A Children’s Account from NBO is a savings account that allows parents to secure 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 encourage saving habits amongst parents so that they can start saving for their children’s future.​

Whether you want to save for your children’s education or just want to grow a strong savings base towards their future, our Children’s Account is the perfect solution for you.


  1. ​​Offers: Enjoy child-friendly merchant offers related to educational, entertainment and fitness related activities
  2. Child Surprises: Enjoy gifts offered to children on occasions (ie. Birthdays, Milestones & Eid)​
  1. Any parent or guardian, Omani and expatriate above the age of 18 can open a Children’s Account and Recurring Deposit Account
  2. All children should be below 18 years of age

To apply for a Children's Account, please visit your nearest NBO branch, with the below mentioned documents and the rest will be taken care of by our dedicated team.
  • Parent's ID copy (for all Omani nationals)
  • Passport copy (for expatriates)
  • Child's passport copy
  • Child's birth certificate
  • Utility bill (for proof of address)​

The following Terms and Conditions apply to Children's Account (the "Scheme") in addition to the General Terms and Conditions applicable to accounts held with the Bank:

  1. The Children's Account is a savings account, where the primary accountholder is the child; the parent's particulars will be recorded as 'Guardian / Power of Attorney'.
  2. The child's age should be between 1 day and 18 years.
  3. Customers will not be able to open a joint Children's Account.
  4. The Accountholder has the option to choose an interest-bearing Children's Account with no recurring deposit.
  5. The Accountholder has the option to choose a non-interest-bearing Children's Account and can open a recurring deposit with a final payout once child reaches 18 years old. 
  6. In case of an interest-bearing recurring deposit account option, an interest rate of 3.5 % p.a. shall be paid at maturity as final payout to normal savings account. Compounded interest is paid at maturity date or once the child reaches 18 years old.
  7. The interest rate for recurring deposit accounts maintained in US Dollars is subject to market conditions and to be reviewed every 5 years
  8. Customers should clearly specify the account number into which the maturity amount is to be credited at the end of the term.
  9. Each month, the accountholder shall deposit in the Account at least the minimum amount stated on the application form while opening the Account, otherwise the Bank reserves the right to stop the interest payment.
  10. The Bank reserves the right to amend interest rates as per its sole discretion and will notify the customer about any changes in writing (2) months prior to the implementation of any rate change.
  11. Mode of payment: All deposits into the account should be by way of monthly standing instructions from the linked normal savings account.
  12. Deposits into the recurring deposit account can be done via standing order only.
  13. No standing order charges are to be applied on monthly deposits into the Children's Account.
  14. No partial withdrawals are allowed during the entire tenor of the recurring deposit from any channels. However, customers are able to terminate or withdraw from the plan and withdraw the amount with accumulated interest, in which case a 50 OMR charge shall apply.
  15. If the customer misses any payments due, the following conditions apply:
    • No penalty shall be imposed if the customer misses payments two times in a calendar year.
    • The interest rate applicable for Children's Account shall be reduced by 0.5% in the event the Customer misses payments due more than five times in a calendar year.
    • More than six consecutive skips should be reported as this will cancel the insurance for that period of time, and will be done manually between business, finance, and insurance provider.
  16. 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 50 only.
  17. The account can be maintained in Oman Rials or US Dollars (normal exchange and handling charges shall apply when an accountholder 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).
  18. No minimum balance charges will apply to this Scheme.
  19. Once the minor reaches 18 years of age, the account as per agreement, will be reclassified and the accountholder (parents or guardian) is required to transfer the account to the child's name.
  20. The Bank shall be entitled to enforce such amendments to these conditions as it may deem appropriate from time to time and such amendments shall be binding on all accountholders whether notice thereof is given individually or by way of general notice through Advertisement or in the Bank's branches.



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 ( 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.




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