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1.
How do I open an account with Bank Sohar?
To open an account with Bank Sohar you may walk into any of the Bank Sohar branches and complete the formalities of opening an account - the ‘Al Mumayaz’ account..
2. Who is eligible to open an account?
All Residents of Oman (both Omani’s and non-Omani) above the age of 18 are eligible to open an account. Accounts for minors may be opened by the parents or the guardian of the minor
3. What documents do I need to provide to open an account in Bank Sohar?
Omani nationals should provide copy of their national ID card.
Non-Omani Residents (Expatriates) should provide copy of their
passport and resident card. Both should also bring the minimum
amount required to open the particular account.
4. What are the features and benefits of the ‘Al Mumayaz’ account?
The account holder has round the clock access to his funds through the nation-wide network of ATMs including over 500 OmanSwitch ATMs. A Bank Sohar customer can use the ATM facility free of charge. The account holder is also entitled to the checking facility, can make local and international remittances, transfer money telegraphically and transfer funds between accounts in Bank Sohar. The account holder also has access to all the electronic channels.
5. What are the electronic channels?
The ‘Al Mumayaz’ account holder can sign up for electronic channels like
‘Al Mumayaz’ Internet Banking and
‘Al Mumayaz’ SMS Banking.
With internet banking, the account holder may view the account on line, transfer funds between accounts and use the secure e-mail facility to communicate with the bank.
With the SMS Banking facility, the account holder can sign up for several ‘PUSH and PULL’ alerts and enjoy SMS banking from anywhere using the mobile phone.
6. What cards will I get when I open an account with Bank Sohar?
When opening an account with Bank Sohar, you will get a Visa Debit Electron Card. you will enjoy access to your funds through ATMs for cash withdrawals and through Point-Of-Sale networks for making payments for your purchases in shops, restaurants, supermarkets etc. in Oman and all over the world.
You can use your Bank Sohar Visa Debit Electron Card electronically for cash withdrawals at more than one million ATM machines and for payment at 29 million merchant locations worldwide, including Oman. In Oman, customers can use over 500 ATMs of the Oman Switch free of charge
7. What are the different types of accounts and deposits?
The different types of ‘Al Mumayaz’ accounts and deposits are:
‘Al Mumayaz’ Children Savings Account - a customized savings product exclusively for young children below 18 years of age.
‘Al Mumayaz’ Savings Account - an account in Omani Riyals that may be opened and operated by all residents in Oman above the age of 18 years.
- Interest Baring Saving Account - where customers are rewarded with interest on their deposits
- Prize Scheme Savings Account - where customer can enter Bank Sohar’s prize schemes
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‘Al Mumayaz’ Current Account - a regular banking account that allows the customer to transact all their financial operations.
‘Al Mumayaz’ Term Deposit Account - an account that guarantees rich returns without risk.
‘Al Mumayaz’ Savings Scheme 2009 - a savings account with incentives and rewards for savings that you may have a chance to win.
8. What are the features of the ‘Al Mumayaz’ Children Savings Account?
This is an account for children that parents or guardians may open to plan a future for the child. It can be opened with just OMR 5. The parent or guardian has access to their child’s account through the branches and ATMs. They can also give instructions to transfer a fixed amount every month from their account to the child’s account.
9. Which is the account that enables me to participate in the prize draws?
Customers maintaining a minimum balance of OMR 100 over a period of one month will automatically be eligible to participate in the bank’s Al Mumayaz Savings Scheme. For every OMR 100 average balance maintained in the Children’s Savings Account, the account holder gets four chances to participate in Bank Sohar’s Savings Prize Draw Scheme which offers double the chances compared to regular savings accounts
10. What are the features of the ‘Al Mumayaz’ Savings Account?
A customer may open this account with an amount as low as OMR 5. The account receives interest and it may be accessed at any time to deposit funds at the branch or for withdrawals through the ATMs. The account holder may transfer funds between different accounts within the bank, free of cost. Loans are possible against the savings deposits and the account may be operated by third parties with a power of attorney.
11. Which is the account that enables me to participate in the prize draws?
A non-interest bearing ‘Al Mumayaz’ savings account is eligible to participate in all the prize draws. The officer who is helping you complete the account opening formalities will ask you about your preference regarding receiving interest or joining the prize scheme. You can exercise your option and also change your option at any time. The account offering prizes is called the ‘Al Mumayaz’ Prize Scheme 2009.
12. What are the prizes offered in ‘Al Mumayaz’ Prize Scheme 2010, what is the schedule of the draws, and what is the eligibility requirement to enter?
