Mustaqbali: Unique youth savings account launched

National Bank of Oman (NBO) has once again reaffirmed its commitment to serving the nation by launching Mustaqbali  (which means 'my future') — a  special savings account for youth. The savings account is especially designed to respond to the banking needs of young individuals in the best possible way. Mustaqbali will not only encourage and prepare the youth for a better tomorrow, but is also a 'friendly account' that will encourage them to achieve their higher education plans and career objectives. Mustaqbali is a direct reflection of His Majesty Sultan Qaboos bin Said's vision towards empowering and educating Oman's youth. It also reaffirms the bank's tagline 'For You. For Our Nation', especially since almost 55 per cent of the total population of Oman is under the age of 25. The special savings account along with discounted educational loans will empower our youth with the necessary means and confidence to build their own future. NBO's specially designed savings account provides an opportunity for the young to save for their future, enable them to manage their financial needs effectively and eventually make their parents proud. Mustaqbali  also offers discounted rates on education loans for youth seeking further education. Mustaqbali is offered to all Omani and expatriate  youngsters between the ages of 18 to 25 years. All youth account holders will receive a free debit card, credit card, discounted education loans, free travel insurance for up to $10,000 and free access to all NBO e-banking services. Upon maintaining a minimum balance of RO100, customers are also automatically entered into the bank's Al Kanz prize draw. The higher the savings balance and the longer it is held, higher are the chances of winning the Al Kanz daily and quarterly prizes. Hanaa Al Hinai, NBO's head — Product Development, Retail Banking said: "NBO's youth account aims to build a rewarding savings habit and develop early financial thrift that will help our youth manage their money better as young adults. Those seeking a higher education are offered an educational loan at discounted rates which can help pay for all expenses relating to their education." Working individuals who have finished their graduation programme can also benefit from discounted loans for establishing themselves in their lives. NBO will offer them discounted personal and housing loans under the youth account. "Youth account holders who have joined the workforce may wish to diversify their portfolio by investing into real estate, stocks and bonds. They may even choose to start a family by owning their first home or simply buying that dream car they have always desired. At NBO, we understand the pressure of making such payments and hence we are offering discounted rates to help them accomplish their needs," Hanaa further added. Commenting at the launch, NBO's General Manager, Retail Private and Overseas Banking, Harsh Munjal, said: "A critical part of competing within market trends is taking a proactive stance to anticipate our customers' needs and coming up with solutions to meet those needs. "Almost 55 per cent of the Omani population is under the age of 25, mostly comprising young adults seeking to better themselves through an education. NBO's youth account is proud to offer our youth this unique, one-of-its-kind, educational opportunity." Times Of Oman