Meethaq’s unique Savings Plan sees excellent response from customers

MUSCAT: There has been an excellent response to the unique Savings Plan launched by Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat. The plan enables Meethaq customers to accumulate a lump sum amount so as to be able to achieve financial milestones in their lives. The Savings Plan is a goal-based savings product whereby customers will be able to save on a monthly, quarterly, semi-annually or annual basis to achieve a particular financial goal.
By saving a small amount regularly over a fixed term, Meethaq customers can achieve their financial goal. Meethaq will help to grow the savings for the customer by investing the customer’s savings in its financing and investment products and adding the return thereby generated to the accumulated savings to accelerate the achievement of the customer’s financial goal. A Recurring Deposit account facilitates the Savings Plan and all the contributions collected from the customer are added to the Recurring Deposit.
The small monthly savings in the Recurring Deposit account enables the depositor to accumulate a lump sum amount at maturity which he/she cannot ordinarily achieve through regular savings or fixed deposit products. An added advantage of the Meethaq Savings Plan is that it can be started with a contribution that is as low as RO 50 per month.
Prudent savers have the option of choosing a plan with a duration of 3 years or more. The Savings Plan can have a maximum tenor of 64 years.