The prizes for the ‘Al Mumayaz’ Prize Scheme 2010 and the schedule are as follows:
- RO 400 for two customers per branch. In total there are 40 prizes to be won every month. A customer has to maintain an average minimum balance of RO 100 in his/her savings account.. For every RO 100 in the account, the regular accounts will get 4 chances and children accounts 8 chances to win in the prize draw. The total number of chances per draw will be calculated on monthly cumulative basis. IF the customer failed to maintain the required average minimum balance in any month his chances should be accumulated only from the succeeding month.
- RO 40,000 for one customer bank wide. A customer has to maintain an average minimum balance of RO 1000 in his/her savings account. Average balance is calculated over a period of 30 days prior to 1st of each month. For every RO 1000 in the account, the regular accounts will get 4 chances and children accounts 8 chances to win in the prize draw. The total number of chances per draw will be calculated on monthly cumulative basis. IF the customer failed to maintain the required average minimum balance in any month his chances should be accumulated only from the succeeding month. This prize is only offer in the months of February, April, May, July, August, October, and November.
- For Quarterly bank wide prize draws of RO 140,000 [Q1 March]; RO 240,000 [Q2 June]; RO 240,000 [Q3 September] and RO440, 000 [Q4 December]. A customer has to maintain an average minimum balance of RO 2000 in his/her savings account.. For every RO 2000 in the account, the regular accounts will get 4 chances and children accounts 8 chances to win in the prize draw. The total number of chances per draw will be calculated on monthly cumulative basis. IF the customer failed to maintain the required average minimum balance in any month his chances should be accumulated only from the succeeding month.
- For December Exclusive draw of RO 240,000. A customer has to maintain an average minimum balance of RO 10,000 in his/her savings account Average balance is calculated over a period of 30 days prior to 1st of each month. For every RO 10,000 in the account, the regular accounts will get 4 chances and children accounts 8 chances to win in the prize draw. The total number of chances per draw will be calculated on monthly cumulative basis. IF the customer failed to maintain the required average minimum balance in any month his chances should be accumulated only from the succeeding month.
13. How will I know if I have won a prize?
The officers from the Bank will contact you if you have won a prize. The results of all the draws are also published in the main Arabic and English newspapers.
14. What is the minimum balance required for Al Mumayaz savings account and are there any charges?
The minimum balance required in the savings account is OMR 100 and the yes there will be OMR 1 charge non-maintenance of minimum balance.
15. What is the ‘Al Mumayaz’ Current Account and what are the requirements?
A customer needs OMR 200 to open a current account and must maintain a minimum balance of OMR 200 at all times. In case the minimum balance is not maintained, the account will attract a maintenance fee deduction of OMR 2 every month. The account holder is provided with a cheque book and has 24 hour access to the funds through the ATMs. There is a facility for transfer of funds to and from other accounts in Bank Sohar and monthly account statements will be provided free of cost. The account may also be operated by a third party with a power of attorney.
16. What is the ‘Al Mumayaz’ Term Deposit Account?
Term Deposit Accounts at Bank Sohar offer the customer the option to invest in a choice of currencies - Omani Riyals, US Dollars, Sterling Pounds, Euros and Japanese Yen - for different periods to suit your requirements. The account can be opened individually and, jointly by residents of Oman(Omani and None-Omani).They may be opened by individuals, businessmen, business and commercial establishments, corporate organisations, institutions, government and semi-government organisations and charitable trusts.
17. What are features of the ‘Al Mumayaz’ Term Deposit Account?
The minimum opening amount for this type of an account is OMR 1,000.
Standing order facility is available for the payment of interest and the principal amount. Third parties may operate the account with a power of attorney. Loans are available against the term deposits and there is a facility for free transfer of funds.
18. What is a Personal Financial Solution?
Personal Financial solutions from Bank Sohar are loans designed to meet the individual’s requirements to finance like buying a car, renovating a house, going on a vacation, meeting marriage costs, paying for you child’s higher education etc.
18.1What are the products that Bank Sohar has for all of these?
Bank Sohar offers the following products:
- ‘Al Mumayaz’ Personal Financial Solutions
- Family Financial Solutions
- ‘Al Mumayaz’ Education Services and
- Al Bait ‘Al Mumayaz’ Home Solutions.
19. Who is eligible to apply for the ‘Al Mumayaz’ Personal Financial Solutions?
Personal Financial Solution facilities or loans are available for all Omani nationals and residents who receive a regular income through employment or business
20. What are the features and benefits of the ‘Al Mumayaz’ Personal Financial Solutions?
- Competitive interest rates
- Longer repayment periods
- Lower monthly installments
- Flexible repayment plans
- Higher loan amounts based on income
- Loan top-up facility to meet additional requirements
- Life insurance cover is available at affordable premiums
- family protected from the repayment liability in the event of any eventuality
- Simplified documentation and speedy processing of the loan.
