Neswa Savings Account

Packed with unique features and benefits, neswa savings account is crafted to make women’s life easy and help pursue goals that matter

Features:

Tiered/Slab based profit & loss bearing savings account, so the higher the average balance the higher the profit.
Visa Debit Card with an ATM withdrawal limit of RO 800 and access to the largest network of ATMs and CDMs across Oman.
Complimentary Takaful coverage under Woman's Wellness Program the customer maintains a monthly average balance of OMR 5,000. The benefits include:
- Free Life Cover (up to RO 10,000)
- Loss of Cards (Misuse of lost cards up to RO. 1,000 per accountholder)
- Loss of ID Cards / Keys (up to RO 100)
The customer has to maintain an average balance of RO 5,000 in the Neswa account to be eligible for the above mentioned covers.
- Attractive profit rates paid on the average balance of the month with no minimum balance requirment for Mudarabah profit eligibility.
- Exclusive discounts on Safe Deposit lockers: Up to 50% discount on locker annual rental charges of the first year for account holders meeting the product criteria; subject to locker availability.

Expected Profit Rate:

Tiers / Slabs (OMR)	Expected Profit Rate
Up to 299.99	0.10%
300 – 999.99	0.50%
1,004,999.99	1.00%
5,000 – 9,999.99	1.25%
10,000 & Above	1.50%

Fees & Charges:

For more details, please refer to Meethaq Tariff Book, Click here

Eligibility:

Any female (Omani citizen or resident), 18 years or above, is eligible to open a neswa savings account
She should have a minimum balance amount of rials Omani 300 or minimum salary transfer of rials Omani 500

Terms & Conditions:

To read our Terms & Conditions, Click here
Neswa Savings Account Terms & Conditions, Click here

Documents Required:

Signed application form.
ID card (for Omani nationals)
Resident card and passport (Residents)

FAQs:

What is mudarabah?

It is a contract between two parties: the fund provider (rabb al mal) and the manager of funds (mudarib: the bank)
The profit is shared between the two parties based on a pre-agreed ratio
In case of loss, only the rabb al mal shall bear it (if no negligence has been proven on part of the mudarib), based on their investment proportion

How is the customer’s profit calculated?

Profit generated from the shariah compliant assets (financings & investments) linked to the mudarabah pool is calculated at the end of every month
Meethaq keeps a share of the profit as mudarib’s share
Balance profit is distributed between the customers as per predetermined weightages

Can a customer have multiple accounts?

No, the customer can only have one neswa savings account.

What does the complimentary takaful coverage under women’s wellness program offer?

An amount of rials Omani 10,000 will be provided to the assigned beneficiary in the event of the account holder’s death due to injury or illness
Up to rials Omani 1,000 if the account holder’s handbag is stolen or lost, resulting in the misuse of credit cards and/or debit cards (incurred within 48 hours prior to the time of reporting the loss)
Maximum amount of rials Omani 100 in the event of the loss of ID cards and keys to help in reimbursing the same

What is the claim process?

Meethaq Islamic Banking, acting as a facilitator, will forward the customer’s case to the takaful company. the company will process takaful claims and the bank shall only facilitate the process of the claim.