The Idikhar Saving Plan is a monthly saving plan designed to encourage a positive saving habit by promoting the concept of saving first, spending later. This plan motivates customers to prioritize saving at the beginning of the month, ensuring consistent growth of their financial reserves.
The Idikhar Saving Account is available to all existing OAB account holders.
Minimum Investment: OMR 100 to open the account.
Minimum Monthly Contribution: OMR 10, automatically deducted from your existing OAB savings or current account.
Flexible Savings Control: Manage and track your savings goals online via a user-friendly interface.
Attractive Interest Rates: Earn competitive interest rates, depending on your contribution amount.
Automated Savings: Set up automatic monthly deductions to ensure consistent saving habits.
Financial Discipline: Encourages a disciplined approach to saving by prioritizing savings at the beginning of the month.
While the Idikhar Saving Account is designed to encourage regular saving, you can access your funds as needed. However, maintaining regular monthly contributions is recommended to maximize the benefits of the plan.
Idikhar Saving Plan T&C
Terms and Conditions for Idikhar Saving Plan
The below Terms & Conditions are in additional to the “terms and conditions” agreed upon by customer in the Account opening form.
The Idikhar Saving Plan is a savings account available to all individuals holding an account with OAB, offering competitive interest rates and flexibility.
This account is applicable for both Omani and Non-Omani individuals.
The minimum investment amount required to open the Idikhar Saving Account is OMR 100.
The account operates in Omani Rial (OMR).
Interest rates are subject to change, with a notice period of 10 days prior to the change.
“An amount paid on a monthly basis. The monthly contribution amount can be changed by filling out the designated form and submitting it at least three days before the contribution due date.
The interest rate will be calculated based on the new contribution amount.”
A notice of 7 days is required for any partial or full withdrawal. No interest will be paid during the month of withdrawal.
Early withdrawals are only permitted through bank branches.
The minimum plan duration is 2 years.
Interest will be paid out on a monthly basis.
Cheque books and debit cards (VISA) are not applicable for this account.
The bank is not liable for any loss, theft, fraud, or misuse of the account or debit card.
There are no charges applicable for account closure.
E-statements are sent monthly to the registered email address.
Transactions can be checked through OAB Online internet or mobile banking, or through ATMs.
Statement generation charges by branch:
Archive statement fee (above one year): OMR 5.250
Within 6 months: OMR 1.050
Monthly: OMR 5.250 per annum
Weekly: OMR 21.000 per annum
Daily: OMR 52.500 per annum
For Omanis:
Valid ID card and signature on the application form.
For Non-Omanis:
Valid resident card, passport, and signature on the application form.
