The Social Development Bank signs a cooperation agreement with the Arab National Bank

The Social Development Bank concluded a joint cooperation agreement with the Arab National Bank, aiming to provide financial savings services to subscribers of the Zod Savings Program, which is provided by the Social Development Bank, on Monday, June 7, 2021, at its headquarters in Riyadh, and to expand the options for subscribers in choosing the appropriate commercial bank for them. The Arab National Bank was approved as an extension of previous agreements.

The agreement was signed by the CEO of the Social Development Bank, Mr. Ibrahim bin Hamad Al-Rashed, and on behalf of the Arab National Bank, Managing Director and CEO, Mr. Obaid Abdullah Al-Rasheed.

The agreement aims to provide savings financial services to Zod Savings Program subscribers and expand the options for the customer in choosing the appropriate commercial bank for him, as the Arab National Bank has been approved, as an extension of previous agreements, and under this agreement the Arab National Bank will work to support the aspirations of the Social Development Bank to achieve the goals of the savings program and develop Subscribers’ savings, with the possible opportunities it provides to grow savings through its system of financial and investment solutions.

The Zod Savings Program is the first savings program that the Social Development Bank launched in 2018 to coincide with World Savings Day, which falls on October 31. It aims to encourage families to save as one of the goals of the Kingdom’s Vision 2030, as the Social Development Bank is keen through the program to raise the percentage of family savings. From 6% to 10% of its total income, 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 provides many advantages, such as providing a monthly cash incentive of up to 20%, and complete flexibility in managing savings. The program has been popular with social finance clients, as well as productive families, in addition to the Zod Generations product designated for the age group of 6-18 years. The number of savings product subscribers exceeded (90) thousand subscribers, and their total savings exceeded ( 240 ) million riyals .