Bank Sohar launches ‘Fayiz & Fayza’ account exclusively for children

The ‘Fayiz & Fayza’ Children Account is available to any minor below the age of 18 and must be opened by the child’s parent/guardian

MUSCAT: At a recently held press conference, Bank Sohar announced the launch of its ‘Fayiz & Fayza’ Minor Account that has been developed to encourage and enable parents to secure their child’s future as well as instil the habit of savings and teaching the virtue of financial planning at an early age.

Commenting on the launch of the proposition, Sasi Kumar, acting CEO, Bank Sohar said “At Bank Sohar, it has always been our objective to offer our esteemed customers tailor-made innovative products and market-leading customer service, and in turn build lasting relationships with them. These objectives encompass chil- dren as well, as we consider them the future of the Nation. Through our ‘Fayiz & 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 & Fayza’ Children Account is available to any minor below the age of 18 and must be opened by the child’s parent/ guardian. Accounts are available in OMR, AED, USD and GBP with a minimum deposit of OMR50 required at the time of opening, however, there will be no minimum balance charges on the account. Parents will also have an option for putting in place a monthly stand- ing instruction for remittances to be transferred from their account to their children’s account, with a minimum monthly standing order of OMR10.

In addition to the above features, customers can choose be- tween 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 offer minor account holders’ one prize of OMR100 every day from Sunday to Thursday, two prizes of OMR500 each month, and four prizes of OMR2,500 at year-end. In total, there will be more than 260 winners in children’s draws in the year 2018.

Minor account holders are also automatically entitled to the general draws, women’s draws (in case of female child), exclusive draws & special branch draw of the Al Mumayaz Savings Scheme 2018 (subject to maintaining the minimum required deposits) In all cases, the minor account holders will earn eight chances for every average balance criteria maintained. For those that opt for the interestbearing savings account, interest rate will be calculated at the rate of 2% per annum with the amount credited on a monthly basis

On opening a ‘Fayiz & Fayza’ minor account, children below the age of 15 years, will be provided with a cash deposits card, which can only be used for deposits at Bank Sohar CDM machines.

However, if the account holder is aged 15 years and above, a debit card can be provided at the request of the parent/guardian.

The debit card, in addition to being used for deposits, can also be used for daily cash withdrawal and POS (point of sale) transactions of up to OMR50 per day where total transaction amount cannot exceed OMR200 per month. Also, considering the education requirement, the option for an education shield insurance product at a discounted rate is also available.

“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 & 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,” said Rajeev Arora, DGM and head of Retail Banking.