Saving Basket – Terms and Conditions

The following terms and conditions (“Terms and Conditions”) apply to the Scheme (as defined below). By participating in the Scheme, you agree to be bound by these Terms and Conditions, as amended, supplemented, updated, replaced, or varied by OAB from time to time.

1. DEFINITIONS

1.1. “Cash Margin Account” means the OAB bank account subsidiary to the Scheme Account and serving as collateral for the facilities in Clause 7 below.
1.2. “Fixed Deposit Account” means the OAB bank account subsidiary to the Scheme Account which will generate returns according to these Terms and Conditions.
1.3. “OAB” means Oman Arab Bank SAOG.
1.4. “Scheme” means the deposit program offered by OAB and marketed as “OAB Saving Basket.”
1.5. “Scheme Account” means the OAB bank account into which funds will be deposited when participating in the Scheme.
1.6. “Scheme Application Form” means the form completed and signed by the Scheme Participant to join the Scheme.
1.7. “Scheme Participants” means individuals participating in the Scheme in accordance with these Terms and Conditions.

2. BINDING EFFECT

2.1. By joining the Scheme, you acknowledge that the Terms and Conditions and all related information are published online at www.oman-arabbank.com, and you agree to keep updated with the latest version.
2.2. In addition to these Terms and Conditions, you agree to be bound by the General Terms and Conditions of Account Opening, the Fixed Deposits Terms and Conditions, the Cash Margin Terms and Conditions, and the OAB Credit Card Terms and Conditions. Copies will be provided upon request.

3. SAVING BASKET SCHEME

3.1. The Scheme is an interest-bearing deposit scheme that provides returns on deposits with OAB, along with additional benefits as described in these Terms and Conditions.

4. DEPOSITS AND PARTITION

4.1. Funds deposited into the Scheme Account must be new to OAB and cannot be existing funds in any account of the Scheme Participant.
4.2. Deposits will be partitioned as follows:
(i) 90% to the Fixed Deposit Account
(ii) 10% to the Cash Margin Account
4.3. Deposit limits: minimum OMR 20,000 and maximum OMR 1,000,000.

5. SCHEME RETURNS

5.1. Scheme Participants will receive annual returns on the balance in the Fixed Deposit Account.
5.2. Return calculations are based on:
(i) the date of each deposit
(ii) the deposit amount in the Scheme Application Form
5.3. Interest rates may change with fifteen days’ notice.
5.4. Annual returns will be paid on each anniversary of the first deposit.
5.5. For clarity:
(i) no returns on the Cash Margin Account
(ii) no extra deposits allowed beyond the Scheme Application Form

6. SCHEME TERM

The Scheme tenure is as stated in the Scheme Application Form, capped at one (1) year. Termination requires three (3) months’ written notice; otherwise, a penalty of 2% of the deposited amount applies.

7. CREDIT CARD AND OVERDRAFT FACILITY

7.1. Participants may apply for:
(i) an OAB credit card with a limit up to 90% of the Cash Margin Account balance, capped at OMR 20,000; or
(ii) an overdraft facility up to 90% of the Cash Margin Account balance, capped at OMR 50,000 at 6% per annum. The overdraft renews automatically unless cancelled in writing two months before renewal.
7.2. All standard OAB credit card and overdraft terms apply.

8. INDEMNITY

8.1. OAB is not liable for any losses, damages, expenses, claims, or liabilities resulting from the Scheme.
8.2. OAB provides no warranty for any goods or services related to the Scheme.
8.3. OAB is not responsible for disputes involving joint signatories or multiple persons connected to the Scheme.

9. MISCELLANEOUS

9.1. All determinations under the Scheme are made by OAB at its discretion and are final and binding.
9.2. OAB may at any time change, modify, or cancel the Scheme or its terms without notice.

10. GOVERNING LAW AND DISPUTE RESOLUTION

These Terms and Conditions are governed by the laws of the Sultanate of Oman. Disputes shall be referred to the competent courts in Oman.