SAMA directs Banks to extend the ATM cards Validity and Suspend the suspension of Bank accounts
The SAMA (Saudi Arabian Monetary Authority) has issued an order to banks to extend the validity of ATM debit cards till 2nd June 2020, especially to those ATM cards which are already expired or about to expire before June 2020, with the importance of satisfying the customer's with the extension. Trending : Ministry of HR declares Illegality of ending contractual relationship
The directive also states to approve the extensions of the suspension of bank accounts of individuals due to the expiry of their iqamas or national identity. Recommend : Saudi Arabia to suspend Taraweeh prayers during Ramadan in Mosques due to Coronavirus
- As well as the suspension of freezing bank accounts of legal persons and the authorized to sign them for the reasons related to the expiry of the iqama, such as expiration of commercial registration or could not be renewed due the expiration of identity.
- This precautionary measures are the efforts to face the repercussions of the Coronavirus (Covid-19) and out of its keenness to overcome the difficulties that may face any customer or bank to benefit from banking service under the exceptional circumstances. See Also : Interior Ministry updates forms of movement permit during Curfew in Saudi Arabia