MUSCAT: Bank Muscat, the leading financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to partnership in promoting a strong savings culture in Oman has invited its customers to take advantage of its Fixed Deposit accounts to save a lump sum amount for a rainy day. Fixed Deposits are financial instruments that provide a higher rate of interest than a regular interest bearing savings account. Also known as time deposits or term deposits, they are low risk and safe investments that help customers grow their money over the medium or long term. They may be opened by individual as well as corporate and institutional customers at the bank’s branches across the Sultanate.
Customers may open deposits with a minimum of OMR 1,000 and enjoy highly competitive interest rates tenors up to 6 years. Fixed Deposits made in Omani Rials or US Dollars are accepted by the bank for different tenors starting from one month to 6 years. Shorter deposits of up to 12 months are also accepted by the bank in a few other currencies including the British Pound, Euro and UAE Dirhams. Funds may be transferred through digital channels from a savings or current account or paid by cheque or cash at any Bank Muscat branch.
Speaking about the advantage of Fixed Deposits, Abdullah Tamman Al Maashani, DGM – Institutional Sales & Product Development, Bank Muscat, said: “The bank’s Fixed Deposit scheme will cater to the long-term financial planning needs of our customers and have a positive impact on Oman’s economy in terms of further popularising savings amongst our customers. Any Bank Muscat customer can apply for a Fixed Deposit, which offers guaranteed returns and protection for the deposits themselves. We encourage all our customers to take advantage of the excellent interest rates and save for a future financial goal.”
Bank Muscat’s Fixed Deposits allows customers to save for future goals or provide an regular income stream on a monthly or quarterly basis. The deposits can be made for different periods depending on the needs of the customer, ranging from one month to as long as 6 years. The bank also offers an auto-renewal option upon maturity of the Fixed Deposit at the time of opening the account and interest can be paid on a monthly, quarterly, semi-annually or annual basis depending on the financial needs of the customer. The deposit is fully protected throughout its tenor and should a customer have an urgent need for funds, the account may be closed at any time subject to a small pre-payment charge.
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.