In line with its commitment to financial inclusion and provision of banking facilities to different segments of society, Bank Muscat, the leading financial services provider in the sultanate, has announced the launch of a new Floosi account for youth aged 15-17.
The new card, which is available for both Omanis and residents was launched after feedback from many bank customers indicated the need for this new product catering to this demographic segment.
The Floosi account aims to educate youth early on the importance of sound financial management. When they grow up, their acquired savings account will contribute to a secure future and encourage them to make it a regular habit in their lives.
Speaking about the new launch, Abdullah Tamman al Mashani, DGM – Institutional Sales and Product Development, Bank Muscat, said, “The new Floosi account comes with some great offers, special events, and some opportunities for our customers to win some great prizes. Parents will be happy to know that the new account has been designed keeping in mind the safety of their children and will help them learn the basics of sound financial management.”
The Floosi debit card is subject to the parameters mandated by the Central Bank of Oman and comes with a daily limit of RO50 per transaction and a monthly cumulative limit of RO200 for Point of Sale (PoS), e-commerce transactions and ATM withdrawals.
To apply for a Floosi account, minors must visit their nearest branch along with their parent or legal guardian and submit their application and copies of important documents like their National ID card (for Omani citizens) or Resident Card and Passport (for expatriates).
The parent / guardian will be the authorised signatory and must sign the deal slip on behalf of the minor.
Floosi accounts can be converted into Shababi accounts when they turn 18 years, following which they can operate the account independently.
An advantage of the Floosi account is that customers will not be penalised for not maintaining a minimum amount.
However, to encourage and promote good savings habits, Floosi customers will be entered into the Al Mazyona monthly draws for youth when maintaining a sufficient balance. Every month, a draw is held for all youth customers maintaining a minimum account balance of RO10 and 100 prizes of RO100 each are given to the lucky winners.
It must be noted that Bank Muscat has been steadily working to improve financial inclusion and a good savings habit amongst people in Oman using a number of products and schemes.
For nearly three decades, Al Mazyona has rewarded thousands of customers and enriched their lives. The scheme has succeeded in inculcating a strong savings habit among citizens, which will improve financial stability and help in the future development of Oman.
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