From the moment their child is born, parents can start saving money by opening a Child Savings account and transferring a fixed deposit amount ranging from OMR 10 up to OMR 5000 each month.
Pravasi Samwad.com
Muscat: Oman Arab Bank is proud to launch its Child Savings Plan, a unique and rewarding savings account designed to encourage parents to start saving for their children’s future. OAB customers can open a Child Savings Account and make automated monthly payments into their child’s account and watch their children’s savings grow at a competitive interest rate.
From the moment their child is born, parents can start saving money by opening a Child Savings account and transferring a fixed deposit amount ranging from OMR 10 up to OMR 5000 each month.
Parents can watch their children’s savings grow with a competitive interest rate of 2.25% per annum added on the amount saved each year until the child turns 18. Additionally, this plan also includes free life insurance to ensure payments continue into the child’s savings account until the age of 18 (up to a maximum of OMR 50,000).
Commenting on the launch, Rashad Al Shaikh, Head of the Retail Banking Division at OAB, said: “We recognize the need for parents to invest in their children’s future and have developed a unique product proposition that is available for children under 18. We are delighted to launch this unique plan that was designed specifically to focus on the needs of both parents and their children, with the opportunity to earn a competitive interest rate of 2.25% per annum, instant account access, a birthday gift from us each year, and complimentary life insurance for added peace of mind.
The OAB Child Savings Account is the perfect solution for parents to start saving and planning for their children’s future.”
The Child Savings Plan is open to all OAB customers to encourage parents to save for their children as early as possible. OAB will also gift each child OMR 10 on every birthday until they turn 18. Once the child turns 18, parents can choose whether they would like to switch the account into a Youth Account in the child’s name, or transfer the funds to the parent’s account. For more information, customers can contact the Bank’s FIL Khidmah Call Centre on 24754444 or visit their nearest OAB branch.
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