Children Savings Account

Meethaq Children Savings Account

Gift your children a secure future with meethaq children savings account , the fun way to learn the importance of saving from an early age

Children Savings Acount Features:

Any parent or legal guardian who is an Omani citizen or a resident in Oman can open the account for his/her children under the age of 18 years, from any Meethaq branch.
For children under the age of 14 Meethaq offers Baraem Children savings account, where for minors in the age range of 14 to 17 a regular savings account would be offered.
Profit at competitive rates credited to the account on monthly basis and no minimum balance requirement for profit eligibility. Profit credited (if any) to customer accounts calculated based on monthly average balance.
The historical profit rates, profit sharing ratio and weightages are available on website and branch noticeboards.
Tiered/Slab based profit-rates, so the higher the average balance the higher the profit. Profit rates vary each month based on Mudarabah pool calculation.
Free Standing Order to transfer funds from Parent / Guardian account to Children accounts for those under the age of 14 years.
No penalty or fees in case of low balance.
Hassle free account opening process with minimum documentation.
Cash withdrawal only through any Meethaq branch

Baraem Complimentary Takaful Cover:

For Child Education Takaful cover the maximum coverage age of the parent / guardian is up to 65 years. In case there is a claim lodged and the parent / guardian age is 65 years or above then the claim will not be admissible. At the time of a claim the child age can be up to 18 years or Grade 12 whichever is lower.
Insure child's future education with Meethaq' s complimentary child education Takaful cover by maintaining RO. 5,000 and above in the child's Baraem savings account to (Max up to 4 kids with 4 separate Baraem accounts).

Fees and Charges:

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

Required Documentation:

For Meethaq existing parent:
- Birth Certificate if child is younger than 14 years, and ID card for minor in the age range of 14 to 17 years
- Parent' Guardian legal identity
- Children \ Minor account opening form Click here.
For New Meethaq Customers:
- ID copy
- Omani Minor Account opening Form, Click here.
- Savings and Deposit Terms and Conditions , Click here.
- Birth Certificate if child is younger than 14 years, and ID card for minor in the age range of 14 to 17 years
- Parent' Guardian legal identity
- Children \ Minor account opening form

Terms & Conditions

To read our Terms & Conditions, Click here.

FAQs:

How are Meethaq Children’s Savings Accounts Sharia compliant?

Meethaq children Savings Account is based on the concept of Mudarabah which is a kind of partnership under Islamic Sharia. All products of Meethaq are designed according to the guidelines set down by the Central Bank of Oman for Islamic Banking and they also undergo a thorough process of Sharia Compliance Certification by our Sharia Supervisory Board.

How is the Customer’s profit calculated?

Profit from the pool of Sharia compliant financing is calculated at the end of every month. The balance profit is distributed between the customers as per pre-determined weightages. These weightages are announced each month at the beginning of the profit calculation period.

What is the maximum age of the child allowed for opening a children’s Savings account?

For children younger than 14 years of age, Meethaq offers Baraem savings account. As for Minor’s between the age range of 14 to 17

What are the require documentation for opening a children’s savings account?

For Meethaq existing parent:
Birth Certificate if child is younger than 14 years, and ID card for minor in the age range of 14 to 17 years
Parent’ Guardian legal identity
Children \ Minor account opening form
For New Meethaq Customers:
ID copy
Account opening Form, Click here
Savings and Deposit Terms and Conditions, Click here
Birth Certificate if child is younger than 14 years, and ID card for minor in the age range of 14 to 17 years
Parent’ Guardian legal identity
Children \ Minor account opening form