OAB introduces unique savings plan for children

The new savings plan helps parents save for their children and build up a brighter educational future for them via a completely automated monthly transfer standing order; one that also offers high interest rates and a number of other attractive benefits

MUSCAT: Oman Arab Bank (OAB), aiming to foster youth development and the savings habit, has recently introduced a new savings plan targeted at children.

The new savings plan helps parents save for their children and build up a brighter educational future for them via a completely automated monthly transfer standing order; one that also offers high interest rates and a number of other attractive benefits.

As part of new savings plan, parents with accounts at OAB can now open an account for their children under the plan, following which a predefined amount will automatically be transferred from the parent to the child’s account at monthly intervals. The monthly savings amount can range from as low as OMR25 to a maximum of OMR5,000 and can be amended by the parent at any time without any additional charge. Under the plan, the account will benefit from a high interest rate of 1.75% per annum on the monthly deposit balance. As a further value added benefit, the plan offers bonus interest, calculated at 1.25% per an- num, once every three years. This bonus is applied above the existing interest rate and is automatically awarded following regular monthly deposits for 36 consecutive months.

Commenting on the new child education savings plan, Fahad Amjad; general manager of Retail Banking at OAB said, “Opening a child education savings plan with OAB is a great way to helps you save for your son or daughter; to build up a brighter educational future for them. This new plan has been designed specifically for that purpose. Offering the ability to easily set a monthly debit instruction free of charge and operating completely autonomously, the plan offers both simplicity and convenience; offering our customers a hassle-free savings plan to secure their child’s future.”

In addition to the high interest rate and bonus interest awarded every three years, the plan offer several other benefits. For starters, the account is entitled to take part in the Hassad Savings scheme with a chance to win cash prizes every month as part of the special draws for children.

The plan also comes with free life insurance that covers up to OMR50,000 in case of any unforeseen incident that may occur to the parent. This allows parents to rest assured of the continuity of monthly payments to the account.