The National Bank of Oman (NBO) is offering valuable savings solutions for parents and children alike through its Children’s Account, reinforcing its commitment to promote financial literacy.
It empowers them to instill essential financial skills and responsibility in their children from a young age. The Children’s Account from NBO stands out as a comprehensive approach to financial education, reflecting the bank’s ongoing efforts to foster financial literacy in the community.
NBO has also streamlined the process for receiving the Social Protection Fund Initiative for Child Benefit through the Children’s Account, which highlights NBO’s dedication to community welfare.
Maha Al Raisi Assistant GM & Head, Retail Products, NBO
“Beyond being a mere savings tool, our Children’s Account represents an investment in the financial future of our children. We are committed to providing parents with the necessary resources to foster responsible money management in their children from an early age. By instilling the importance of saving and prudent financial management, we are securing their individual futures and nurturing a financially empowered generation. Through the Children’s Account, our goal is to develop young minds into financially astute individuals capable of understanding the intricacies of the financial world and ensure that a diverse spectrum of parents can invest in their children’s financial future from the earliest age.”
All parents and guardians both Omanis and expatriates aged 18 and above can apply for a Children’s Account via the NBO app or by visiting any branch. This inclusive offering is designed for those with children under 18 years of age, providing a diverse range of families the opportunity to secure financial benefits for their young ones.
The account options comprise a standard savings account with no minimum deposit requirement and no interest, along with a recurring monthly deposit account featuring a competitive 3.5 percent interest rate and parents can choose a fixed monthly deposit starting from OMR 10 ($26). The interest is compounded and paid at maturity, facilitating gradual growth of savings over time.
Parents will have access to a range of key features with the Children’s Account. As account holders, parents or guardians will benefit from complimentary life insurance, offering coverage up to OMR 100,000 (2,60,042) for a maximum of four children, i.e., OMR 25,000 ($65,011) per account. This feature provides an extra layer of security for their family.
As children turn 18 years old, the account will be upgraded to a Youth Account which incorporates a complimentary Debit Card, encouraging the development of financial accountability. Furthermore, the account offers the flexibility of holding funds in either Omani Rials or US Dollars, catering to individual preferences.
The advantages linked to the NBO’s Children’s Account go beyond the basic features. Account holders enjoy exclusive offers at selected merchants. The Children’s Account also facilitates the receipt of benefits from the Social Protection Fund Initiative for Child Benefit, simplifying the process and providing early-age benefits to the child.
