New savings plan launched
Bank Muscat has launched the new product in line with its vision of encouraging everyone to save for their future
MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, in step with its vision ‘To serve you better, everyday’ and commitment to partnership in promoting a strong savings culture in Oman, has announced the launch of a new Themaar Savings Plan for the benefit of all its customers in the Sultanate.
Bank Muscat has launched the new product in line with its vision of encouraging everyone to save for their future and also recognising the positive impact of personal savings on Oman’s economy.
The new Themaar Savings Plan is aligned to meeting the long-term needs of the bank’s customers and offers many features and benefits in this regard. It allows customers to put aside a fixed amount every month for a fixed period. The best part of the new savings plan is that customers can choose the amount that they plan to save and the period that they intend to save for according to their future financial goals. The plan duration of a Themaar Savings account can range from just 1 year to 10 years and customers can choose to save any amount ranging from a minimum of RO 25 up to RO 1,000 every month that will help fulfil goals like meeting children’s education, marriage, house renovation, travel, or any other goals.
Abdullah Tamman Al Maashani, DGM - Institutional Sales & Product Development, Bank Muscat, said: “The bank has launched the new Themaar Savings Plan in response to the long-term financial planning needs of our customers as well as the positive impact of savings on Oman’s economy. Any Bank Muscat customer between the ages of 18 and 60 can apply for the new Themaar Savings Plan. The plan offers guaranteed returns on their deposits as well as protection of the deposits themselves. As an added benefit, Bank Muscat also offers free life insurance coverage, up to RO 50,000, to all Themaar customers.”
All deposits into the savings plan are made by way of monthly standing instructions from the depositor and the instalments for each month will be deducted according to the due date specified by the customer in the application form.
At its heart, the Themaar Savings Plan is very simple in that a nominal amount is invested on a monthly basis, which ends up growing into a substantial amount. The lumpsum amount paid back to the customer includes handsome returns on the monthly deposits. All the monthly deposits are fully protected throughout the term of the savings plan, even if a customer closes the savings plan prematurely.
A timely investment in the Themaar Savings Plan helps one to save enough for life goals like buying something luxurious, travelling to see places, changing the décor of your house, getting married, studying abroad, planning a nest egg for the future, or anything else you wish to fulfil.
Bank Muscat has succeeded in inculcating a strong savings culture in Oman through its numerous banking products and services.