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Recurring Deposit Account

Recurring Deposit provide you with the ideal solutions to effectively manage and plan family and retirement savings and others. Not only that but also packed with wonderful features including higher profit rates for better returns and wider coverage. The service will allow you to achieve your dreams with a tailored solution dedicated to helping you save over time.

Bank Nizwa’s Recurring Deposits operate as a savings plan contract between the bank and the customer in full compliance with the Islamic financial principles of Mudarabah.

The maximum tenure for the savings plan is required to not exceed 10 years with a minimum term set at one year. The minimum monthly contribution starts from OMR 50 with account holders receiving a pre-determined amount plus the accumulated profit rate at the end of the agreed-upon maturity date.

Key Features

  • Sharia compliant product based on the Sharia concept of Mudaraba with anticipated profit rate.
  • Premature total withdrawal possible in case of emergencies.
  • Ideal product for Gradual long term savings to secure your future (examples kids’ education/ post- retirement/ medical treatment/ marriage/ family obligations).
  • Auto-renewal option in the application form.
  • Higher profit rates for better returns.
  • Flexibility of choosing the deposit date & Convenience of standing instructions (SI).
  • Systematic savings that lets you achieve your goals.
  • Actual Profit is calculated on a monthly basis and can be used at the end of the tenure.
  • No hidden charges.
  • Transparent & fast processing.

Eligibility Criteria

  • Plan duration can be from 1-10 years.
  • Minimum Amount for Opening Recurring Deposit is RO 5 for both Minors & Individuals above 18 years.
  • Minimum Monthly Contribution Amount is RO 5 for minors, and RO 50 for individuals above the age of 18 years.
  • Legal Guardians can open recurring deposit accounts for Minors.
  • The Mudaraba Term deposit cannot be opened without having a corresponding funding Current or Savings (CASA) account.

Fees & Charges

  • Standing Order fees is RO 1.050
  • In case the customer would like to prematurely exit from the savings plan, profit will be calculated based on the nearest completed comparable Recurring Deposit product.

Requirements

  • Completed application form
  • National ID card for Omanis / passport copy and resident ID for expatriates
  • Active Saving or Current account in Bank Muscat

FAQs

  • What is Recurring deposit account from Bank Nizwa?
    Recurring Deposit account from bank Nizwa is your ideal solution to effectively manage and plan family and retirement savings and others. Not only had that but also packed with wonderful features including higher profit rates for better returns and wider coverage. The service will allow you to achieve your dreams with a tailored solution dedicated to helping you save over time.

Terms and Conditions

Key Fact Statement (KFS)

Profit Rates

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