Albilad account is the best savings account to achieve this and more. Bank Albilad allows you to get Albilad account to save and invest money (either in Saudi riyals or in US dollars) and get monthly returns with the freedom to manage the account and dispose of the money at any time.
Albilad account is the first account of its kind in Saudi Arabia with monthly returns and absolute freedom, and you can access it through a mada debit card, via Albilad Net or Albilad app in addition to Albilad phone.
Albilad Account Advantages
Here is an overview of the most important features of the Albilad account:
Flexible bank account that gives you monthly returns.
Compliant with Shariah Committee regulations.
Available in Saudi Riyals or US Dollars.
The account balance eligible for profit is 20 thousand Saudi riyals and above for the account in Saudi riyals or 50 thousand US dollars for the account in US dollars.
The ability to withdraw at any time using a globally accepted debit card.
Obtaining a periodic account statement.
Ease of managing and tracking the account through Albilad electronic channels.
The possibility of cash and check deposits in all branches of the bank.
Easy transfer of funds locally, internationally and between accounts.
Ease of buying and selling currencies.
Conditions for opening Albilad account with monthly returns
The customer must be at least 18 years old;
And for those under the age of 18: The account can be opened under the guardianship and supervision of the legal guardian.
Women are required to present their national ID.
A current account with Bank Albilad is required.
It is required to have a current account with Bank Albilad in order to open the Albilad account, which is an additional account to earn monthly profits.
The balance of the Albilad account must not be less than 20 thousand riyals for the account in Saudi riyals or 50 thousand dollars for the account in dollars at any time during the month in order for the customer to obtain returns; Otherwise, the Mudaraba contract is canceled and the remaining balance is treated as the current account balance.
In the event that Albilad account achieves profits, the customer shall be entitled to the specified percentage of profit, according to the type of his segment, and the bank shall be entitled to the remaining percentage of the profit. the bank
To accrue profits, the client must deposit funds into the account at the beginning of the month.
Documents required to open Albilad account
Here is a list of the documents you need to open a Albilad Riyal account with monthly returns:
For Saudi customers: a valid ID document
For non-Saudi customers: Iqama with passport.
For establishments: the commercial register with documents proving the identities of the owners/representatives of the establishment.
Country account restrictions
The current account is the basis for the customer’s relationship with the bank. Therefore, there are some simple restrictions on the Albilad account, which are:
Linking to a trading account and an investment account.
Albilad credit card application.
Execution of agency account operations.
Issuance of a debit card for the account in US dollars
Request a check book for Albilad account in US dollars