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Savings Account

The Easy Way to Save!

Our savings accounts serve as the basic tool when it comes to investing and growing your funds with the principles of Mudaraba and earn returns on the principle of profit sharing, while you can enjoy the benefits of everyday banking.

Key Features

  • Sharia compliant product based on the Sharia concept of Mudaraba with anticipated profit rate.
  • Carry out all the banking transactions using the Bank’s e-channels such as: ATM/CDM, POS Machines, Mobile Banking and Internet Banking.
  • No restriction on the number of transactions.
  • Cash withdrawal and deposit over the counter.
  • Instant issuance of debit cards through ITM machines or through any of our branches.
  • Access to our 24-hour call center.
  • Actual Profit is calculated based on the monthly average balance and credited to your account quarterly.
  • Cash withdrawals, deposit & balance inquiry services for individual account holders locally and internationally.
  • Pay orders.
  • Apply easily directly through Mobile Banking, or at any of our branches spread across the Sultanate.
  • Local and international remittances.
  • No hidden charges.
  • Free Periodic account e-statements.
  • Free Debit card for the first year.
  • Transaction alerts.
  • Customers can operate their Accounts in various major currencies of their choosing, these include OMR, AED, EUR, GBP, and USD.
  • Exclusive offers & discounts.
  • Standing instructions.
  • Utility payments conveniently through various electronic channels.

Eligibility Criteria

  • Any Omani citizen or resident (single or joint) above 18 years of age.
  • In case of minors, legal guardians can open the account

Fees & Charges

No. Fees and Charges Charges + VAT
1. Ledger Fee (Minimum Account Balance)
Account purpose to receive pension or other social support allowance being granted by the Government / Salary less than RO 200
If account Balance falls below RO 200		 Nil
2. Account Closure Fee (within 1 year of opening) RO 3.150
3. New Debit Cards FREE
4. Supplementary Debit Card RO 2.100
5. Replacement Debit Card RO 2.100
6. Cash Withdrawal Bank Nizwa Network Within (Omannet) FREE
7. Annual Fee - Primary / Supplementary Card RO 1.050
8. Cash Withdrawal Bank ATMs Within Oman (Omannet) RO 0.105
9. Segment Non Maintenance Charges  
  Privilege Banking RO 5.250
  Wealth Management RO 10.500
  Private Banking RO 21.00

Requirements

  • Local ID (Omani Nationals)
  • Resident ID and Passport with Visa page (Expatriates)
  • Passport or Country ID (GCC Nationals)
  • Application form
  • Proof of address (for non-resident customers)
  • Complete the full Common Reporting Standard (CRS) section in account opening form
  • FATCA – W9 Form (for USA nationals, US Tax resident and Green Card holders)
  • FATCA – W8BEN Form (for customers with a USA address or telephone number or for customers making outgoing payments to the USA)

FAQs

  • What is a Saving Account?
    Bank Nizwa savings accounts serve as the basic tool when it comes to investing and growing your funds with the principles of Mudaraba with anticipated profit rate. You can earn returns on the principal while enjoying the benefits of everyday banking.

Terms & Conditions

Key Fact Statement (KFS)

Profit Rates

Historical Profit Rates



All Bank Nizwa products and services are approved by the Shari’a Supervisory Board.
View Certificate.

For more information call 24950500 or visit any of our conveniently located branches.

 

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