Savings Account From Bank Albilad

Start saving for your future with Bank Albilad!

Are you looking for the best savings account in Saudi Arabia?


Bank Albilad Savings Account is the best option for growing your savings for the future. Bank Albilad offers a savings account service that provides you with safe monthly returns based on the average balance and in accordance with Sharia Committee regulations.

What Are You Waiting For?
Open your savings account now via Albilad Net without visiting the branch!


What Are the Features of Bank Albilad Savings Account?


  • Open your saving account for free and online via Albilad Net
  • Safe Monthly Profits.
  • Sharia compliant saving account.
  • The minimum qualifying amount for profit sharing is only SAR 100.
  • Monthly account statement facility.
  • Track and manage the Savings Account via Albilad Net.
  • Quick and simple transfer from the Current Account to the Savings Account via Albilad Net, either by transferring the amount from the Current Account or under the customer prior instructions, such as:
    • Standing Orders to transfer a specific amount to the Savings Account at a specific time.





Terms and Conditions for Saving Account


  • Customers must first have a current account with Bank Albilad. You don’t have an account in Bank Albilad? Open Your Account Now!
  • The minimum qualifying amount for profit sharing is only SAR 100.
    For the full terms and conditions, Click Here


How to open the Savings Account online via Albilad Net without visiting a branch?


  • Login to Albilad Net.
  • Click on "Request Bank Products"
  • Select " Open Saving Account"
  • Fill in the Application Form
  • Agree to the Terms and Conditions.
  • Your Savings Account has been opened successfully!

Profit Sharing Ratio in Bank Albilad Savings Account



Segments (per savings period)

Sharing Ratio

One Year

45%

Two Years

55%



​Requirements of Transfers from the Savings Account


Segment

No. of Transfers Allowed during the Contract Period

One Year
One Transfer
Two YearsTwo Transfers (one transfer per each contractual year)



What is the difference between Albilad Account with Monthly Returns and the Savings Account?

 


Characteristics


Savings Account


Albilad Account with Monthly Returns

Profits Calculation Start DateFrom the date of depositing the amountOn the first day of every calendar month
Profit Calculation PeriodOn the last day of every calendar monthOn the last day of every calendar month
Issuance of "Mada" Debit CardNot AvailableAvailable
Account CategoriesBased on the saving periodBased on the balance
Profit Calculation MechanismAverage balance during the monthLowest balance during the month
Additional Deposit CalculationThe additional deposit is calculated upon profits distributionThe additional deposit is not calculated upon profits distribution
The minimum qualifying amount for profit sharingSAR 100SAR 20,000
TransfersLimited transfers are accepted during the saving periodUnlimited transfers and withdrawals from the account at all times during the month
Profit Distribution Ratio45% - 55%30% - 40% - 60%
Eligible ParticipantsIndividuals OnlyIndividuals / Companies / Institutions / Entities
Account Opening ProcessOnline via Albilad NetOnline via Albilad Net



Conditions of Transfers from the Savings Account


  • The transfer amount shall not exceed 50% of the account balance (excluding the profits of the savings).
  • The first transfer from the Savings Account is permitted three months after the start of the Contract.
  • The second transfer is permitted twelve months after the beginning of the contractual year.
  • The maximum transfer limit is one (1) withdrawal transaction for each contractual year.
  • If the customer violates the savings plan, customer will not be entitled to any profits, and the Contract will be accordingly null and void.

Example of profit calculation for the saving account

January

February

April 

45% Segment Sharing

0.33%
0.34%
0.35%

55% Segment Sharing

0.42%
0.42%
0.42%

Average balance during the month

100,000 SAR

100,000 SAR100,000 SAR

Return rate based on account segment 45%

28.42 SAR26.44 SAR32.67 SAR

Return rate based on account segment55%

35.31 SAR32.67 SAR35.00 SAR

Number of month days 

31 28 30 

 

Calculation of Profit Sharing:  (Average balance during the month x number of month days x revenue on Albilad Savings Account based on account segment) / (36,000).

 

Note: 

The average balance is calculated as follows: the total balance divided by the number of the month days, including consolidated profits.



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