Muscat: Bank Dhofar, the leading financial institution in the Sultanate of Oman, provides multiple savings options with the aim of improving customers’ financial plans, which achieves unparalleled lucrative returns on their investments. Therefore, the bank designed the Recurring Deposit Account as a powerful and flexible savings tool to meet the financial needs of customers and their future aspirations to achieve competitive returns and sustainable growth for their money.

The Recurring Deposit Account from BankDhofar is characterized by unique benefits for customers from all segments of society, especially for those who are looking for reliable and rewarding financial solutions, as the account allows the commitment to deposit small amounts of money starting from 0.500 baizas in order to achieve higher returns than a regular account. In addition to the flexibility to pay on a daily, weekly, or monthly basis, with an interest rate of up to 5%.

Depending on the deposit structure, customers can commit to an amount starting from 0.500 baiza for a daily plan, 5 Omani Riyals for a weekly plan, and 10 Omani Riyals for a monthly plan. The interest rate on the Recurring Deposit Account ranges between 4.25% – 5%.

Amjad Al Lawati, Chief Retail Banking Officer at the bank, said: We at BankDhofar, through the Recurring Deposit Account, try to help customers build a good financial plan to achieve their goals in financing their children’s education, their dream trip, or opening a small or medium business, etc., by allowing customers deposit a fixed amount of money every month on a regular basis. In addition, account holders have a clear advantage in obtaining competitive interest rates in the market and achieving better returns on their investments.

BankDhofar also offers a different group of deposits that allow customers to enriching their savings experience and giving them an opportunity to grow their wealth, such as a fixed deposit, especially for individuals who are looking to secure their savings at a competitive interest rate, in addition to the high-yield savings account, which is a suitable option for customers who prefer flexibility and liquidity with get the best returns, as it offers competitive interest of up to 4.25% annually on balances. The bank also provides another saving option for customers in US dollars for those wishing to keep a saving account with dollar currency and grow it at a fixed rate to exceed 50 thousand dollars at a competitive price.

BankDhofar is one of the leading banks in the region, as it provides integrated banking services to the corporate and the individual customers and works to meet customers’ needs by applying the best international practices in the banking sector. The bank also seeks to enrich customers’ banking experience through innovative products and services and dealing with the latest modern technology.

BankDhofar has recently expanded its branches network in different locations in all governorates of the Sultanate of Oman to reach a wider range of customers and provide them with the banking services they need. The number of branches reached 118, and the number of devices (ATM, cash deposit, multi-use devices and multi-service interactive devices) increased by 36% to reach 350 devices.