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Minors Account

Bank Nizwa's Minor Account has been thoughtfully crafted to secure your child’s financial future. By adopting early savings and investments, you can pave the way for your child to excel, pursue dreams, and achieve life goals.

Features

  • Sharia Compliant Account
  • A Range of Savings Account to choose from; Saving, Recurring Deposit and Mudaraba Investment
  • Exclusive Merchant offers
  • Competitive Profit rate on Education Finance
  • No minimum balance
  • Minor Debit card once the child reaches the age of 13 years

Requirements

  • Guardian ID
  • Child passport or ID
  • Birth certificate

Key Fact Statement (KFS)

Terms and Conditions

FAQs

What is a Minor Account?

A kids' account is a specially designed bank account for children from birth until they reach the age of 18. A kids' account encourages the development of financial awareness and the cultivation of saving skills from an early age.

What are the eligibility criteria for opening a kids' account?

  • Guardian ID
  • Child passport or ID
  • Birth certificate

What are the steps to open a Minor Account?

To open a kids' account, the guardian needs to provide the following:

  • Birth Certificate & National ID: A certified copy of the minor's birth certificate & National ID to be provided as proof of identity and age.
  • Passport: A certified copy of the minor's passport is required for identification purposes and required details.

What are the advantages and benefits of a kids' account?

Here's how we plan to differentiate our accounts and services as an Islamic bank:

  • Sharia Compliance, Our foundation is rooted in the principles of Islamic finance.
  • Product Diversity, offering comprehensive range of Sharia-compliant products, such as Mudarabah saving account and Recurring deposit , These accounts are idle for the kids and entitle them for better profits rate.
  • No Minimum balance charges
  • Free Debit card for the first year

What are the required documents to open a Minor Account?

  • Birth Certificate
  • Passport
  • ID copy of guardian

As a parent or legal guardian, can I appoint a guardian to operate the child's account?

Yes, as a parent or legal guardian, you can appoint a guardian to operate the child's account.

Can the guardian access my child's account through the Bank Nizwa app?

We are working on making this service available as soon as possible.

Can I conduct transactions from my child's account?

The guardian has the ability to operate the account.

Parent/Guardian can apply for debit card?

Parent/Guardian can apply for a debit card.

What type of debit card is available for the kids' account?

Classic Card

Will the child be able to use the Bank Nizwa app when they reach the age of 13?

We are working on making this service available as soon as possible.

What happens to the child's account when they reach the age of 18?

The account will be suspended till the parent/guardian and the account owner come to the branch for KYC update and upgrading the account to normal


For more information call 24950500 or visit any of our conveniently located branches.

 

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