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Transform today’s dreams to tomorrow’s wins with our Minor Account

Plan for a future filled with wins for your little one with a saving account that encourages early savings and future planning.

Feature & Benefits

Free cash withdrawal from any bank ATM in Oman

Zero minimum balance charges

Account maintained in OMR, AED, GBP , EURO and USD

  • Free Debit Card for children aged 13 years and above
  • Free Cash Deposit Card for children below 13 years

Saving smart account with competitive interest rates paid monthly

Monthly average balance

Interest rate per annum

Below OMR 1000

2.25%

Equal to OMR 1000 and below OMR 5000

2.5%

Equal to OMR 5000 and above

3%

Terms & Conditions

 

Accounts maintained for Minors shall be operated by a parent or legally appointed guardian until the Minor attains the age of 18.

The parent/guardian of the Account shall promptly inform the Bank on the Minor reaching the age of 18

Debit Card with a daily ATM cash withdrawal limit or POS usage limit of RO 50 per transaction and total transaction amount not exceeding RO 200 per month

Cash Deposit Card for minor account holders below 13 years of age will not have any withdrawal facility. Cash Deposit facility is currently offered at Sohar International CDMs only.

The bank reserves the right to amend interest rates for the interest-bearing savings account without any prior notice to the customers.

FAQs

1. What is Sohar I Minor Account?

Minor Account is a Saving account that encourages a culture of savings at an early age and helps parents/guardians properly plan for their children's future.

2. Who is eligible to open and operate Sohar I Minor account?

Accounts maintained for Minors shall be opened and operated by a parent or guardian until the Minor attains the age of 18.

3. Can a mother open and manage Sohar Minor account?

She can if there is an authorization letter from the father

4. What are the criteria for opening a Sohar I Minor Account?
  • All children; Omani and expatriate
  • Age below 18 years
5. What are Sohar I Minor Account features?

Child Account Features

No minimum balance charges

Account can be opened in OMR, AED, GBP, Euro, and USD currencies.

Free and branded cards will be issued as below:

  • Debit Card for children aged 13 years and above, or
  • Cash Deposit Card for children below 13 years

Free cash withdrawal from any bank ATM in Oman

Life style discounts and offers with selected merchants

Free standing instructions to deduct a specific amount from the parent/guardian account on a monthly basis in favor of the child's account.

6. What is Minor Saving smart account?

It is a savings account in which the customer receives interest paid monthly based on the daily available balance in his account.

7. Is there any interest on the Minor Saving smart account?

Interest Rates for Different Monthly Average Balances

Monthly Average BalanceInterest Rate p.a.
Below OMR 10002.25%
Equal to OMR 1000 and below OMR 50002.5%
Equal to OMR 5000 and above3%
8. Will the parent/guardian will be able to access their child Sohar I Minor account?

Yes, they will have access to view their Minor account on through branches.

9. What happens to the account when my child reaches 18 years old?

Once your child reaches 18 years of age, the account will be freeze automatically and the parents/ guardian is required to visit the branch to re-activate the account.

10. How can I apply for a Sohar I Minor account?

You can visit your nearest branch, with the required documents mentioned below.

11. What are the required documents to open Sohar I Minor account?

Documents Required for Child's Account

  • Parent's / guardian's ID (for all Omani nationals) OR Parent's / guardian's passport (for expatriates)
  • Child's passport or ID Card or child's birth certificate
  • Authorization letter from the father (if the mother opens the account)
  • Electricity bill

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