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Bank Muscat launches retirement savings plan

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 Sangeetha Sridhar, Dr.Rajan Philips, Hasan Kamoonpuri
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BankMuscat has launched a retirement savings plan offering flexible options and rewards to the customers both Omanis and expatriates


The Themaar Retirement Savings Plan introduces flexibility in choosing monthly deposit amount, savings term, pension amount and pension term according to the convenience and financial ability of customers. The BankMuscat retirement plan also provides guaranteed bonus and chances to participate in al Mazyona prize draws, in addition to 10 holiday packages every year worth 500 rials each.

“BankMuscat is proud to launch Themaar Retirement Savings Plan in line with the Bank’s strategy to inculcate prudent savings habit,” said Sulaiman Al Harthy, Group DGM, Consumer Banking, speaking at the launch.

“Many people fail to plan for the future and save for their retirement years. The Themaar Retirement Savings Plan addresses this critical need and helps customers supplement their retirement income so that they can maintain a comfortable lifestyle even after they retire.”

Themaar Retirement Savings Plan allows deposits to be tailored to one’s financial needs after retirement. At a time when savings are critical to ensure a worry-free future for one’s family, the Themaar retirement plan helps maximise savings. Themaar helps plan a secure future, depending on expendable income, thereby building a potentially larger retirement income. The Themaar retirement savings plan is open to citizens and expatriates.

The Themaar Retirement Savings Plan is not rigid and offers many benefits. Opening a Themaar retirement plan helps customers to stay secure even when they do not have a regular source of income; particularly sections of society who may not have access to pension either from the government or their employer. Themaar customers can decide at what age to retire and the amount of monthly pension they require at the time of retirement. The attractive plan allows the choice of selecting both the pension amount and when customers want the pension to begin and end.

With a guaranteed bonus, Themaar customers can enjoy appreciation on all monthly deposits throughout the savings term, plus an additional bonus at the end of the pension term. Themaar also provides 100 per cent protection of deposits throughout the term period and customers have access to their deposits any time during the product term.

As an added reassurance, in case of death of the customer anytime during the term, the bank will waive all future outstanding deposits from the customer and immediately start paying the monthly pension to the beneficiary/family for the term specified by the customer at the time of opening the Themaar Savings plan. Thus, the plan is invaluable not only for the customer, but also his family.

 “Themaar is designed to make the difference between mere existence and being financially comfortable to lead a fulfilling retirement life. The primary objective of Themaar retirement plan is to provide retirement security. With a long-term perspective, Themaar helps customers in judicious retirement planning. With comprehensive planning, Themaar customers can determine the financial needs when they retire, besides identifying the best ways to save for retirement,” Sulaiman Al Harthy added.

Most people consider that retirement planning can be put off till they are about to retire. They do not realise that on average, one spends 25 per cent to 30 per cent of life in retirement, requiring vast sums of money to support themselves. “A timely investment in Themaar Savings Plan helps to stay secure when a regular source of income is not available after retirement,” Al Harthy said.


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