CHILD SAVINGS ACCOUNT

SPECIAL TERMS AND CONDITIONS

The following terms and conditions (“Specific Terms and Conditions”) are applicable to the Account (as defined below) and you agree to be bound by the Terms and Conditions, as the same may be amended, supplemented, updated, replaced or otherwise varied by OAB from time to time.

DEFINITIONS

1.1 “Account” or “Child Savings Account” has the definition set forth in Clause 3 below.

1.2 “Account Opening Form” means the application form filled in and signed by the guardian of the Beneficiary for the purposes of opening the Account.

1.3 “Application” means an application made by the Customer to OAB for opening of a Child Savings Account in favour of the Beneficiary subject to the Specific Terms and Conditions set out herein;

1.4 “Beneficiary” means the child that is below the age of eighteen (18) and in favor of whom the Account is opened.

1.5 “Customer” means the applicant who is the parent or guardian or any other person as provided for in the Personal Status Law, who seeks to open the Account in favour of the Beneficiary and maintains an account with OAB.

1.6 “Maturity” means the eighteenth anniversary of the Beneficiary.

1.7 “OAB” means Oman Arab Bank S.A.O.G. a public joint stock company incorporated 

under the laws of the Sultanate of Oman and licensed by the Central Bank of Oman to undertake banking business.

BINDING EFFECT

2.1 These specific terms and conditions relate to the Child Savings Account and supplement and amend the General Terms and Conditions of Account Opening available for access, reading and printing online at [insert hyperlink] of the Customer agreed with OAB. In the event of any inconsistency between these Specific Terms and Conditions and the General Terms and Conditions of Account Opening, these terms will apply in relation to the Child Savings Account.

2.2 Upon opening of the Account, the Customer acknowledges and agrees that the latest and updated version of these Specific Terms and Conditions and any other applicable rules regarding operation of the Account, may be accessed online at https://www.oman-arabbank.com/ and the Customer acknowledges and agrees to keep itself updated with the most up to date and current version.

2.3 In addition to these Terms and Conditions, you continue to be subject to (i) Oman’s Shari’a laws, and (ii) OAB’s General Terms and Conditions of Account Opening, which may be accessed, read and printed at [insert hyperlink] or a copy of the above may be obtained from any of OAB’s branches. 

from the Maturity Amount.

CHILD SAVING ACCOUNT

3.1 To hold and maintain this account the customer must be at least 18 years old resident in the Sultanate of Oman. The Customer can only hold and maintain a Child Saving Account in their own name. The customer will operate the Account as trustee for the beneficiary.

3.2 The Child Saving Account is depository account offered by OAB into which the Customer may from time to time deposit funds for the benefit of one Beneficiary and earn interest against such funds if applicable, provided that funds remain in the account till maturity

DEPOSIT

4.1 Deposits shall be made in Omani Rials only via free-of-charge standing transfer orders in the amounts and at the frequency agreed upon in the account opening form. The customer may also deposit amounts in cash at any of OAB’s branches.

4.2 The minimum contribution amount shall be ten Omani Rials (OMR 10); the maximum shall be five thousand Omani Rials (OMR 5,000). You may increase or decrease your contribution amount by submitting an amendment form to via the available channels.

4.3 in case you missed any contribution, you may retain the child saving account provided such missed contributions and any generated interest thereof are deducted from the maturity amount.

REPAYMENT

5.1 At the Maturity date, the Beneficiary shall receive (in cash, cheque or transfer to their own account) an amount equal to the sum of all deposits received since the Child Savings Account opening plus accrued interests and bonuses (if any).

5.2 The return interest rate for the Child Savings Account shall be as set forth under the Account Opening Form. No returns shall be earned on any missed contributions. All accrued interests shall be credited to the Account on a monthly basis till the Maturity Date.

5.3 Notwithstanding anything to the contrary, OAB may amend the applicable interest rates at its sole discretion and will notify you of any changes thereof in writing at least thirty (30) days prior to the implementation of such change. In case the amendments are not acceptable to the Customer, it may prior to implementation of such change and with at least 30 days written notice, close the Account.

TERMINATION AND PARTIAL WITHDRAWALS

The termination of the Child savings Account and any partial withdrawals therefrom shall be governed by the rules pertaining to “Term Deposit Accounts” in OAB’s General Terms and Conditions of Account Opening.

