The possibility of introducing commercial deposit accounts of Bank D customers

According to the financial news report, quoted by the public relations of Bank D, based on the provisions of the “Instructions for Supervising Commercial Deposit Accounts and Related Banking Services” issued by the Central Bank of J.A., all bank deposit accounts of legal entities, commercial accounts are considered

Also, all the deposit accounts of natural persons are considered non-commercial unless the information of the bank deposit account and tax file is announced by the customer to the tax affairs organization or the bank and receives the approval of the tourist system.

According to this report, from now on with the notification of this directive, any provision of banking services for providing foreign exchange related to the import of goods and services, granting Riyal and foreign exchange facilities in commercial affairs, granting any means of accepting and issuing any guarantee and also opening Letter of credit depends on having a commercial deposit.

Also, considering the nature and amount of commercial activity of the owners of commercial accounts, the central bank has given incentives such as reducing the quorum of returning the last check book for issuing a new check book (from 80% to 60%), increasing the limit of transferring funds in absentia. (up to 5 billion Rials per day and up to 30 billion Rials per month), discounting the fees of some banking services (up to 40 percent), prioritizing the guarantee of individuals with business accounts as one of the acceptable collaterals for granting micro-facilities and It has been considered not to apply restrictions on the number of allowed opening and maintenance of commercial deposits for the customer.