MUSCAT – As part of the Bank’s efforts to enhance Najahi’s value proposition to small businesses, Bank Muscat, the leading financial services provider in the Sultanate of Oman, has announced the launch of 3 new Current Accounts. The new accounts are subscription-based where customers will be charged a monthly subscription fee (ranging from RO 5 to RO 25, Incl. 5% VAT) and can avail concessions in pricing on various transactions.
With the introduction of the new current account variants, customers will be able to choose any of the 5 Current Account variants; Corporate Current Account, Najahi Current Account, or the 3 Subscription-Based Accounts, with different tariff and benefits depending on their needs. First, the Basic Current Account comes with a monthly subscription fee of RO 5 (Incl. 5% VAT), no minimum balance requirement, and no fees for issuing new debit card. It offers 25 free cheque leaves per month, 3 Automated Clearing House (ACH) transactions per month and 10% concession for 5 Real-Time Gross Settlement (RTGS) transactions per month.
In addition, the Advanced Current Account comes with a monthly subscription fee of RO 15 (Incl. 5% VAT), no minimum balance requirement, and no fees for issuing new debit card or replacement card. It offers 50 free cheque leaves per month, 10 ACH transactions per month and 20 percent concession for 10 RTGS transactions per month.
As for the Premium Current Account, it comes with a monthly subscription fee of RO 25 (Incl. 5 percent VAT), no minimum balance requirement, and no annual fees for the debit card, issuance of new card or replacement card. It also offers 100 free cheque leaves per month, 20 ACH transactions per month, 20 percent concession for 10 RTGS transactions per month, and 10 percent concession for 5 outward SWIFT transactions per month (when charges are borne by remitter).
The subscription-based current accounts will benefit customers who transact heavily and are currently incurring expenses on account of bank charges. Customers can save on fees by availing benefits provided on charges. Customers will be able to upgrade or downgrade as per the business requirement, and they will be notified through SMS and Email about the category of current account they are using.
On this occasion, Abdulnasir Al Raisi, General Manager for Personal Banking, Bank Muscat, said: “Over the years, Bank Muscat has been working steadily to further improve its portfolio of services and solutions and has always sought to address customers’ needs and aspirations by developing new solutions in line with the Bank’s vision ‘To serve you better, everyday’. The launch of the three new current accounts for Najahi customers translated the Bank’s customer-centric strategy and global banking trends. It will help us provide an unmatched banking convenience for our potential and existing Najahi customers. In Bank Muscat, we are proud to be the first bank in Oman to launch subscription-based variants to SME customers. I would like to take this opportunity to invite our valued customers to explore the benefits the new current accounts offer. We will continue to offer tailor-made solutions to meet the requirement of this crucial sector and overall enhance customer experience.”
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