The minimum deposit amount required to open for the Fixed Deposit account is OMR 1,000.
You can choose from tenors of 1 month up to 5 years.
Yes, but early withdrawal may result in reduced interest or penalties.
Interest can be paid monthly, quarterly, or at maturity based on your preference.
No fees
A reduction on interest rate based on OAB published interest rate will be applied based on the tenor deposit placed with Oman Arab Bank or fees / penalty / charges in the interest rate or payment of interest will be applied. A notice of 31 days is required for early termination of the deal. No interest will be paid in the notice period.
In case of pre-matured/closure of the deposit with interest frequency rather than at maturity, the advance paid interest will be deducted from the link deposit account / amount based on OAB published interest rates which will apply for the actual tenor fund placed with OAB and what actually interest amount already paid interest.
Fixed Deposit T&C (Term Deposit)
A deposit is a contract whereby the Bank is entitled to own and dispose of the money deposited in accordance with its professional activity with the Bank having commitment to return the same to the Depositor within a period of time agreed to between the Bank and the Depositor
A Term Deposit Account may be opened in OMR or any other currency approved by the bank and with such minimum initial deposit amount with respect to a range of maturity dates as may be mutually agreed between the Customer and the Bank, in accordance with the prevailing policy of the Bank.
The term deposit in a Term Deposit Account shall bear interest at the rate and be calculated in the manner specified and agreed in the respective application form.
The Customer hereby acknowledges and agrees that the Bank may vary offered interest rate on a Term Deposit Account provided that such variation will be announced at the Bank’s premises or notified to its Customer in advance by such means as the Bank may determine from time to time. Nevertheless, unless otherwise agreed, the interest rate agreed on the date when a term deposit is placed shall remain applicable to such term deposit throughout its term, regardless of any change in term deposit offered interest rate made by the Bank from time to time.
If the maturity date of a term deposit falls on a day which is not a Business Day, such deposit shall become payable on the first Business Day immediately following the end of such holiday or weekend, except when the deposit term so extended exceeds the maximum deposit term acceptable to the Bank or required by law, in which case such deposit will become payable on the Business Day immediately preceding such holiday or weekend.
The credit interest shall be paid on the deposit maturity date or at a specific interval based on the agreement between the bank and the customer, according to the instructions specified in the Account opening application unless the Bank receives other instructions from the Customer at least one week prior to the maturity date.
On maturity, if no disposal instruction from the customer is received by the bank by the first business day of the last week prior to the maturity date of the term deposit, the fixed deposit will be automatically renewed for an identical period and the interest rate will be fixed based on prevailing interest rates and OAB published deposit interest rates.
Any additional deposits in the Term Deposit Account during the agreed term of the deposit shall be retained in an Account not subject to an interest rate and will be added to the Term Deposit Account on the deposit maturity date unless the Bank agrees otherwise.
Withdrawals of all or any part of a term deposit prior to the agreed maturity date are subject to such conditions as determined by the Bank. The Customer acknowledges and accepts that withdrawal of the full deposit amount or partial withdrawals are subject to lower interest rate and premature withdrawal fees or penalties, and the Customer will earn interest for the tenor for which the fixed deposit was actually maintained by the Bank.
The Customer acknowledges and irrevocably agrees that in case of closure of Accounts of the Customer maintained with the Bank (whether at the option of the Customer or the Bank), the term deposit will not be renewed after the relevant maturity date (including any maturity date for a renewed term) and the Bank shall not be obliged to perform any renewal Request. The Bank shall have the right, by notice to the Customer, to close the relevant Term Deposit Account(s) on the next maturity date without any justification and shall not be held liable for doing so. On the closing date, all principle and accrued interest remaining in the Term Deposit Account will be paid directly to the Customer (if the Customer arrives the Bank’s branch premises according to the notice on the closing date).
Fixed Deposit amount/balance must be higher than the minimum of OMR 1000. – or the equivalent in other currencies.
Fixed Deposit may be held for a period of up to 5 years and minimum period of 1 month.
Payments from/ to Fixed Deposit Account is not permitted, and the Fixed Deposit amount cannot be increased or decreased till the maturity of the Fixed Deposit. However multiple Fixed deposits accounts can be opened.
