MUSCAT, 25 October 2020
Bank Muscat customers are responding very well to the bank’s Themaar Savings Plan, which helps in meeting one’s long-term financial goals. The savings plan, which was launched earlier in 2020 in line with the bank’s vision “To serve you better, everyday” is aimed at meeting the long-term savings needs of people in Oman. It is important to note that the Themaar plan will have a positive impact on the Omani economy in the long term as it is contributing to financial stability and the long-term financial planning needs of people in the country. An attractive part of the plan is that customers are offered guaranteed returns and full protection of their deposits. And best of all, they also get free life insurance coverage up to RO 50,000.
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. The scheme has gone on to become an important tool in everybody’s financial planning toolkit.
Bank Muscat has succeeded in inculcating a strong savings culture in Oman through its numerous banking products and services. 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. The Al Mazyona savings scheme is another flagship product that is designed to transform the lives of prudent savers. Al Mazyona targets all nationalities and customer segments, including ladies, youth, children, high-savings balance customers and salary account holders, thereby inculcating a strong savings habit. The bank rewards a prudent and financially responsible savings habit among its retail customers by giving away a massive total of RO 11 million to 6,677 lucky winners over the course of 2020.