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ATM & Branches
Minor Account Debit card
Minimum Salary
N/A
Annual Fee
N/A
Rate
N/A
Cash Withdrawal
N/A
Feature & Benefits
Free cash withdrawal from any bank ATM in Oman
Zero minimum balance charges
Account maintained in OMR, AED, GBP , EURO and USD
Free Debit Card for children aged 7 years and above
Free Cash Deposit Card for children below 7 years
5% VAT in total amount
Saving smart account with competitive interest rates paid monthly
| Monthly average balance | Interest rate per annum |
|---|---|
| Below OMR 1000 | 2.25% |
| Equal to OMR 1000 and below OMR 5000 | 2.5% |
| Equal to OMR 5000 and above | 3% |
Terms & Conditions
- Accounts maintained for Minors shall be operated by a parent or legally appointed guardian until the Minor attains the age of 18.
- The parent/guardian of the Account shall promptly inform the Bank on the Minor reaching the age of 18
- Debit Card with a daily ATM cash withdrawal limit or POS usage limit of RO 50 per transaction and total transaction amount not exceeding RO 200 per month
- Cash Deposit Card for minor account holders below 13 years of age will not have any withdrawal facility. Cash Deposit facility is currently offered at Sohar International CDMs only.
- The bank reserves the right to amend interest rates for the interest-bearing savings account without any prior notice to the customers.
- If there was any withdrawal from the minor interest bearing account in any month, there will be no interest to be paid during that month
FAQs
Minor Account is a Saving account that encourages a culture of savings at an early age and helps parents/guardians properly plan for their children's future.
Accounts maintained for Minors shall be opened and operated by a parent or guardian until the Minor attains the age of 18.
She can if there is an authorization letter from the father
- All children; Omani and expatriate
- Age below 18 years
Child Account Features
No minimum balance charges
Account can be opened in OMR, AED, GBP, Euro, and USD currencies.
Free and branded cards will be issued as below:
- Debit Card for children aged 7 years and above, or
- Cash Deposit Card for children below 7 years
Free cash withdrawal from any bank ATM in Oman
Life style discounts and offers with selected merchants
Free standing instructions to deduct a specific amount from the parent/guardian account on a monthly basis in favor of the child's account.
It is a savings account in which the customer receives interest paid monthly based on the daily available balance in his account.
* Interest Rates for Different Monthly Average Balances
| Monthly Average Balance | Interest Rate p.a. |
|---|---|
| Below OMR 1000 | 2.25% |
| Equal to OMR 1000 and below OMR 5000 | 2.5% |
| Equal to OMR 5000 and above | 3% |
* No interest is paid upon withdrawal from the account
Yes, they will have access to view their Minor account on through branches.
Once your child reaches 18 years of age, the account will be freeze automatically and the parents/ guardian is required to visit the branch to re-activate the account.
You can visit your nearest branch, with the required documents mentioned below.
Documents Required for Child's Account
- Parent's / guardian's ID (for all Omani nationals) OR Parent's / guardian's passport (for expatriates)
- Child's passport or ID Card or child's birth certificate
- Authorization letter from the father (if the mother opens the account)
- Electricity bill