What is the Al Amaal Child Savings Account?
The Al Amaal Child Savings Account is a savings account that enables parents to save for their children’s future and gives them the ability to choose whether the account should be interest-bearing or not. The purpose of this account is to inculcate saving habits amongst parents so that they can start saving for their children’s future.
2. What benefits does National Bank of Oman offer Al Amaal account holders?
The highest interest rate in the country - 1.5% p.a. paid monthly.
A Debit Card free of charge for children aged15 years or above.
Free life insurance cover.
Recurring deposits with monthly standing orders.
3. Who can open an Al Amaal Account?
Any parent (father or mother) can open an Al Amaal account for his/ her child, as long as the child is under 18 years of age.
4. What is the minimum balance required to open the Al Amaal Account?
An Initial deposit of OMR 50 is required to open the Al Amaal account. Following that, parents can choose to deposit a fixed amount of OMR 10 or more every month, or can deposit any amount at any time.
5. What documents are required to open an Al Amaal Child Savings Account?
Omani parents are required to submit a copy of their National ID and expatriate parents require a copy of their Labor Card and a copy of their valid passport. Parents must present their child’s valid passport or birth certificate at the time of opening an Al Amaal Child Savings Account.
6. Is there any interest on the Al Amaal Child Savings Account?
Yes, Al Amaal is a Child Savings Account that pays you an interest rate of 1.5% p.a. on a monthly basis. Since the purpose of this account is to inculcate saving habits amongst parents, the interest is not paid out if a withdrawal is made from the Al Amaal Child Savings Account during a given month.
7. Will I be required to take a medical exam in order to get free life insurance cover?
No. Upon opening the Al Amaal Account, you are automatically given free life insurance cover. You do not need to complete any documentation, not even a health declaration form.
8. If I deposit OMR 5,000 in my Al Amaal Account, how much will my beneficiary get in the event of death or disability?
Your account balance will be doubled to OMR 10,000 (OMR 5,000 being the value of your deposit and OMR 5,000 from the life insurance company).
9. If I deposit OMR 55,000 in my Al Amaal Account, how much will my beneficiary get in the event of death or disability?
The maximum payout for the Al Amaal Child Savings Account life insurance cover is OMR 50,000. Therefore, if the value of your deposit is OMR 55,000, your beneficiary will get OMR 105,000 (OMR 55,000 being the value of your deposit and OMR 50,000 from the life insurance company).
10. Is there any restriction on withdrawing the deposit from my Al Amaal Account?
No, there is no restriction. You can deposit and withdraw your money from your Al Amaal Account at any time. However, if you have chosen an interest payment option and withdraw any amount from your Al Amaal account during any given month, the interest for that particular month shall not be paid.
11. Will the bank issue an ATM card against an Al Amaal account?
Yes, we issue ATM cards against an Al Amaal account. This card is issued in your child’s name and only after they reach 15 years of age.
12. Does the bank charge me a fee for the monthly standing order request to my child’s Al Amaal account?
13. Can I open an Al Amaal joint account?
No, it is not possible to open the Al Amaal account as a joint account.
14. Can I open an Al Amaal account in a currency other than Omani Rials?
Yes. You can open an Al Amaal account in Omani Rials, UAE Dirhams or US Dollars.