The new features will encourage parents to save more money towards their children’s future, said Abdul Qadir bin Ahmed, assistant general manager for branch sales and distribution, at a press conference on Sunday.
The account, which bears an interest rate of 1.5 per cent per annum, now comes with free life insurance and permanent disability cover for the parent or guardian, for up to RO50,000.
“The account was first launched in September 2010. We did a survey with our new as well as existing customers and decided to add life insurance and disability cover for account holders,” Ahmed said.
The account requires a minimum deposit of RO50 and is offered for children aged 18 years and below. Parents with children of age 12 years and above will receive a free debit card.
“The account will encourage parents to secure their child's future right from the beginning,” said Hana al Hinai, head of product development at the retail banking division. “As the first child savings account in Oman offering a high interest rate of 1.5 per cent per annum, NBO has established a correlation between saving money and being rewarded for it,” Hana added.