BankDhofar's Minor Account Spurs Saving Culture
Designed specifically for individuals aged 13 to 18, the Minor Savings Account offers young customers a valuable opportunity to learn about personal finance in a secure and supportive environment.
The Account provides a host of benefits that encourage good financial habits from a young age. With no minimum balance fees, young account holders can begin their financial journey without the pressure of maintaining a high balance. This flexibility allows them to start saving with ease, whether for short-term goals or long-term aspirations.
Besides, account holders also receive a customised debit card with name, giving them a sense of ownership and responsibility over their financial decisions. The card comes with reasonable transaction limits - OMR 50 per transaction and OMR 200 per month - to ensure responsible use, while the parent/guardian retains the authority to deposit and withdraw funds as needed.
One of the key features of the Account is the option for flexible recurring deposits, intended to instil discipline and reinforce the value of consistent contributions. The account also provides access to monthly financial assistance through social protection program, offering additional support for those in need.
Highlighting the significance of this account for young individuals, Amjad Iqbal Hassan Al Lawati, Chief Retail Banking Officer of BankDhofar stated: “We believe it is never too early for young people to start understanding the value of saving and managing their finances. The combination of accessibility, flexibility, and practical tools like the customised debit card empowers our young account holders to take ownership of their financial journey and start building a solid foundation for their future.”
BankDhofar’s Minor Account can be opened by a parent or legal guardian, making it accessible to minors between the ages of 13 and 18. To open the account, the guardian will need to provide the minor’s passport or national ID, a birth certificate, and their own identification if they are Omani. For non-Omani minors, proof of residency and a copy of the passport visa page are also required. This process ensures a straightforward and hassle-free experience for families looking to empower their children with financial tools for the future.
BankDhofar’s Minor Savings Account is structured to promote financial literacy and independence, equipping the next generation with the knowledge and tools to succeed.
With a strong focus on growth, innovation, and customer satisfaction, BankDhofar achieved a net profit increase of 12.5% in 2024, reaching OMR 43.6 million compared to OMR 38.7 million in 2023. The bank continues to lead in digital transformation, being one of the first in Oman to introduce Apple Pay and Samsung Pay. Its commitment to modernization is further reflected in the deployment of wholesale cash deposit machines and the launch of Easy Biz, a digital collection and settlement platform. Additionally, BankDhofar continues to make significant strides in cybersecurity, reinforcing its dedication to safeguarding customer transactions and data.
BankDhofar remains committed to providing a comprehensive range of banking solutions tailored to all segments of society, including women, youth, children, and high-income groups. With a network of 131 branches across Oman including Dhofar Isalmic , the bank ensures accessibility and superior service for its diverse clientele.
