MUSCAT – Bank Muscat’s Floosi account, which was launched last year in line with the bank’s commitment to improving financial inclusion across the Sultanate, continues to receive excellent response from customers. Targeted at youth in the 15-17 age groups, Floosi accounts are becoming very popular with both Omanis and expatriates as it helps young people get financially aware and make savings a regular habit in their lives.
The debit card linked to the customer’s Floosi account comes with a daily limit of RO 50 and a monthly cumulative limit of RO 200 for Point of Sale (PoS), e-commerce transactions and ATM withdrawals. To apply for a Floosi account, minors must visit their nearest branch along with their parent or legal guardian, and submit their application along with copies of important documents like their National ID card (for Omani citizens) or Resident Card and Passport (for expatriates). The father / guardian will be the authorised signatory and must sign the deal slip on behalf of the minor. A major advantage of the Floosi account is that young customers are not penalised for not maintaining a minimum balance. At the same time, the account has a number of benefits specifically targeted at young people like Social Media giveaways, gaming tournaments and exclusive offers at restaurants, cafes and entertainment venues.
To add convenience to the financial inclusion process, the Floosi account can be converted into a Shababi account when the customer turns 18. The customer can approach the nearest branch with their father/legal guardian and submit the documentation for converting the account and releasing guardianship of the account, after which the newly converted Shababi account may be operated independently by the customer.
Bank Muscat has been steadily working to improve financial inclusion and a good savings habit amongst people in Oman through a number of financial products and services. The Floosi account was launched by the bank after extensive market research in response to customer feedback. Parents are particularly happy that this new account helps their children learn the importance of personal finance management and savings for their future.
Please go to https://www.bankmuscat.com/en/accounts/Pages/details.aspx#floosi or call 24795555 for more details.