Sunday, May 09, 2021

Business News

Bank Muscat’s new Floosi accounts see excellent customer response

The Floosi account helps young people to make savings a regular habit in their lives.

TAS News Service

Sunday, May 2, 2021

MUSCAT: The new Floosi account for youth aged 15-17, which was launched by Bank Muscat recently in line with its commitment to achieve financial inclusion across the Sultanate, has been receiving an excellent response from the bank’s customers. The new account, which is available for both Omanis and residents, was launched earlier in March this year in response to customer feedback for an account that can help teach personal finance skills to the youth. 

The Floosi account helps young people to make savings a regular habit in their lives. The linked debit card comes with a daily limit of RO 50 per transaction and a monthly cumulative limit of RO 200 for Point of Sale (PoS), e-commerce transactions and ATM withdrawals. To apply for a Floosi account, minors must visit their nearest branch along with their parent or legal guardian and submit their application and copies of important documents like their National ID card (for Omani citizens) or Resident Card and Passport (for expatriates). The parent / guardian will be the authorised signatory and must sign the deal slip on behalf of the minor. Floosi accounts can be converted into Shababi accounts when they turn 18 years, following which young people can operate the account independently. 

An advantage of the Floosi account is that customers are not penalized for not maintaining a minimum balance. However, to encourage good saving habits, Floosi customers will be entered into Al Mazyona monthly draws for the youth when maintaining a minimum account balance of RO 50. Every month, 100 prizes of RO 100 each are given to the lucky winners of this draw. 

Parents are happy that this new account helps their children learn the importance of sound personal finance management and savings for their future. The new Floosi account comes with some great offers, special events, and opportunities for young customers to win attractive prizes too along the way. Bank Muscat has been steadily working to improve financial inclusion and a good savings habit amongst people in Oman through a number of financial products and services. The bank’s flagship Al Mazyona savings scheme has succeeded in inculcating a strong savings habit among people in Oman over the last three decades. The scheme will offer RO 11 million to 7,470 winners throughout 2021.