MUSCAT, 16 September 2020
Bank Muscat's Themaar Savings Plan which helps customers meet long-term financial goals has seen an excellent response from customers. The savings plans, which was launched in line with the bank’s vision ‘To serve you better, everyday’ and commitment to partnership in promoting a strong savings culture in Oman, is aimed at meeting the long-term needs of the largest banking family in Oman.
Speaking about the enthusiastic response from customers, Abdullah Tamman Al Maashani, Deputy General Manager - Institutional Sales & Product Development, Bank Muscat, said: “The bank is encouraged by the excellent response and demand from customers for the Themaar Savings Plan. We expect this plan to contribute majorly to the long-term financial planning needs of everyone and have a very positive impact on the Omani economy in the long term. Not only are customers eligible for guaranteed returns and full protection of their deposits, but they will also get free life insurance coverage up to RO 50,000. It is a great option to save and plan for life goals and will prove to be an invaluable tool in one’s personal finance toolkit.”
The Themaar Savings Plan allows customers to put aside a fixed amount every month for a fixed period of time. 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. This means that 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 to help fulfil goals like meeting children’s education, marriage, house renovation, travel, or any other goals. 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 customer will receive a lump sum amount at the end of the period including good returns on the monthly deposits. It is important to note that contributions to the savings plan is automated by providing monthly standing instructions to deduct the installment on the due date agreed to by the customer.
Bank Muscat has succeeded in inculcating a strong savings culture in Oman through its numerous banking products and services. The bank encourages everyone to save for the future, with the objective of bringing about happiness and joy in the lives of its customers. The Themaar Savings Plan adds to the large number of financial planning options made available by Bank Muscat to its customers for their long-term success in an ever-changing world.