DEMISE OF GUARADIAN

7.1 If the Beneficiary’s guardian is demised prior to the Maturity date, the available funds in the Child Savings Account including the applicable interests and bonuses (if any) will be attributed to the Beneficiary in the form of a donation at his eighteenth anniversary.

7.2 In such occurrence, OAB may at its sole discretion, disclose any information regarding the Child Savings Account to the guardian’s heirs, executors, administrators or other legal representatives or to the Beneficiary or his legal representative.

OAB FREE LIFE INSURANCE.

8.1At the opening of the Child Savings Account, you will enjoy a free life insurance of a coverage up to fifty thousand Omani Rials (OMR 50,000).

8.2The Customer will be covered by the free life insurance provided that he is (i) a resident in Oman; (ii) actively working (i.e. not sick or on long-term medical leave); and (iii) aged between eighteen (18) and sixty (60) (the maximum age at the expiry of the insurance shall be sixty-five (65)).

8.3The free life insurance shall cover the events of the guardian’s death or permanent disability (total or partial) due to accidents or sicknesses. In such occurrence, OAB shall pay all pending contributions (depending on the term of the Child Savings Account) and repay the Maturity Amount to the Beneficiary at the Maturity date.

8.4The free life insurance does not cover

deaths which are the result of: (i) suicide or attempted suicide; or (ii) misuse of drugs or alcohol; or (iii) HIV/AIDS; or (iv) radioactivity and nuclear reactions; or (v) worldwide Terrorism; or (vi) war and civil war; or (vii) hazardous sports or any other cause mentioned in the OAB’s insurance policy. Further, are not covered claims due to sickness during the first hundred and twenty (120) days following the subscription to the free life insurance.

8.5 In the event of death of the insured person, his successors shall inform OAB of such occurrence, though its branches in no later than one hundred eight (180) days from the date of such occurrence and submit the necessary documentation as required by OAB.

8.6 The free life insurance shall cease at the occurrence of the following events: (i) termination of the Child Savings Account for any of the reasons provided for in these Terms and Conditions; or (ii) nonpayment of any contributions; or (iii) the Beneficiary reached 18 years of age; or (iii) payment of the benefit to the beneficiary upon occurrence of the covered events.

NO LIABILITY AND INDEMNITY

9.1 OAB shall not be liable for losses, damages, expenses, claims or any other liability whatsoever, whether direct, indirect, consequential, incidental, special or punitive, sustained by the Beneficiary or the Customer or any other guardian as a result of the availability, non-availability maintenance or operation of the Account.

9.2 The Customer agrees to indemnify and hold harmless OAB, its directors, officers, employees, representatives and agents, against any and all loses, damages, claims etc. arising out of Customer’s and/ or Beneficiary’s use/misuse of the Account and/or any violation of the law or rights of a third party.

MISCELLANEOUS

10.1 All determinations to be made under the Account shall be made by OAB at its absolute discretion and on the basis of its records, and each such determination shall be final, conclusive and binding.

10.2 OAB reserves the right, at any time, at its absolute discretion, with notice in writing at least thirty (30) days prior to the implementation of such change and without liability whatsoever on its part, to supplement, amend, replace, delete or otherwise vary any of the Terms and Conditions as well as the terms and conditions of any other set of terms and conditions referred to in these Terms and Conditions, and to change, vary, modify, terminate or cancel the Account or any of its benefits or features, or otherwise do any other act with respect to the whole or any part of the Account. In case the amendments are not acceptable to the Customer, it may prior to implementation of such change and with at least 30 days written notice, close the Account.

10.3 When we handle your data, we represent and warrant that your data will be:

processed lawfully, fairly and in a transparent manner;

collected for the only specific, explicit and legitimate purpose of conducting the Account;

iii. adequate, relevant and limited to whatever is necessary in relation to the Account;

disregarded, erased or rectified without delay whenever deemed inaccurate;

kept in a form preventing identification of your identity for longer than is necessary for the purposes for which the personal data is being processed; and

processed in an appropriate standard of

data security.

GOVERNING LAW AND DISPUTE RESOLTION

These terms and conditions are governed by the laws of the Sultanate of Oman. Any disputes arising in, out of, or in connection with these Terms and Conditions shall be referred to the competent Courts of the Sultanate of Oman.