RIYADH: The Social Development Bank (SDB) on Sunday signed an agreement with two Saudi banks to provide saving products to the Zoud Savings subscribers.
Zoud Savings seeks to promote the culture of saving money and help people manage funds in a smart way.
The agreement was signed with Al-Jazira Bank and Banque Saudi Fransi. The deal aims to expand saving options and products for Zoud subscribers.
The SDB launched the program in 2018 coinciding with World Savings Day on Oct. 31. It was introduced in line with one of the goals of the Vision 2030 program, which seeks to raise the percentage household savings of Saudis from 6 percent to 10 percent of their incomes.
It encourages savings culture and improve financial literary by raising awareness among the public.
The program offers monthly cash incentives of up to 20 percent and complete flexibility in managing savings. It has received a positive response. A total of 71,000 people have so far subscribed to the program and their total savings exceeding SR200 million.