Bank Muscat offers fixed interest rates accounts for people who want to operate such accounts. There are pertinent questions account holders should understand before opening the account.
Who can open a Fixed Deposit with BankMuscat?
A Fixed Deposit can be opened either in the name of individuals or minors or in the name of a Organisation / Ministry / Company (irrespective of the size).
How much money do I need to deposit to open a new Fixed Deposit?
You can open a Fixed Deposit with BankMuscat with a minimum of RO 1000. In case you already hold a Savings or Current account with BankMuscat, you can transfer funds directly from this account to open a new Fixed Deposit by giving instructions to your branch or through Call Centre over the phone.
Can I break my Fixed Deposits before the maturity date?
Yes, you can. In that case you will be charged a pre-payment charge of 1% of the Fixed Deposit amount.
How do I renew my Fixed Deposit?
You have to provide an instruction to the Bank to renew your fixed deposit upon maturity. Alternatively you can provide an auto-renewal instruction to the bank at the time of opening a Fixed Deposit, so that Bank can automatically renew your deposit at the time of maturity.