Complex Made Simple

Through the Al Mumayaz Campaign, Bank Sohar advises the public on spending wisely and saving effectively

Following the success of last year’s Al Mumayaz Savings Scheme campaign, Bank Sohar recently launched its new edition of the Scheme for 2014. In addition to the revamped scheme which includes a larger number of prizes, chances and winners, the Bank is sharing saving tips each month in various aspects of life which will help customers to save more and spend wisely. The focus of this month’s tip is to plan a monthly budget which can in turn save you up to or more than RO 100 a month!

Speaking on the importance of planning and maintaining a monthly household budget, Mr. R Narasimhan, DGM and Head of Retail Banking at Bank Sohar said, “Living without a budget is like going on a road trip without a map – it can be accomplished but is usually inefficient. Planning ahead with a proper budget in hand has numerous advantages. It acts like your ‘Roadmap’ towards a brighter future, revealing wasteful spending, controlling expenses, reducing stress and generally contributing towards a more coordinated and a better overall outcome. Additionally and most importantly it can save you quite a substantial sum of money which can equate to RO 100 each month, and each RO 100 you save brings you closer to winning big in our savings scheme draws – a real win-win situation.”

“Budgeting however, is just one way to improve your savings. We at Bank Sohar are committed towards the improved livelihood of the community and will continue to offer more tips on savings and financial management as part of our Al Mumayaz Savings Scheme 2014 campaign,” he added.

In addition to providing advisory on savings, the Bank has also taken its new Scheme a step further by proving better incentives to save. It does so by offering more prizes comprising of Hourly, Weekly, Monthly, Half-yearly and Year-end draws. 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.

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.