1. Who can open a Children's Account?
Any parent (father or mother) or guardian can open a Children's Account for his/ her child, as long as the child is under 18 years of age and parents / guardian should not be older than 65 years old.
2. What is the minimum balance required to open a Children's Account?
An initial deposit of OMR 50 is required to open the Children's Account. Additionally, parents can choose to deposit a fixed amount between OMR 10 to OMR 2,500 every month
3. Is there any interest on the Children's Account?
Yes, if the account is interest – bearing the customer gets the regular monthly interest payments. If the account is non-interest bearing customers will get the option to open a recurring deposit with interest of 3.5 % p.a. upon maturity (ie.final payout)
4. What will happen if a payment is skipped?
- Two skips per year with no penalty is allowed
- More than five skips per year leads to drop in interest rate of 0.5% (Subject to change based on market prices)
- More than six consecutive skips will cancel the insurance for that period of time
5. Is there any restriction on withdrawing the deposit from the Children's Account?
Normal Saving's Account (non-interest bearing): Customers can deposit and withdraw at any time.
Recurring Deposit Account (interest bearing): No withdrawals are allowed. However, customers are only able to cancel the scheme with a charge of OMR 50 and withdraw with accumulated interest.
6. Will the bank issue a debit card for Children's Account holders?
Yes, we issue debit cards for Children's accountholders. This card is issued in your child's name and only after they reach 15 years of age.
7. Does the bank charge me a fee for the monthly standing order request to the Children's Account.
8. Can I open a joint Children's Account?
No, it is not possible to open a Children's Account as a joint account.