Muscat: The Central Bank of Oman has clarified that the Bank Deposit Protection Law provides security for deposits held in licensed banks throughout the Sultanate. This initiative is designed to protect depositors in case of bank failure, with all eligible deposits automatically covered under the system.
Depositors don’t need to take any action to ensure their funds are covered, as the system automatically safeguards all eligible deposits in licensed banks in Oman.
Depositors with accounts in branches of foreign banks in Oman can rest assured—these deposits are also covered by the protection law, as long as the bank is licensed by the Central Bank of Oman.
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In the event of a bank failure, the deposit protection system will directly communicate with affected depositors, providing them with clear instructions on how to claim their compensation.
There are no fees charged to individual depositors for the protection of their funds. However, fees are collected from Islamic banks and windows, not from the depositors themselves. This system ensures that the protection is seamless and cost-free for those whose deposits are at risk.
