Recurring Deposit provide you with the ideal solutions to effectively manage and plan family and retirement savings and others. Not only that but also packed with wonderful features including higher profit rates for better returns and wider coverage. The service will allow you to achieve your dreams with a tailored solution dedicated to helping you save over time.
Bank Nizwa’s Recurring Deposits operate as a savings plan contract between the bank and the customer in full compliance with the Islamic financial principles of Mudarabah.
The maximum tenure for the savings plan is required to not exceed 10 years with a minimum term set at one year. The minimum monthly contribution starts from OMR 50 with account holders receiving a pre-determined amount plus the accumulated profit rate at the end of the agreed-upon maturity date.
- Ideal product for investment to secure your future (examples kids education/ post- retirement/ medical treatment/ marriage/ family obligations)
- Save bit by bit over a long period of time
- Flexibility of choosing the deposit date & Convenience of standing instructions (SI)
- Low entry point to ensure wider coverage
- Higher profit rates for better returns
- Premature total withdrawal possible in case of emergencies