Terms & Conditions

Important: These Terms & Conditions govern your relationship with Livo Bank . By opening or maintaining an account, using our cards, or accessing any Livo Bank service, you agree to be bound by these terms.

1. Definitions

In these Terms & Conditions, unless the context otherwise requires:

"Bank" or "Livo Bank": Livo Bank, a Saudi joint stock company regulated by the Regulator: pending, License No. PENDING, Bank Code 50, headquartered in Riyadh, Kingdom of Saudi Arabia.
"Customer" / "You" / "Account Holder": Any individual or entity that has opened or maintains an account with Livo Bank, or uses any Livo Bank product or service.
"Account": Any current, savings, deposit, or other account opened with Livo Bank in the Customer's name.
"Card": Any debit card, credit card, prepaid card, or other payment instrument issued by Livo Bank.
"Electronic Banking Services": Services provided through Livo Bank's online banking platform, mobile application, ATM network, or any other electronic channel.
"SAMA": The Regulator: pending (formerly Saudi Arabian Monetary Authority), the regulatory authority supervising banks in the Kingdom of Saudi Arabia.
"SAR": Saudi Arabian Riyal, the official currency of the Kingdom of Saudi Arabia.

2. Account Opening Terms

2.1 Eligibility

An account may be opened by any individual who meets the following requirements as prescribed by SAMA Account Opening Rules:

Be at least 18 years of age, or have a legal guardian appointed for minors
Hold a valid Saudi National Identity Card (for Saudi nationals)
Hold a valid Iqama (residence permit) for foreign residents
Hold a valid passport for non-residents (subject to additional requirements)
Provide proof of national address registered with the Saudi Postal Corporation (SPL)
Complete the Customer Due Diligence (CDD) process as required by SAMA

2.2 Required Documentation

The following documents are required for account opening:

Original national ID or Iqama (not expired)
Proof of national address (or declaration of non-availability)
Proof of income or employment (where applicable)
Completed account opening application form
Signature specimen
Initial deposit (if required for the account type)

2.3 Account Approval

The Bank reserves the right to decline any account application without providing reasons, at its sole discretion. Approval is subject to satisfactory completion of all KYC and AML/CFT checks as mandated by applicable regulations.

3. Account Operation & Maintenance

The Account shall be subject to the following conditions:

The Account shall be maintained in accordance with the account type requirements (e.g., minimum balance, if applicable)
The Customer shall be responsible for ensuring sufficient funds are available to cover all transactions, cheques, and standing orders
The Bank may set transaction limits on the Account based on the Customer's risk profile and regulatory requirements
Dormant accounts (no customer-initiated transactions for 12 months) may be subject to additional verification requirements before reactivation
The Bank shall send periodic statements to the Customer in accordance with SAMA disclosure requirements
The Customer is obligated to notify the Bank immediately of any unauthorized transactions or discrepancies

Note: If your national ID or Iqama expires, the Bank is required by applicable regulations to restrict account operations until a valid identification document is presented.

4. Debit Card Terms

4.1 Issuance and Use

A debit card shall be issued to the Account holder and is linked directly to the Account. The debit card may be used at:

Livo Bank ATMs within the Kingdom and internationally (subject to network availability)
Points of Sale (POS) terminals within the Kingdom and internationally
Online merchants accepting Visa or Mastercard
Mobile payment services (Apple Pay, Samsung Pay, mada Pay)

4.2 Daily Limits

ATM cash withdrawal limit: SAR 5,000 per day
ATM deposit limit: SAR 100,000 per day
POS purchase limit: SAR 20,000 per day (up to SAR 200,000 via digital channels)
These limits may be adjusted by Livo Bank based on regulatory requirements or risk considerations

4.3 Security

The Customer shall keep the debit card and PIN confidential at all times. The Customer shall be liable for all transactions conducted using the card and PIN, except where the Customer has notified the Bank promptly of the card's loss or theft, or where fraud is proven.

5. Credit Card Terms

5.1 Credit Facilities

Credit card issuance is subject to credit approval and the Customer meeting Livo Bank's creditworthiness criteria. The credit limit shall be determined by the Bank based on:

Customer's income and employment status
Credit history and existing obligations
SAMA regulatory requirements for consumer lending
Internal credit scoring models

5.2 Payment Terms

The minimum payment due shall be 5% of the outstanding balance or SAR 100, whichever is greater
The payment due date shall be as stated in the monthly statement
A grace period of up to 52 days applies on new purchases (subject to terms)
Late payment fee: SAR 100 or 3% of the outstanding amount, whichever is greater (subject to a maximum per SAMA rules)
Cash advance fee: SAR 75 or 3% of the amount, whichever is greater
Foreign transaction fee: 2.75% of the transaction value

5.3 Cardholder Obligations

Pay all amounts due by the payment due date
Do not exceed the approved credit limit
Notify the Bank immediately of any unauthorized use
Use the card only for lawful purposes
Comply with SAMA's Credit Card Regulations

6. Electronic Banking Services

6.1 Registration and Access

Electronic banking services (Online Banking, Mobile App) are available to Account holders who have registered for the service. Registration requires:

Valid account with Livo Bank
Registered mobile number linked to the account
Completion of identity verification via the National Single Sign-On (Nafath/IAM) platform
Acceptance of the Electronic Banking Services Agreement

6.2 Security Responsibilities

The Customer shall maintain the confidentiality of login credentials, passwords, and OTP codes
The Customer shall not share authentication credentials with any third party
The Customer shall install and maintain appropriate security software on devices used to access electronic banking services
The Customer shall immediately report any suspected unauthorized access
Livo Bank will never ask for passwords, PINs, or OTPs via email, SMS, or phone

6.3 Service Availability

Livo Bank shall use reasonable efforts to ensure continuous availability of electronic banking services. However, the Bank shall not be liable for any interruption, delay, or failure of service caused by circumstances beyond its reasonable control, including but not limited to system maintenance, telecommunications failures, or force majeure events.

