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Ready Cash is a hybrid financial solution with singular benefits for customers.
The product combines high returns with instant liquidity allowing customers to enjoy the benefits of earning a high interest yield on their term deposit, together with instant access to liquidity through an overdraft facility 24/7.
Features and Benefits
Account is available in OMR currency only.
Interest is paid on maturity
Instant overdraft facility up to 75% of the deposited amount
Customer can avail (multiple) over draft facilities during FD tenor
Minimum deposit OMR *1000
*and in multiples of OMR 1000 thereof.
Minimum tenor 12 months
Maximum tenor 60 months
Eligibility
- Available for individuals; from all segments (mass, Sohar first, Premier…etc.)
How Ready Cash Works
Visit any branch of Sohar International and open Ready Cash Deposit Account in Omani Rials. This Term Deposit will entitle you to an instant overdraft facility of up to 75% of your term deposit. You can avail the overdraft facility with the convenience of your cheque book and Visa Electron Debit Card.
Overdraft facility
- Instant overdraft facility will be up to 75% of the deposit amount.
- Tenor of the overdraft will be equivalent to the deposit tenor.
- Interest on the overdraft facility will be 1% over and above the deposit rate.
Premature Closure
- In the event of Fixed Deposit premature closure, the bank will levy a penalty either equal to 1% on the contracted interest rate or 1% on the prevailing interest rate for the month of pre-closure, whichever is lower
- Interest on the overdraft facility will be at the original interest rate charged on the overdraft facility.
Service Charge
- A one-time charge of RO 10/- will be levied at the time of opening the Ready Cash Deposit Account.
Documents required to open a Ready Cash term deposit account
- Omani nationals should provide copy of their national ID card.
- Non-Omani Residents (Expatriates) should provide copy of their passport and resident card.
- Both should also bring the minimum amount required to open the particular account.