21. Is there a facility for transferring an existing loan from another bank?
Yes. Customers have the option of transferring an existing loan amount with other banks to Bank Sohar to enjoy the unique features of the Schemes.
22. What are the documents I need to provide when I apply for a personal loan?
- Omani customers – National Id card, passport for ladies
- Expatriates – Resident card and passport + copy with valid visa.
- Salary certificate from employer if employed
- Letter of liability from current bank – if applicable
- Salary statement for the last three / six months stamped by the current bank depending on the type of employer.
- Loan statement for the last three months duly stamped by the current bank- if applicable
- Completion of the Loan Application Form
23. Who is eligible for the Al Mumayaz Education Services?
The Al Mumayaz Education Services or education loan facility is available to Omani students wishing to pursue a higher education and to Omani employees looking for advancement in educational qualifications.
24. What are the features of the Al Mumayaz Education Services facility?
The financing options cover:
College tuition fees
Accommodation and
Travel expenses.
The loan limits are variable and depend on the period of the study and the area of educational specialization.
During the period of study, the interest rates are 6.75% and only 50% of the interest amount needs to be paid during this period. Both the student and the parent/guardian have life insurance cover. The Bank arranges for advisory services for the student through Al-Ajyal on options for higher education and mentoring support during the period of study.
25. What documents does the person need to bring when coming for an Education Services loan?
The documents required are from four parties:
- Parents / guardian
- Student,
- Institution selected for study
- A separate set of documents is required from customers who do not wish to assign their salaries.
Parent/Guardian:
Salary Assignment
- Education Loan Application
- Salary Assignment Letter
- Copy of Liabilities Certificate (if any)
- Last 3 month bank statement (new customer & existing customer)
- Valid ID card copy
- 3 Photo
- Undertaking Letter from the guardian (to pay the loan in case of any default of other reason)
- Undertaking letter not asking for any additional loan amount
- Insurance Health Declaration form
Non-Salary Assignment
- Education Loan Application
- Irrevocable standing order for transfer of funds direct to the student account
- Copy of Liabilities (if any)
- 12 Months Bank Statement.
- Valid ID card copy
- 3 Photo
- Undertaking Letter from the guardian (to pay the loan in case of any default of other reason)
- Undertaking letter not asking for any additional loan amount
- Insurance Health Declaration form
- Salary Certificate (to verify the salary amount)
- Standing Order (to transfer monthly interest)
Student:
- Education Loan Application
- Copy of High Education Diploma (Secondary School)
- Acceptance Letter to study from the recognized Institutions
- Valid ID card copy
- 3 Photo
- Undertaking Letter from the student to provide salary certificate after attainment job
- Insurance Health Declaration form
University or College Document
- Acceptance Letter
- Fees of the institution with break-up details of semester payments
- Copy of mark sheet (for the exciting student)
- Details of full address of institution (name of the bank which thy bank with, A/C No, any other necessary documents
26. Who is eligible for Al Bait Al Mumayaz Home Solutions?
Omani citizens with minimum age 18 and maximum 60, employed in government and in approved private sector companies are eligible for this loan facility while expatriates can benefit from this product towards buying property in designated projects allowed by the law.
27. How much loan amount does Bank Sohar give?
The loan amount will be up to Ro 150,000 or 80% of the value of the property whichever is lower. The maximum amount is calculated based on the monthly income and the customer’s total ability to pay
28. What is the maximum period of the loan?
The maximum period is 30 years including a grace period of up to 18 months
29.Are there any other benefits?
The documents required are from four parties :
Al Bait Al Mumayaz Home Solutions offer the lowest interest and insurance premium in the market and the lowest monthly installments. There is a facility for joint-borrowers with single insurance premium and also the facility to avail of home furnishing finance at the housing loan interest rates.
30. What documents do I need to provide when I apply for the Al Bait Al Mumayaz Home loan?
- Omanis – copy of Id
- Expatriates – residence card & Passport copy with valid visa
- Completed Loan Application Form
- Liability certificate from existing bank/s/ or financial institutions/ employer (if any)
- Salary certificate of the applicant/ co-applicant
- Bank statement of the last six months stamped by the bank
- Copy of title deed and krooki
- Proof of additional income if any
- Original valuation report from one of the bank’s approved valuation agencies
For Construction
- Copy of construction agreement signed by the contractor, consultant and owner with schedule of payment
- Copy of building permit
- Proof of payment contribution to contractor if any
For Purchase
- Purchase agreement and the copy of Id card of the seller
- Proof of down payment to seller if any.
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