Basic Bank Account

Basic Bank Account

May 17, 2020 by AmwalCom

In April, 2019 the Central Bank of Jordan 🏦 has advised Jordanian banks to open a new bank account named "Basic Bank Account" which targets the financially excluded people in Jordan.

What does financially excluded mean 🤔?
This refers to people who do not own a bank account and who are not able to to open one because they cannot afford the costs or because of the hard requirements.
The objective of this bank account is to make it easier for all community segments to use the online banking services, which will improve their living standards and p=contributing to the economic development accordingly 👌👏🥳.

Who is eligible to open the basic bank account?
All Jordanians living in Jordan above 18 years old 👨‍👩‍👧‍👦 on the condition that they are not blacklisted 👨‍⚖️

Main features of this account:
1. No minimum balance required as in other bank accounts where a certain fee is deducted if the balance goes beyond a certain number 💵
2. All you need is your ID to open this account and with no costs
3. You can deposit and withdraw money form this account, deposit checks, get an ATM card which you can use to buy from any shop with a Point of Sale (PoS) system 

How different is it from the other bank accounts 🚫?
1. You cannot use this bank account to issue a loan or a credit card 💳
2. This bank account does not provide you with a check book
3. You cannot benefit from the interest on the amount deposited or enter in the draw for any prizes
4. The maximum balance ceiling is 700 Jordanian Dinar.
5. This bank account can only be open in the Jordanian Dinar currency.

As explained above, the main objective of this basic bank account is to help all Jordanians get a bank account and have everyone financially included 💃

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