The Central Bank of Egypt (CBE) has obliged banks, when preparing contracts for banking products and services concluded with customers, to provide them with an appendix of basic data forms that include the most important details of the service or product.
The Central Bank stressed, in new regulatory instructions for banks, the need for these forms to explain in a simplified manner, including all expenses and commissions as well as the most important terms and conditions included in the contracts for providing the service or products, while including any new provisions not included in the contracts, provided that the customer's signature is obtained on them.
The bank granted banks a 6-month grace period to adjust their conditions to prepare the aforementioned forms and attach them to the contracts for savings banking products.
Follow the latest news on Google News
