AL AMAAL CHILD SAVINGS ACCOUNT

National Bank of Oman helps you save for your children’s future to provide the best possible opportunities for them.

 
Whether you want to save for your children’s education or just want to build enough savings to secure their future, the Al Amaal Child Savings Account is the perfect solution for you. 

 
The first children’s savings account in Oman, Al Amaal offers the highest interest rates in the country in addition to a host of attractive features and benefits.

 

With the Al Amaal Child Savings Account, your children’s future is secure. Every month, an amount (chosen by you) will be transferred from your salary account to your Al Amaal Child Savings Account automatically, ensuring regular monthly savings for your child. The interest on your account is accrued based on the daily balance in your Al Amaal Child Savings Account, and is credited at the end of every month.​​
At National Bank of Oman, we believe that it is never too soon to start saving for your child’s future. Whether you are Omani or an expatriate, you can open an Al Amaal Child Savings Account.
  • An initial opening balance of RO 50 is required.
  • A minimum monthly standing order of RO 10 must be maintained thereafter.​​
To complete the account opening process, please visit a National Bank of Oman branch near you, with the necessary documents and the rest will be taken care of by your Relationship Manager at the bank:

 
Required Documents
  • National ID Card for Omanis / Valid passport and visa for expatriates.
  • Your child’s birth certificate.
  • National ID card for Omani children / Passport and visa for expatriate children. 
Your Relationship Manager will help you complete the following forms:
  • Account Opening Form
  • ‘Know Your Customer’ (KYC) Form, which is a standard international best practice requirement. It includes information about your financial planning goals.
Al Amaal is a savings account. The Primary account holder is the child; the parent’s particulars will be recorded as ‘Guardian / Power of Attorney’. The following terms and conditions shall apply to the Al Amaal Child Savings Account in addition to the general terms and conditions applicable to accounts held with National Bank of Oman.
  1. ​The Account holder has an option to choose either an interest-bearing or a non-interest bearing Al Amaal Child Savings account.
  2. In case of an interest-bearing account option, an interest rate of 1.5% p.a. shall be paid on the Al Amaal Child Savings Account..
  3. The bank reserves the right to amend interest rates at its sole discretion and will notify the customer about any changes in writing one (1) month prior to the implementation of any rate change.
  4. Interest rate shall be accrued on the daily balances maintained in the Al Amaal Child Savings Account and shall be credited to the account monthly.
  5. In case of any withdrawals made during the month either from a branch counter, ATM or POS machine; the accrued interest of that month will not be credited to the account.
  6. The bank will issue a Debit Card to the child when the child reaches the age of 15 or more with a daily withdrawal limit of RO 20 only.
  7. The child’s age should be between 1 day and 18 years.
  8. A Joint Account is not allowed.​
  9. An Al Amaal Child Savings Account can be opened with a minimum deposit of RO 50.
  10. The account can be maintained in Omani Rials, UAE Dirhams or US Dollars (normal exchange and handling charges shall apply where an account holder requests the bank to repay a deposit in a currency other than that in which the account has been maintained or where the account has been maintained in a currency other than the national currency of the country where the account has been maintained).
  11. No minimum balance charges will apply.
  12. Deposits into the Al Amaal account can be; by standing order or deposit either cash or by cheque.
  13. No standing order charges to be applied on monthly deposits into the Al Amaal account.
  14. The Al Amaal Child Savings account will be automatically de-activated once the child reaches the age of 18 years. Customers have to visit the branch in order to convert the same account to a normal savings account.

1. 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. I am an existing Al Amaal customer. Will I be eligible for all the benefits?

No - Existing Al Amaal customers have two options: 
  • To continue with the existing product without any interest rate payment.
  • To close the existing account and open a new Al Amal Child Savings Account with/without the interest rate payment and enjoy all the benefits of this product.​


8. 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.​​


9. 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.​​​


10. Does the bank charge me a fee for the monthly standing order request to my child’s Al Amaal account?

​No.​​


11. Can I open an Al Amaal joint account?

​No, it is not possible to open the Al Amaal account as a joint account.​​


12. 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.​​


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