OAB launches new scheme offering guaranteed returns of up to 5.75% per annum

Muscat: Oman Arab Bank (OAB) launched its newest scheme, the OAB Savings Basket, in line with its efforts to enhance financial returns for customers. The scheme enables them to invest their savings and receive guaranteed returns at an interest rate of up to 5.75 per cent per annum.

“With the global macroeconomic challenges that have prevailed over the last few years, it is imperative that we offer schemes that have long-term benefits for our customers and their families. The main objective of the launch of our Savings Basket is to enable customers to grow their savings with attractive returns on their investments. With this in mind, we would like to encourage our customers to take part in this limited-time opportunity that is catered to meeting their long-term aspirations, with an array of value-added benefits,” said Rashad Al Shaikh, Head of the Retail Banking Division at OAB.

With the OAB Savings Basket, customers can deposit a specified amount as a fixed deposit for a maximum period of three years, which will be subject to a guaranteed interest rate. The minimum and maximum deposits for eligibility are OMR 50,000 and OMR 1,000,000, respectively. OAB will invest 70 per cent of the amount as a fixed deposit, with an interest rate of 5.5 per cent per annum for one year, 5.65 per cent per annum for two years and 5.75 per cent per annum for three years.

Furthermore, the remaining 30 per cent of the deposited amount will be held in a cash margin account with added benefits, including a complimentary Elite Credit Card with a maximum limit of OMR 20,000 and an Overdraft Facility with an upper limit of OMR 50,000.