Tuesday, 30 May 2023
Bank Sohar launches ‘Fayiz&Fayza’ account for children

Bank Sohar launches ‘Fayiz&Fayza’ account for kids

Sasi Kumar, acting CEO, Bank Sohar, stated, “At Bank Sohar, it has usually been our objective to supply our esteemed clients tailor-created revolutionary goods and marketplace major client service, and in turn, construct lasting relationships with them.

“These objectives encompass children as well, as we consider them the future of the nation. Through our ‘Fayiz and Fayza’ Children’s Account, we will be able to build a close bond and relationship of trust with our clients as we help them build a secure and bright future for their children.” 

The ‘Fayiz and Fayza’ Children Account is obtainable to any minor under the age of 18 and should be opened by the child’s parent/guardian. Accounts are obtainable in RO, AED, US$ and GBP with a minimum deposit of RO50 necessary at the time of opening nonetheless, there will be no minimum balance charges on the account.

Parents will also have an choice for placing in spot a month-to-month standing instruction for remittances to be transferred from their account to their children’s account, with a minimum month-to-month standing order of RO10.

In addition to the above attributes, clients can select among a Prize Draw Scheme Savings Account and an Interest bearing Savings Account.Those who opt for a Prize Draw Scheme Savings Account will be eligible to enter the Al Mumayaz Savings Scheme Children’s Draws.

The draws supply minor account holders’ 1 prize of RO100 each and every day from Sunday to Thursday, two prizes of RO500 every month and 4 prizes of RO2,500 at year finish. In total there will be much more than 260 winners in children’s draws in year 2018.

Minor account holders are also automatically entitled for the General Draws, Women’s Draws (in case female kid), Exclusive Draws &amp Special Branch Draw of the Al Mumayaz Savings Scheme 2018 (topic to sustaining the minimum necessary deposits).

In all circumstances, the Minor Account holders will earn eight probabilities for each and every typical balance criteria maintained. For these that opt for the interest bearing savings account, the interest price will be calculated at the price of two per cent per annum with the quantity credited on a month-to-month basis.

On opening a ‘Fayiz and Fayza’ minor account, kids under the age of 15 years will be offered with a money deposits card which can only be utilized for deposits at Bank Sohar CDM machines. However if the account holder is aged 15 years and above, a debit card can be offered at the request of the parent/guardian. The debit card, in addition to getting utilized for deposits, can also be utilized for everyday money withdrawal and POS (point of sale) transactions of up to RO50 per day exactly where the total transaction quantity can’t exceed RO200 per month. Also, contemplating the education requirement, the choice for an education shield insurance coverage item at a discounted price is also obtainable.

“When it comes to children, it is not only recommended, but it is a necessity that one is prudent and has in place a low-risk financial plan for the future. It is also important to encourage healthy money management skills and the habit of saving amongst the youth in general. Giving children means to control their spending at a young age will help them make responsible financial decisions early in life. We have launched our children’s savings account ‘Fayiz and Fayza’ with exactly this objective in mind and the intention of contributing towards creating a generation of financially responsible future business leaders in the country” stated Rajeev Arora, DGM and head of Retail Banking.

Together with this newly launched ‘Fayiz and Fayza’ Children’s Account and the Al Mumayaz Savings Scheme 2018 and other marketplace major retail goods and solutions, Bank Sohar offers an substantial network of 29 traditional branches with 59ATMs spread across the sultanate.

In addition, Bank Sohar clients can also avail of hassle-free money withdrawal solutions at more than 1,000 ATMs across the nation operating beneath the ‘OmanNet’ platform. The bank’s ATMs at Buraimi and Shinas border continue to operate with the ‘Dirhams Dispensing’ facility, therefore adding immense comfort to businessmen who travel and transact enterprise across the border on a typical basis, as nicely as to clients who pay a visit to the UAE.

The bank’s clients take pleasure in the benefit of a Cash Deposit facility at all branch ATMs as yet another worth-added service. In addition, the bank’s E-channels, encompassing SMS banking, Internet banking solutions and a specialised mobile banking application for Android and iPhones, permit clients to access their bank anytime and from anyplace.
For much more details on Bank Sohar, pay a visit to the bank’s official site www.banksohar.net.

Information Source: Muscat Daily

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