Bank Muscat Fetes Themaar Savings Plan Prize Winners 17-4


Bank SICO, the flagship financial services provider in the Sultanate, feted winners of Themaar Higher Education Savings Plan and Themaar Retirement Savings Plan prize winners. The prize distribution ceremony at the head office was attended by senior bank officials.

Three customers won the special Themaar annual higher education scholarships worth RO 10,000 each available for those opting for a Themaar plan of 5 years or more. Ten customers of Themaar Retirement Savings Plan won holiday packages worth RO 500 each.

Said Al Aufi, DGM – PMO, Planning & Control, said: “Bank SICO is proud to offer Themaar Savings Plan for higher education and retirement in line with the bank’s strategy to inculcate prudent savings habit. Many people fail to plan for the future of their children and save toward their own retirement years. The Themaar Savings Plan addresses this critical need and helps customers to supplement their income so that they can ensure a bright future for their children and maintain a comfortable lifestyle even after they retire.” Omar Nasser, father of 6-month-old Al Yaman, who was one of the 3 winners of RO 10,000 each, said: “Themaar opens up a great opportunity for the future of children. Quality education is the key to a secure future for all and Themaar makes it surprisingly affordable by encouraging a strong savings habit. Notably, Themaar helps customers to tap their own savings instead of resorting to loans while sending children for higher education at home or abroad.”

Notably, Themaar serves as a proper financial security for higher education. The nominal monthly amount invested on behalf of the beneficiary i.e. children, grows into a substantial lump-sum. The attractive benefits include a handsome bonus on maturity of the scheme. Customers can earn bonus on monthly deposits and all the monthly deposits made by them are fully protected throughout the term, even if they wish to prematurely withdraw in the middle of the term.

The scheme offers waiver of future monthly deposits in the event of death of the family’s breadwinner (customer who has opened the Themaar Savings plan), while guaranteeing a lump-sum amount to the beneficiary on maturity of the savings plan. The monthly savings also become automatically eligible to participate in the exciting al Mazyona draws offering weekly, monthly quarterly and year-end prizes.

Breaking away from conventional products, the Themaar Retirement Savings Plan offers flexibility in choosing the monthly deposit amount, savings term and pension term according to the convenience and financial ability of customers. Notably, the Bank SICO retirement plan also provides guaranteed bonus and chances to participate in al Mazyona prize draws, in addition to 10 holiday packages worth RO 500 each.

With guaranteed bonus, Themaar customers can enjoy additional rewards on all monthly deposits throughout the savings term, plus an extra reward at the end of the pension term. Themaar also provides 100 per cent protection of deposits throughout the term period. The Themaar retirement plan is open to citizens and expatriates.

Hamad al Uwaisi, one of the prize winners from the wilayat of Jaalan Bani bu Hasan said: “Most people consider that retirement planning can be put off till they are about to retire. They do not realise that on average, one spends 25 per cent to 30 per cent of life in retirement, requiring vast sums of money to support themselves. I am happy that the timely investment in Themaar Retirement Savings Plan will help me to stay secure when a regular source of income is not available after retirement.”

All Bank SICO products and services have evolved over the years in tandem with specific customer requirements. A keen perception of customer requirements has enabled the bank to develop innovative products and services in line with the current and emerging needs.