BankDhofar's Minor Savings Account Empowering Young Savers for a Financially Bright Future
BankDhofar is revolutionizing financial education with its innovative Minor Savings Account, an empowering initiative designed to equip young customers with essential money management skills, while setting them on a path to lifelong financial success. Through a combination of guidance, savings incentives, and parental involvement, this initiative fosters a generation of financially confident individuals ready to navigate their financial futures.
The Minor Savings Account offers a comprehensive range of features that provide a strong foundation for a secure financial future. It brings to fore the Bank’s commitment to financial literacy, demonstrating that the Account isn’t just about deposits and withdrawals.
The Minor Savings Account is specially crafted to cater to the unique needs of minors, aged between 13 and 18 years, providing them with a safe and accessible platform to manage their funds while learning the essential principles of money management. The flexible recurring deposit account encourages children to develop prudent financial habits from an early age, fostering a sense of independence and responsibility. With no minimum balance and customized debit card, young account holders are assured of monthly financial assistance through social protection program.
The Account can be opened by the minor’s father or guardian with a copy of the passport or national ID, birth certificate, and proof of address (electricity/ water bill). The father/ legal guardian will also have to furnish ID (if Omani) and a copy of the Wakala, if the account is opened by the guardian. Expatriates will have to provide copies of the Resident Card and the passport visa page.
Parents or guardians can actively participate in their child's financial journey by monitoring account activities and transactions. This feature promotes responsible money management and transparent communication.
The Bank will issue a debit card with the minor’s name with no restriction on the father/ guardian to deposit and withdraw money at any time.
“In a world marked by economic uncertainties and rapid technological advancements, it is imperative to equip the younger generation with the tools and knowledge needed for informed decision making to contribute to the growth and prosperity of Oman’s next generation,” said Mr. Amjad Iqbal Al Lawati, Chief Retail Banking Officer at BankDhofar, adding that the Minor Savings Account is a comprehensive educational experience that fosters a lifelong commitment to prudent financial habits.
Explaining further, Mr. Al Lawati, said, “At BankDhofar, we envision a future where our youth have the confidence and skills to navigate their financial journeys. The Minor Savings Account is a testament to our commitment to fostering a generation of wise and empowered savers who are ready to conquer their dreams.”
BankDhofar’s Minor Savings Account goes beyond the typical coin box. It introduces minors to the concept of goal-oriented savings, helping them visualize their dreams and aspirations. By promoting responsible financial habits from a young age, BankDhofar aims to create a society where every individual's financial aspirations can be turned into reality.
BankDhofar national wide network currently consists of almost 100 branches including Maisarah and two corporate branches. The network also includes more than 300 (ATMs – CDMs – FFMs – MFKs) for BankDhofar and Maisarah.
