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BankMuscat Sanadat Al Edikhar deposit unit winner feted

MUSCAT, 28 May 2012 – BankMuscat customer Haod Abdullah Nasser Al Hashmi from Ghashab branch in South Batinah governorate won RO 10,000 prize money in the first 2012 quarterly draw of the innovative deposit product Sanadat Al Edikhar.

Al Hashmi is second time lucky with BankMuscat as he had also won RO 150,000 al Mazyona prize in 2009. “I am very happy to bank with BankMuscat and will maximise my savings to increase the future winning chances available on various products. I will use the deposit unit prize money to complete my new house,” Al Hashmi said.

For each Sanadat Al Edikhar deposit unit held by customers, he/she gets one chance to win the following prizes. They can increase the winning chances by purchasing additional units of the high yielding deposit instrument.

Win back your Deposit: During every quarter, one customer wins one deposit unit equivalent of cash - RO 10,000 - through prize draw. The quarterly prize of RO 10,000 is given away during the first three quarters every year throughout the 5-year term.

Win RO 200,000: During the last quarter, a draw is held to pick the winner of RO 200,000. This prize will be given away during the first four years of the product term.

Win a Bonanza:  During the fifth year, in addition to the three quarterly prizes of ‘Win back a Deposit Unit’, a draw will be held in the fourth quarter for a Bonanza prize of RO 500,000, marking the end of the 5-year term of the deposit unit.

Personal Accident Insurance Cover:  In line with BankMuscat’s social commitment, customers purchasing deposit units also receive a free personal accident insurance cover equivalent to the amount of deposit amount invested by them. A customer with one deposit unit will receive free insurance cover worth RO 10,000 while another customer with three Units will receive free insurance cover worth RO 30,000. A customer who has more than five Units will receive free insurance cover worth RO 50,000 as the maximum coverage is capped at RO 50,000.

Other benefits:  In order to provide liquidity to customers during the 5 year tenure, ownership of deposit units is transferable. However, the units can be redeemed only at the end of the 5-year term and the bearer at the time of maturity will receive the principal amount.

Customers can apply for loan up to 80 per cent of the cumulative value of deposits held as per prevailing interest rate applicable for loan against fixed deposits. In doing so, customers will continue to be eligible for participating in all prize draws.