Bank Nizwa, a leading Islamic bank in the Sultanate of Oman, is strengthening its focus on encouraging disciplined savings habits through its Recurring Deposit solution.
The initiative aims to help customers build consistent financial discipline and achieve long-term savings goals in line with Sharia-compliant banking principles.
Designed to support customers in achieving their long-term financial goals, the solution offers complimentary Life Takaful coverage in addition to competitive profit rates, enabling customers to grow their savings with greater confidence while remaining fully compliant with Sharia principles.
The Bank Nizwa’s Recurring Deposit solution offers a flexible and structured savings framework, allowing customers to choose tenures ranging from one year to ten years, with a minimum account opening balance of $13 (OMR 5) for all customer segments.
According to the statement, the solution also enables monthly deposits starting from $13 (OMR 5) for children and $ 26.01 (OMR 10) for adults. Profit rates under the Recurring Deposit program start at 2.09 percent for a 12-month tenure and increase progressively to reach 3.70 percent for a 120-month tenure.
Under the newly introduced enhancement, eligible Recurring Deposit customers will also benefit from complimentary Life Takaful coverage of up to $ 130,039.65 (OMR 50,000), providing an additional feature of financial protection for customers and their families at no extra cost.
Commenting on the offering, Mohamed Al Ghassani, Deputy General Manager – Chief Retail Officer at Bank Nizwa, said that, “The Recurring Deposit Account reflects Bank Nizwa’s commitment to supporting the financial well-being of our customers by providing a flexible savings solution that enables them to make fixed monthly deposits regularly, in line with different income patterns and savings preferences.”
“The account also offers competitive profit rates that enhance the value of savings and deliver better long-term returns. Through this product, we aim to empower customers to achieve their financial goals with confidence,” Al Ghassani added.
