Thursday 18 / April / 2024
Muscat: Bank Sohar unveiled the Al Mumayaz Savings Scheme 2018 edition, continuing its committed customer-centric philosophy of greater product innovation and unleashing a fresh spate of opportunities for customers to win big from an extensive line-up of cash prize draws.
The scheme has been strategically calibrated to churn out winners daily, monthly, and yearend. Moreover, the scheme has been constructed to ensure all segments of customers get chances to win having dedicated draws for bank-wide customers, children, women, exclusive, and branches.
The new campaign under the tagline ‘The Year of You’ was launched during the press conference showcasing the exciting line-up of cash prizes included in the Al Mumayaz Savings Scheme 2018. The press conference held in Crowne Plaza yesterday was attended by Sasi Kumar, the acting CEO; Munira Abdulnabi Macki, GM - HR & Corporate Support; Rajeev Arora, DGM & head Retail Banking; Khamis Masoud Al Rahbi, senior AGM Retail Banking; and Ahmed Rashid Al Salmi, AGM & head - Consumer Lending & Product Development, alongside other senior members of the management.
The conference initiated with a welcoming note, followed by Rajeev Arora, DGM & Head Retail Banking unveiling the Al Mumayaz Savings Scheme 2018 and assuring the bank’s unwavering commitment to customer-centric operating model across its operations and products as well as highlighting the retail direction. Presenting the saving Scheme 2018 as well as the newly introduced Minor Account was Redha Al Lawatia, Senior Chief manager - Retail Liabilities & Sales. The conference concluded with a short Q&A and a buffet lunch.
The Al Mumayaz Savings Scheme 2018 expects to surpass last year’s maximum limit of 1,350 winners, and increase the number of winners across individual categories, subsequently, creating more opportunities for customers to win exciting cash rewards. In its reformulated version, the scheme will award cash prizes to more than 1,400 winners, continuing to inspire financial prudence among the bank’s customers. The Al Mumayaz Savings Scheme 2018 has been further enhanced to guarantee the most diverse winner categories across the spectrum of Bank Sohar’s customer demographic.
Commenting on the new scheme, Sasi Kumar, acting CEO, Bank Sohar said, “The Al Mumayaz Savings Scheme has always been a financial product offering enrichment and reward as motivation for customers to plan their financials and be enriched. It attests to the bank’s customer-centric policy when developing products so we can be sure of providing our clients with solutions that meet their various banking requirements. One of the unique selling points of the Al Mumayaz Savings Scheme is its segmentation strategy, which boasts the most number of savings categories for customers. Each year, the scheme is updated to incorporate new and improved benefits for our expanding clientele, and this is the ‘Year of You’, the year we invest every effort and every available resource in bringing you the most innovative banking solutions.”
“Like all our products that add value beyond financial returns, the Al Mumayaz Savings Scheme contributes the added advantage of emphasising the importance of exercising financial prudence in spending and cash management. Going by the success of the scheme last year and the years before, we can be optimistic that it will continue to reap rich dividends for customers,” Sasi Kumar added.
Reiterating the bank’s customer-centric approach in product development, Rajeev Arora said, “As always, keeping in mind you as the central theme of the bank, the business rationale anchoring any of Bank Sohar’s products revolves around trust, client segmentation, product differentiation, service experience, quality assurance and customer satisfaction. The Al Mumayaz Savings Scheme 2018 is no exception. From the time of its launch, the scheme has trumped similar products in the industry because its unique selling proposition and positioning is its extensive rewards system where everyone across demographic profile and geographies is a probable winner. This year, with the vision to reach out extensively and yet achieve greater classes of winners, we have reworked the scheme to benefit a greater number of customers across client profiles (general, children, females, exclusive and branches) and distribute rewards among a higher percentage of winners. At Bank Sohar, we stand committed: More For You - Every day.”
Under the bank-wide draws (General Draws), the 2018 edition of Bank Sohar’s Al Mumayaz Savings Scheme offers OMR1,000 daily, OMR5,000 monthly (each for 2 winners), and OMR20,000 yearend (each for 4 winners). Awarding minors and encouraging them and their parents to save, the Children’s Draw offers OMR100 daily, OMR500 monthly (each for 2 winners), and OMR2,500 year-end (each for 4 winners). Incorporating the female segment of the customer base, the scheme offers dedicated female draws of OMR500 daily, OMR2,500 Monthly (each for 2 winners), and OMR10,000 Year-end (each for 4 winners). Rewarding those that save more with the bank, the Exclusive Draws offer OMR1,500 daily, OMR10,000 Monthly (each for 2 winners), OMR50,000 Year-end (each for 4 winners). Finally, and in order to ensure that Bank Sohar rewards customers from all its branches, special branch draws offer OMR1,000 monthly (one winner per branch).
In order to be eligible for the various draws, customers need to maintain a minimum monthly average balance of 100 for the Daily Children, Female and General Draws; Monthly Children’s and Branch Draws; as well as the Yearend Children’s Draws. In order to be eligible for the Monthly female and General Draws; as well as the Year-End Female and General Draws, customers need to maintain a minimum monthly average balance off OMR1,000. Maintaining a minimum monthly average balance of OMR10,000 will entitle customers to enter the Exclusive Daily, Monthly, and yearend draws.
Account holders will have four chances for every minimum average balance maintained in their accounts for any of the above draws. Children savings accounts will earn twice the chances to win. Saving accounts that are maintained in AED, GBP and USD are also eligible to participate in the Al Mumayaz Savings Scheme 2018. For those seeking to save without participating in the prize draws, they can instead choose to avail interest-bearing accounts.
