Requirements for Minors

Minors in Saudi Arabia can open savings accounts under the guidance of a parent or legal guardian. These accounts are designed to help young individuals develop financial responsibility in a safe and supervised environment. 

Below are the necessary documents and features commonly associated with minor accounts:

• Parent/Guardian Consent and Identification A parent or legal guardian must provide their valid ID and complete a consent form. This authorization permits the account opening and confirms the guardian's role in overseeing the minor’s banking activities, ensuring accountability and security.

• Birth Certificate and Iqama of Minor These documents are required to verify the minor’s identity and age, meeting legal requirements for account eligibility. The birth certificate confirms the applicant’s age, while the Iqama (resident permit) provides proof of legal residency in Saudi Arabia.

Account Features for Minors

Savings accounts for minors typically include features that foster financial learning and responsible money management:

• Withdrawal Restrictions Many banks set withdrawal limits to prevent excessive access to funds, encouraging minors to develop saving habits. These restrictions help minors understand the concept of saving and instill patience in money management.

• Limited Account Access Guardians typically maintain oversight of the account, with minors having restricted access until they reach a certain age. This arrangement ensures that financial decisions are supervised, allowing guardians to guide the minor’s early financial experience.

By opening a savings account, guardians can help minors gain valuable experience in handling finances within a secure framework. These accounts offer an opportunity for young individuals to learn financial basics, such as budgeting and saving, preparing them for responsible money management in the future.