The Social Development Bank signs a cooperation agreement with Al Rajhi Bank

The Social Development Bank signed a cooperation agreement with Al Rajhi Bank for the Zod Savings Program and the Zod Generations Program, at the bank’s headquarters in Riyadh. The agreement was signed by the CEO of the Social Development Bank, Mr. Ibrahim bin Hamad Al-Rashed, and the CEO of Al Rajhi Bank, Mr. Walid bin Abdullah Al-Muqbel.

The agreement comes as a continuation of the expansion of providing financial savings services to subscribers of the Zod Savings Program and the Zod Al-Ajyal Program with a number of banks and financial institutions, as Al Rajhi Bank will work to support the aspirations of the Social Development Bank to achieve the goals of the savings programs and develop subscribers’ savings, with the services and solutions it provides. Finance. The Zod Savings Program is the first savings program launched by the Social Development Bank in 2018 to coincide with World Savings Day, which falls on October 31 of each year, as it aims to encourage individuals to save as one of the goals of the Kingdom’s Vision 2030, and through the program, the Social Development Bank is keen to raise The percentage of household savings ranges from 6% to 10% of their total income, and the program represents one of the bank’s initiatives within the financial sector development program, in addition to supporting the bank’s basic pillars of enhancing financial culture, developing savings programs and products, and building savings habits that contribute to enhancing financial awareness. The Zod program also provides many advantages, such as providing a monthly cash incentive of up to 20%, and complete flexibility in managing savings, as the number of savings product subscribers exceeded (166) thousand subscribers, and their total savings exceeded (343) million riyals. The Zod Program also achieved Which was launched by the Development Bank last year with great success and wide acceptance, and which targets all Saudi children aged 6-18 years. The program also provides an integrated banking experience of financial savings services linked to goals that enhance children’s financial culture.