Bank Sohar launches a new innovative 2014 Al Mumayaz Prize Draw Savings Scheme

February 15, 2014 9:09 am

At a press conference held at the Grand Hyatt Hotel-Muscat recently, Bank Sohar launched its new edition of the Al Mumayaz Savings Scheme for the year 2014.

The conference was addressed by DGM and head of Retail Banking, Mr. R. Narasimhan followed with a presentation by Head of Business Development and Planning-Liabilities, Mr. Redha Al Lawatia. Other senior management members who attended included Ms. Munira Abdulnabi Macki, the DGM of Human Resource and Corporate Support; Mr. Salim Bin Khamis Al Maskeri, Senior AGM of Branches; Mr. Mazin Mahmood Al Raisi, AGM and Head of Marketing and Publicity; and Mr. Khamis Al Rahbi, AGM of Branches; as well as the Branch Managers of the Capital area.

Following the huge success of last year’s campaign which reflected positively with growth in Bank’s Savings deposit portfolio, increase in customer base benefiting more than 1,000 winners, Based on the outcome and market feedback, the Bank has developed the 2014 Al Mumayaz Savings Scheme with even more prizes comprising of hourly, weekly, monthly, half yearly and year end draws. The Scheme also has a new approach aimed to create awareness among the public about the importance of saving for their future. As an additional feature, the Bank will provide saving tips in various aspects of life which will help customers to save more and invest the prize money better.

Starting from the five hourly prizes of OMR 1,000 every day from Sunday to Wednesday, the 2014 Al Mumayaz Savings Scheme has now also been introduced with weekly and monthly prize draws, where one lucky saver will receive OMR 5,000 in the weekly draw, while the new monthly draw will witness a prize pool of OMR 50,000 where one winner will receive OMR 45,000, while five minor account holders will win OMR 1,000 each.

Furthermore, the Bank is also proud to announce half yearly prize draws worth more than a quarter of a Million Rials, with two lucky savers winning OMR 100,000 each, one exclusive winner receiving OMR 50,000 and one lucky minor receiving OMR 5,000. Meanwhile, the year-end Prize Draws now boasts a prize pool of over half a Million Rials, with one lucky saver winning OMR 500,000, one exclusive winner receiving OMR 50,000 and one lucky minor receiving OMR 5,000.

Addressing the Press Conference, Mr. R. Narasimhan, emphasized the consistent efforts put in by the Bank to develop the new scheme with innovative features benefitting the savers time and again.

He further added “Starting from financing children’s education to buying a dream home – saving is the means that help people to achieve their aspirations. With the Al Mumayaz Scheme 2014, Bank Sohar encourages the habit of savings whilst maximising customers’ chances to be rewarded in the process. In addition to the hourly, weekly, monthly, half-yearly and year-end prizes to be won, we are confident that our customers will appreciate the advisory role by the Bank with value addition will play in encouraging them how to save and discover that with such savings, their aspirations will become all the more attainable.”

A comprehensive overview of the features of the new scheme was provided by Mr. Redha Al Lawatia followed by a Q & A session. Aside from the prizes and rewards, Bank Sohar aims to also advise and encourage people in the Sultanate, both children and adults, to save. To do so, Bank Sohar will provide customers with tips on a regular basis on how to use their funds more effectively and efficiently thus saving and utilizing these savings for a better purpose. These tips will cover various aspects of their lives, ranging from travel, home, shopping and more. By doing so, Bank Sohar aims to fulfil its role, not just as a commercial bank, but also as a well wisher to the community at large.

With frequent prizes, Al Mumayaz Savings Scheme is another great way to increase savings as it provides everyone with a fair chance to win cash prizes. The Hourly and Weekly Draws require the customer to maintain a minimum average balance of only RO 100 for the previous 30 days and minimum balance of RO 100 on the day preceding the draw.

The minor draws require the customer to maintain a minimum monthly average balance of only RO 100 as well.

The Monthly, Half-Yearly and Year-End Grand Draws require the customer to maintain a minimum monthly average balance of RO 1,000 and finally the Exclusive Draws require customers to maintain a minimum monthly average balance of RO 10,000.

Account holders will have four chances for every minimum average balance maintained in their accounts for any of the above draws. Children savings accounts will earn twice the chances to win. Furthermore, accounts that are maintained in AED are also eligible to participate in the Al Mumayaz Savings Scheme 2014.

The Bank also has an extensive network of ATM’s totalling 50 machines across the Sultanate, with 29 in the branches and 21 ATMs located off-site. In addition, Bank Sohar customers continue to enjoy the privilege of free-of-charge access to over 650 ATMs under the ‘Oman-Net’ platform. Bank’s ATMs at Buraimi and Wajajah borders continue to operate with the ‘Dirhams Dispensing’ facility; thus adding immense convenience to businessmen who travel and transact business across the border on a regular basis, as well as to customers who visit the United Arab Emirates. The bank’s customers also enjoy the advantage of a Cash Deposit facility at all branch ATMs as another value-added service.