branches and ATMs wherever you are. /en/sib-self-service-solutions E-Banking Services Bank smarter and faster with our secure digital platforms. /en/e-banking-services