Neswa: A savings account specially designed for woman

MUSCAT: Meethaq Islamic banking from Bank Muscat provides a wide range of Sharia-compliant products and services, which have been specifically designed to meet the financial and banking needs of its wide range of customers.

Meethaq’s Neswa Savings Account is specially designed taking into account the requirements of women in the contemporary world. It enhances their privacy and has several features that are tailor-made to meet their needs.

Neswa account holders have access to a wide range of features, which include a Visa Debit Card with an ATM withdrawal limit of OMR800, access to the largest network of ATMs and CDMs across Oman, complimentary Takaful life cover up to OMR 10,000, coverage up to OMR 1,000 for loss of a wallet or handbag resulting in misuse of cards and coverage up to OMR 100 for loss of ID cards and keys. Account-holders can also receive attractive indicative profit rates on their average monthly balance up to 1.50 per cent p.a. and are eligible for up to 50 per cent discount on the first year’s rental charge for safe deposit lockers. All Omani and resident women above the age of 18 are eligible to open a Neswa savings account with a minimum balance amount of OMR300 or a minimum salary transfer of OMR500.

The Neswa customers can also set up a Meethaq Savings Plan transferring an amount from their Neswa account. Meethaq’s Savings Plan allows customers to achieve their financial goals by saving a small amount regularly over a long period to meet their financial goals such as saving for their child’s education, retirement planning and other personal goals.

The Meethaq Savings Plan is open for all customers between the ages of 18 and 64 and comes with the option of direct debit/ standing order to facilitate one’s contributions. It also has an attractive indicative profit rate of 3% p.a. and inbuilt Takaful cover to protect and quickly grow savings. All contributions are invested in Sharia-compliant investment activities and come with the option of withdrawing up to 10% of the accumulated contributions in case of an emergency. A partial withdrawal may be made once during a calendar year. The full amount can be encashed and withdrawn by a customer subject to the payment of a 1% pre-closure fee applied to the total savings plan value at the time of application.

Every Meethaq product is certified by the bank’s Sharia Supervisory Board for compliance with Sharia principles and is created in line with the guidelines of the Central Bank of Oman.

Meethaq’s Neswa Savings Account is specially designed taking into account the requirements of women in the contemporary world