MUSCAT, July 2015 - Bank Muscat, the flagship financial services provider in the Sultanate, hosted a celebration to mark the first three years of Themaar savings deposit products, which are designed to help customers save for specific goals. Presently two Themaar products are available, one for children's higher education and the other for retirement.
Amjad AL Lawati, Head Products –, said: “The Themaar products were launched in line with the bank's strategy to inculcate prudent savings habit. Many people do not plan for the future of their children as well as their retirement years. Themaar serves as a proper financial security for children's higher education and retirement."
Al Lawati added: “The Themaar savings concept is very simple as depending on the financial status of customers, the monthly savings amount can be decided. The flexible scheme ensures that customers do not experience financial burden in earmarking a regular monthly deposit amount toward the savings plan."
Themaar Higher Education Savings Plan addresses a need in Oman, providing an affordable and systematic monthly savings plan to cover the higher education costs of children. Themaar helps customers to tap their own savings instead of resorting to loans while sending children for higher education at home or abroad. The savings plan is open for citizens and residents in Oman.
The nominal monthly amount invested on behalf of beneficiary children grows into a substantial lump-sum. The attractive benefits include a handsome bonus on maturity of the scheme. Customers can earn bonus on monthly deposits and all the monthly deposits made by them are fully protected throughout the term, even if they wish to prematurely withdraw in the middle of the term. The bonus rate is equivalent to term deposit rates prevailing at the time of opening the Themaar Higher Education Savings plan and customers are clearly advised of the same.
Themaar customers are eligible for three annual cash scholarships worth RO 10,000 each. The scheme offers waiver of future monthly deposits in the event of death of the family's breadwinner (customer who has opened the Themaar Higher Education Savings plan), while guaranteeing a lump sum amount to the beneficiary on maturity of the savings plan which can be used at the time of admission to college.
The Themaar Retirement Savings Plan allows deposits to be tailored to one's financial needs after retirement. At a time when savings are critical to ensure a secure future for one's family, the Themaar retirement plan helps maximise savings. The Themaar retirement savings plan is open to citizens and expatriates.
The Themaar Retirement Savings Plan is especially beneficial for sections of society who do not have access to pension schemes from employers. The flexible Themaar savings plan allows customers to decide at what age to retire and the amount of monthly pension/income they require at the time of retirement. With rising costs of living, Themaar Retirement Savings plan is an ideal way to benefit from an extra monthly income in the future.
With guaranteed bonus, Themaar customers can enjoy appreciation on all monthly deposits throughout the savings term, plus an additional bonus at the end of the pension term. Themaar also provides 100 per cent protection of deposits throughout the term period and customers have access to their deposits any time during the product term. Customers also get a chance to participate in an annual prize draw for 5 customers to win RO 500 each.
As an added reassurance, in case of death of the customer anytime during the term, the bank will waive all future outstanding deposits and immediately start paying monthly pension/income to the beneficiary/family.
The primary objective of Themaar retirement plan is to provide retirement security. With a long-term perspective, Themaar helps customers in judicious retirement planning. A timely investment in Themaar Savings Plan helps to stay financially secure when a regular source of income is not available after retirement.
All Bank Muscat products and services have evolved over the years in tandem with specific customer requirements. A keen perception of customer requirements has enabled the bank to develop innovative products and services in line with the current and emerging needs.