The Riyad Bank Current Account is designed to cater to both Saudi nationals and expatriates, offering a wide array of banking services and features to streamline your daily financial activities. Whether you’re looking to manage your personal finances or handle business transactions, the Riyad Bank Current Account provides a reliable and efficient solution to meet your banking needs.
Features of Riyad Bank’s Current Account
Multiple Currency Options
The Riyad Bank Current Account is available in Saudi Riyal and other major currencies, making it ideal for both local and international transactions. This flexibility ensures you can manage your finances in the currency that suits your needs best.
E-banking Services
Enjoy the convenience of free access to Riyad Online and Riyad Mobile. These platforms provide you with a seamless online and mobile banking experience, allowing you to manage your account anytime, anywhere.
Combined Statements
For those managing multiple accounts, Riyad Bank offers combined monthly statements. This feature simplifies tracking all your transactions by consolidating them into a single, easy-to-read statement.
Electronic Bill Payments
The Riyad Bank Current Account allows you to pay your bills electronically, either in part or in full. This feature saves you time and effort, ensuring your bills are paid promptly and efficiently.
Chequebook and Debit Card
With your Riyad Bank Current Account, you receive a mada Card and a chequebook. These tools enable you to make payments effortlessly, whether you’re shopping online, in-store, or writing a cheque.
Easy Account Access
Riyad Bank provides multiple channels to access your account, including ATMs, online banking, and mobile banking. This ensures you have the flexibility and ease to manage your finances whenever and wherever you need to.
Benefits of Riyad Bank Current Account
Ease of Access and Management
Free Cheque Book – Receive a complimentary cheque book with your Riyad Bank Current Account, making it easy to handle payments and manage your finances. Additionally, this feature provides added convenience for your daily transactions.
Alert Notifications – Stay on top of your financial activities with free alert notifications for all transactions. Consequently, these alerts keep you informed and help you monitor your account in real-time.
Secure Transactions – Your cash is kept safe and secure with Riyad Bank’s robust security measures. Indeed, enjoy peace of mind knowing that your transactions are protected by advanced security protocols.
No Visit Required – Open your Riyad Bank Current Account online without the need to visit a branch. Simply use the Riyad Bank website or Riyad Mobile to complete the process quickly and conveniently, saving you time and effort.
Flexible Banking
With the Riyad Bank Current Account, making payments and transferring funds is quick and straightforward. Whether you need to pay bills or send money to family and friends, the process is seamless and efficient.
Also, students can integrate their existing student accounts with their Riyad Bank Current Account, making it easier to manage their finances in one place. This feature ensures that students can keep track of their expenses and savings effortlessly.
You will also receive detailed account statements with itemized transaction details. These comprehensive statements help you monitor your financial activities closely, providing a clear overview of your income and expenses.
Eligibility and Requirements
Before you can open a Riyad Bank Current Account, there are specific eligibility criteria and requirements you need to meet. Here’s a detailed overview of what you need:
Identity Verification
To open a Riyad Bank Current Account, you must have a valid National Identity Number if you are a Saudi national or a valid Iqama if you are an expatriate. This identification is crucial for verifying your identity and processing your application.
Absher Registration
Absher is a secure online system used for various government services in Saudi Arabia. For Riyad Bank to verify your personal information, you must be registered in the Absher system.
If you are not already registered, you need to create an account on the Absher platform. This involves providing personal details and verifying your identity through the system.
Age Requirement
Must Be 18 Years Old or Above (Gregorian Calendar): You need to be at least 18 years old, according to the Gregorian calendar, to open a Riyad Bank Current Account. This age requirement ensures that you are legally capable of managing a bank account and entering into a financial agreement.
National Address Registration
The National Address System is a unified addressing system in Saudi Arabia. You must be registered in this system to provide Riyad Bank with a valid address for communication and account-related correspondence.
If you are not registered, you can do so through the Saudi Post website. This process involves providing your residence details and verifying them through the system.
How to Open a Riyad Bank Current Account?
Opening a Riyad Bank Current Account is a simple and straightforward process that can be completed entirely online. Here’s a detailed step-by-step guide to help you get started:
Step 1: Apply Online
To begin the application process, visit the Riyad Bank website or download the Riyad Mobile app. Both platforms provide a user-friendly interface that guides you through the application process.
Navigate to the “Open Account” section and select the “Current Account” option. Follow the prompts to start your application.
Open the app and find the “Open Account” feature. Choose “Current Account” and proceed with the application steps.
Step 2: Personal Information Verification
After filling out the application form, you need to verify your personal information. This is done through the National Single Sign-On system using your Absher account.
Ensure you have your Absher account details ready. The system will prompt you to log in and verify your identity. This secure process ensures your personal information is accurately documented and protected.
Step 3: Receive Your ATM Card
Once your information is verified successfully, bank will process your application and open your account.
After your account is set up, Riyad Bank will send your ATM card (mada) to your registered address. This card allows you to access your funds and use various banking services immediately.
Activating Your Digital Banking Account
Activating your digital banking account with Riyad Bank is a quick and straightforward process. Here’s a detailed guide to help you get started:
Step 1: Temporary Credentials
Once you open your Riyad Bank Current Account, you will receive temporary credentials to activate your digital banking account.
These credentials will be sent to you via SMS. The user number and temporary password are valid for 7 days, so make sure to activate your account promptly.
Step 2: Riyad Online Setup
With your temporary credentials, you can now set up your digital banking account.
Go to the Riyad Bank website and click on Riyad Online, or download the Riyad Mobile app from your app store. Both platforms offer a user-friendly interface for setting up and managing your account.
Use the temporary user number and password you received via SMS to log in.
Step 3: Password Setup
After logging in with your temporary credentials, you will need to set up a permanent password. Initially, the system will guide you through the process of setting your permanent password. You will need your mada card and an authentication code to complete this step.
Furthermore, choose a strong and secure password that you can remember. This password will be used for all future logins to your digital banking account.Additional Tips
Ensure that your temporary and permanent passwords are kept secure and not shared with anyone. This will protect your account from unauthorized access.
Make sure your phone number and email address are up-to-date in Riyad Bank’s records. This will help you receive important notifications and updates regarding your account.
FAQs
Can I open an account without visiting a branch?
Yes, you can open a Riyad Bank Current Account online through the Riyad Bank website or the Riyad Mobile app without the need to visit a branch. This convenient option allows you to complete the process from the comfort of your home.
What documents are required to open a Riyad Bank Current Account?
To open a Riyad Bank Current Account, you need to provide a valid National Identity Number (for Saudi nationals) or an Iqama (for expatriates). Additionally, you must be registered in the Absher system for identity verification. Non-residents may need to provide additional documentation, such as a valid passport and visit visa, depending on their specific circumstances.
Is there a minimum balance requirement for the Riyad Bank Current Account?
Riyad Bank does not specify a minimum balance requirement for the Current Account. However, it is advisable to check the latest terms and conditions on the Riyad Bank website or contact their customer service for any updates or specific details regarding balance requirements.
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I’m Bander, a financial analyst focusing on the Middle East markets. I simplify tricky financial ideas into practical tips. I love helping you understand your money better, so you can make smart choices that fit your own situation.