BankMuscat announces bigger savings promotion

BankMuscat created great excitement among its customers with its innovative savings promotion scheme "Al Mazyona Big Gift", when it announced the biggest prize money offered in the Sultanate of Oman. The scheme introduced at the beginning of the 2000, rewarded customers with prizes of RO 20,000 every week. The purpose of the savings promotion scheme is to encourage customers to cultivate the habit of savings in order to meet their future needs by preparing for them today.

There have been over 110 lucky winners, who have each won RO 20,000 totalling RO 2.2 million in prize money. Many of these winners are from the interior areas and many of them are of humble means. The prize money, has therefore, come to them as a great reward and has given them immense happiness.

The savings deposit scheme has not only generated a lot of interest but has also substantially increased the savings portfolio of BankMuscat. Since the beginning of last year, the bank has added RO 35 million to its savings deposits and today the portfolio is RO 145 million. This gives the Bank a market share of over 27%.

Like all promotion schemes after a period of time, customers tend to take the promotion for granted and the bank, on the advise of its branch managers, has decided to put some more excitement into the savings promotion and has designed a new scheme which is bigger than the previous one.

The new Al Mazyona Big Gift that is being launched today still retains the attraction of the weekly prize of RO 20,000/- which is unique in this market. To fulfil the advise of the branch managers, special prizes have been added for each region every week There will be six additional prizes of RO 2,000/- every week for a lucky winner from each of six regions i.e. Capital Area, Batinah, Dhahirah (including Musandam), Sharqiya (including Al Wusta), Dhakiliya and Dhofar. This is an addition of RO 12,000/- every week to the prize money making it a total prize package of RO 32,000/- every week. On an annualized basis this works out to over RO 1.5 million.

"BankMuscat was one of the first banks to introduce the savings deposit promotion in the Sultanate of Oman and will continue to introduce innovative new products and services in line with its position on leadership. The bank has only recently launched the 'Safe Card' for completely secure internet transactions, kiosk banking and is preparing for the introduction of state-of-the-art internet banking" said Abdulrazak Ali Issa, Chief Executive, BankMuscat.