Central Bank of Jordan cancels prizes offered by banks to citizens on savings accounts

The Central Bank of Egypt has approved the cancellation of the bank's bonus programs on its savings accounts as of 2021, except in respect of the benefits and benefits programs that all customers benefit from using the Bank's services and products under instructions entitled " . The instructions stated that «starting from the beginning of 2020, the process of awarding prizes to savings accounts with banks through quantitative and qualitative controls set by the bank.

According to these rules for the awarding of prizes for 2020, it is not permissible to exceed the maximum limit of the value of one prize (whether cash or in kind) on the savings account worth 100 thousand dinars, and may not exceed the value of all monetary and in-kind awards provided by the bank during the one year About (3) million dinars. The regulations stipulate that the periodicity of the draw for the prizes shall be determined by the grand prizes of 100 thousand dinars for the prize and 3 million for the full year, twice a year at the maximum, to be uniform for all banks on the last working day of June and December.

In addition to the draw on the prizes, which range between (10) ten thousand dinars and less than one hundred thousand dinars, four times maximum, on the last working day of the months: March, June, September and December. The regulations stipulate that "banks may determine the periodic withdrawals on prizes that are less than ten thousand dinars."

The Central Bank has provided general provisions, whereby the bank must ensure that the customer signifies that he is aware of the savings account to which he belongs. Subject to the terms and conditions of the savings accounts attached to the prizes, the value of the prizes offered by the bank may not be an alternative to paying interest to customers with savings accounts. The Bank shall provide the Central Bank monthly rates of interest rates on savings accounts. With regard to the awards announced in 2019, it was decided to maintain the status of banks with regard to their plans to award prizes