MUSCAT: Dedicated to advancing financial literacy, National Bank of Oman (NBO) provides a timely opportunity for children to develop essential financial skills through their Children’s Account. NBO's Children's Account offers parents a valuable savings solution, empowering children to manage money responsibly. Children under 13 years old now get an exciting opportunity to save the money they receive from relatives and family, especially the money received during Eid Al Fitr.

Maha Al Raisi, Assistant General Manager and Head of Retail Products at NBO, said: "At National Bank of Oman, we believe in empowering the next generation with essential financial skills. Our account provides a platform for children aged below 13 to start their journey towards financial independence. We urge families to open a Children's Account to help children save and manage the money they receive during the festivities. Parents can now open a Children's Account instantly and digitally via the NBO app, accessing the service anywhere, anytime. We invite you to join us in building a financially secure future for our children.”

NBO’s Children's Account caters to both Omani and expatriate parents or guardians aged 18 and above, offering a diverse range of families the opportunity to secure financial benefits for their young ones. Account options include a standard savings account with no minimum deposit requirement and a recurring monthly deposit account with up to a 3.5% interest rate p.a., allowing parents to choose a fixed monthly deposit starting from OMR 10. The interest is compounded and paid at maturity, facilitating gradual savings growth over time.

Parents who open a Children's Account will also benefit from complimentary life insurance coverage up to OMR 100,000 for a maximum of four children, providing an extra layer of security for their family. As children turn 13 years old, the account will be upgraded to a Youth Account, encouraging the development of financial accountability with a complimentary Debit Card with parental guardianship via the NBO app to control spending and ATM withdrawal limits.

Additionally, the Children's Account offers the flexibility of holding funds in either Omani Rials or US Dollars, catering to individual preferences. Account holders can enjoy exclusive offers at selected merchants and receive Child Benefits from the Social Protection Fund conveniently credited to the account.

Comprehensive details on NBO’s accounts, products, and exclusive offers are accessible at www.nbo.om, directly through the NBO Call Centre at 24770000, or via the user-friendly NBO app.