MUSCAT : In line with its vision ‘To serve you better, every day, and commitment to fostering healthy savings habits amongst children, Bank Muscat’s Children’s Savings Account is designed to promote financial inclusion and help the younger generation learn how to manage their money and prepare for the future. The bank launched this account and developed it further after studying in great detail the needs of this age group. Special incentives in the form of an assurance of a financially secure future encourage children and their parents to learn about the importance of savings. 

Speaking about the importance of the bank’s Children’s Accounts, Abdullah Tamman Al Maashani, Deputy General Manager – Institutional Sales & Product Development, said: “Bank Muscat is very keen to provide products and benefits in line with the needs of its customers and as a translation of its customer-centric vision. The bank is continuously working to develop different banking products and solutions for its customers based on their unique needs. In particular, the bank’s Children’s Account has several features that allow children to learn how to save and manage their money for the future.”

All children under the age of 14 are entitled to open a Children’s Account. To open the account, parents / legal guardians should visit their preferred Bank Muscat branch to submit their applications along with copies of the required documents. These include a copy of the ID card or passport (for Omanis), passport with the visa page (for residents), and a birth certificate. The parent or authorised guardian should sign the account opening form on behalf of the child. All customers maintaining a minimum balance of OMR 50 in their account are eligible for free insurance coverage.