RIYADH — The new Financial Institutions Services Tariff Guide, introduced by the Saudi Central Bank (SAMA), would come into force on Friday, Feb. 20. The new fee guide, which would replace the current Banking Tariff, features broad reductions and caps on customer fees across banking, financing and payment services, as part of SAMA’s regulatory role to enhance transparency and consumer protection. The revised fees will be applied to all financial institutions under SAMA’s supervision, including banks and payment companies. Financial institutions are prohibited from charging fees that exceed the maximum fees for basic transactions and services prescribed in the new Tariff Guide. The new guide is introduced as part of SAMA’S regulatory role to enhance transparency and consumer protection with a focus on fairness, transparency, and digital services.The Central Bank said that the updated guide aims to promote reasonable and fair pricing, strengthen disclosure and transparency, and support financial inclusion by enabling wider access to financial services at regulated cost levels. The guide also encourages the use of electronic channels, aligning with ongoing digital transformation across the sector. The SAMA emphasized the necessity for financial institutions to adhere to the maximum fee limits, clarifying that these fees do not include value-added tax (VAT) for services subject to the regulations. According to the updated guide, it is mandatory on the part of financial institutions to disclose all fees and employ all methods to ensure their clarity to customers when providing services or products. They must also obtain prior customer consent through established channels for all fees and charges associated with the service or product offered, and notify customers via SMS immediately upon deduction or issuance of fees. The Central Bank cautioned customers that banks are not permitted to impose fees for the presence or absence of funds in bank accounts or e-wallets, nor to charge customers for any additional costs related to third parties after the product or service is provided. The guidelines included amendments to several fees, including reductions in the maximum fees for various services. These reductions encompass administrative fees associated with certain financing products, reissuance of Mada cards, international purchases and cash withdrawals, fees for money transfers from bank accounts and e-wallets, and fees for using Mada cards at point-of-sale terminals within the Gulf Cooperation Council (GCC) network.