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Bank Sohar S.A.O.G
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Overview

Ready Cash is a hybrid financial solution with singular benefits for customers. The product combines high returns with instant liquidity allowing customers to enjoy the benefits of earning a high interest yield on their term deposit, together with instant access to liquidity through an overdraft facility 24/7.

Term Deposit Features

  • The Term Deposit will be for a minimum of RO 1,000/- and in multiples of 1,000 thereof.
  • The period of deposit will be for a minimum of 12 months and a maximum of 60 months.
  • Both Omanis and Expatriate customers can avail of Ready Cash.
Deposit Tenor Interest Rate (p.a.)
 12 Months 3.50%
 24 Months 3.75%
 36 Months 4.25%
 48 Months 4.50%
 60 Months 4.75%

How Ready Cash works

Visit any branch of Bank Sohar and open Ready Cash Deposit Account in Omani Rials. This Term Deposit will entitle you to an instant overdraft facility of up to 75% of your term deposit. You can avail the overdraft facility with the convenience of your cheque book and Visa Electron Debit Card.

Overdraft facility

  • Instant overdraft facility will be up to 75% of the deposit amount
  • Tenor of the overdraft will be equivalent to the deposit tenor
  • Interest on the overdraft facility will be 1% over and above the deposit rate

Premature Closure

In the event of premature closure, the interest rate on deposit will be 1% less than the rate applicable for the period for which deposit has remained with the bank, and Interest on the overdraft facility will be at the original interest rate charged on the overdraft facility.

Service Charge

A one-time charge of RO 10/- will be levied at the time of opening the Ready Cash Deposit Account.

Documentation Required

National ID or passport for account opening and agreement