7. Fund Transfers & Payments

7.1 Local Transfers

Fund transfers within the Kingdom are processed through the SARIE (Saudi Arabian Riyal Interbank Express) system or SADAD payment system. Processing times and fees are as set out in the Bank's Fee Schedule.

7.2 International Transfers

International wire transfers are processed via the SWIFT network. The Bank shall not be liable for delays caused by correspondent banks or regulatory checks in the destination country. All international transfers are subject to compliance screening.

7.3 Transfer Limitations

The Bank may impose daily and per-transaction limits on transfers
Transfers may be delayed or blocked if flagged by the Bank's compliance monitoring systems
The Customer is responsible for providing accurate beneficiary details
The Bank shall not be liable for transfers sent to incorrect accounts due to Customer error

8. Safe Deposit Box

Safe deposit boxes are available at selected a branches subject to the following terms:

Available in three sizes: Small, Medium, and Large
Annual rental fees as per the Fee Schedule
Access requires the presence of the box hirer with valid identification
The Bank shall not be liable for the contents of the safe deposit box except in cases of proven gross negligence
The Bank reserves the right to open the box in exceptional circumstances as permitted by law
The hirer shall not store illegal, hazardous, or perishable items

9. Fees & Charges

All fees and charges are as set out in the Bank's Fee Schedule, which is available at all a branches and on the Bank's website. The Bank reserves the right to amend fees in accordance with the amendments procedure set out in Section 11 below. All fees are subject to Value Added Tax (VAT) at the prevailing rate prescribed by ZATCA.

10. Limitation of Liability

To the maximum extent permitted by applicable law:

The Bank's total aggregate liability to the Customer in respect of any claim arising under or in connection with these Terms & Conditions shall not exceed the amount of the direct loss suffered by the Customer
The Bank shall not be liable for any indirect, incidental, consequential, or punitive damages, including loss of profit, loss of data, or business interruption
The Bank shall not be liable for losses arising from the Customer's breach of these Terms & Conditions
The Bank shall not be liable for losses arising from events beyond its reasonable control (see Force Majeure)
Nothing in these Terms shall exclude or limit liability for fraud, wilful default, or gross negligence

11. Force Majeure

The Bank shall not be liable for any failure or delay in performing its obligations under these Terms & Conditions where such failure or delay results from circumstances beyond the Bank's reasonable control, including but not limited to:

Natural disasters, epidemics, or pandemics
War, terrorism, civil unrest, or political instability
Government actions, sanctions, or regulatory changes
Telecommunications or power failures
Cyberattacks or system failures not attributable to the Bank's negligence
Strikes, lockouts, or industrial action

The Bank shall use reasonable efforts to mitigate the effects of force majeure events and resume performance as soon as practicable.

12. Amendments

The Bank reserves the right to amend these Terms & Conditions from time to time. In the event of any material amendment:

The Bank shall notify the Customer at least 30 days prior to the effective date of the amendment
Notification shall be provided via the Customer's registered contact details, the Bank's website, or in-branch notice
The Customer's continued use of the Account or any Livo Bank service after the effective date shall constitute acceptance of the amended terms
If the Customer does not agree to the amendments, the Customer shall have the right to close the Account before the effective date without incurring closure charges

13. Governing Law

These Terms & Conditions shall be governed by and construed in accordance with the laws of the Kingdom of Saudi Arabia. All transactions, accounts, and services are subject to the regulations issued by SAMA and other competent authorities in the Kingdom.

14. Dispute Resolution

14.1 Internal Complaint

Any dispute or complaint shall first be raised with the Bank through the channels specified in the Complaints & Dispute Resolution Policy. The Bank shall endeavor to resolve complaints within the timelines specified therein.

14.2 SAMA Committee for Settlement of Banking Disputes

If the Customer is not satisfied with the Bank's resolution, the Customer may refer the dispute to the SAMA Committee for Settlement of Banking Disputes. The Committee shall review the matter and issue a binding decision in accordance with its terms of reference.

15. General Provisions

Language: The Arabic language version of these Terms & Conditions shall be the accredited version for purposes of interpretation. In the event of any discrepancy between the Arabic and English versions, the Arabic version shall prevail.
Severability: If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
Entire Agreement: These Terms & Conditions, together with any account-specific agreements and the Bank's policies, constitute the entire agreement between the Customer and the Bank.
Assignment: The Customer may not assign any rights or obligations under these Terms without the Bank's prior written consent. The Bank may assign its rights and obligations subject to applicable law.
Notices: All notices to the Customer shall be sent to the address or contact details provided by the Customer during account opening or subsequently updated.
Banking Information: Livo Bank is a Saudi joint stock company supervised by the Regulator: pending. Commercial Registration No. PENDING. Bank Code: 50.

Questions? If you have any questions about these Terms & Conditions, please contact us at 800 124 0000 (toll-free within KSA) or visit your nearest a branch.