Under the theme ‘Save More, Win More’ Sohar International announced the Sohar I Prize Scheme for the year 2020 at a press meet held in W Muscat hotel on Tuesday.

The new scheme has been designed with an underlying commitment to encourage the habit of saving in Oman and create more value for customers.

The 2020 prize scheme has been revamped and redesigned to include more draws, more winners, open to a wider audience, and consists of branch guaranteed draws. In addition to the weekly, monthly, half yearly, and year-end draws, the scheme provides customers with new prize categories of Monthly Branch Draws, Monthly Youth Draws, and Monthly Salary Draws for General and Sohar First customer base. With increased categories, number of prizes, and frequency of draws, all customer base within the bank has increased probability of winning and being rewarded for prudent savings. Khalil Salim al Hedaifi, chief retail banking officer at Sohar International, said, “With our periodically running prize schemes, we cannot stress enough on the importance of keeping healthy saving habits. Sohar International has been at the forefront in advocating the benefits of prudent saving habits which can help people realise their dreams and aspirations. With the launching of Sohar I Prize Scheme 2020, we intend to further encourage our customers on their savings journey by providing them with more rewarding opportunities to transform their lives and help them win.

“The new scheme has now been incorporated with even higher prize value and more categories thus providing our customers increased chances of winning by following the philosophy of ‘Save More, Win More’.”

The year 2020 scheme has been split under eight major categories and rewards all customer base. Under the weekly draws, a total of RO5,500 will be given away each week to five customers from the general segment winning RO1,000 each, while another five minor customers will be winning RO100 each. Eligibility to these weekly draws requires a minimum monthly average balance of RO100.

Furthermore, the monthly draws totalling RO100,000 will be distributed among two segments of customers, the general segment and wealth management segment, with two customers from each segment receiving RO25,000 each. To be eligible for the monthly draws, the customer from the general segment will need to maintain a minimum monthly average balance of RO100, while wealth management customers will need to maintain an average monthly balance of RO40,000 by end of each month.

As a new prize type, the scheme will offer Monthly Branch Draws offering one customer from each of the bank’s branches with a minimum average balance of RO100 a chance to win RO1,000 each. To encourage the youth to save for their future, the bank has also provided dedicated Monthly Youth Draws that will reward customers maintaining the RO100 minimum monthly average requirement with prizes of RO200 for ten winners each.

Prize money of RO400,000, the largest cash prize of the year, will be reserved for the year-end grand draws that will be distributed equally between four customers: two from the general segment and two from the wealth management category. To be eligible, customers from the general segment will need to maintain a minimum monthly average balance of RO100, while wealth management customers will need to maintain RO40,000.