חוק הבנקאות (שירות ללקוח) (תיקון מס' 38), התשפ"ה–2025Banking Law (Service to Customer) (Amendment No. 38), 2025 · automatic translation · suggest a correction

Official summary of the law (Knesset)

The Law provides that, starting from 1 December 2025, a bank whose asset value exceeds 5% of the asset value of all banks in Israel shall be required to allow customers of all banks to open with it a deposit in Israeli currency, without conditioning this on opening a current account at the bank. According to the Law, this option is conditional on the funds being deposited into the deposit via an account in a closed system, into which only funds from an account of the deposit holder at another bank or at the Postal Bank may be deposited, and which may be transferred back only to the account from which they were transferred, and in accordance with conditions set by the Governor of the Bank of Israel by order under the Prohibition on Money Laundering Law. In addition, the Law prohibits a bank from exerting improper influence on the customer in any matter relating to opening such a deposit at another bank. To facilitate the process of depositing funds into a deposit at another bank, the Law allows a customer to authorize in writing the bank at which he wishes to deposit funds to manage on his behalf the procedures required for this purpose. The Supervisor of Banks may apply the provisions of the Law also to deposits of funds in foreign currency deposits. The Law further provides that the Supervisor of Banks shall publish the number of deposits made at each of the banks via an account in a closed system. In addition, the Supervisor of Banks shall submit to the Knesset Economic Affairs Committee an annual report, starting in 2027 and for 3 years, on the implementation of the provisions of this Law.

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