Best Savings Account in Oman

This article will look at some of the best savings accounts for expats in Oman.

It continues our analysis at savings solutions after I looked at options in numerous countries.

This has included Marcus by Goldman Sachs , Emirates NBD and the best savings accounts in Saudi Arabia and Kuwait.

The article will look at the best options available in Oman, although it remains our position to in an era of 0% interest rates, saving money in the bank doesn’t make sense.

For any questions, or if you are looking to invest, you can contact me using  this form.


Savings accounts are the type of bank accounts that let individuals save money while earn interest on the deposits made. Savings accounts are known to be a reliable and secure source of investments. 

However, Savings accounts might not provide higher profits as much as the profits provided by the general forms of investments such as Stocks, Mutual Funds, Bonds, etc.

The money deposited by individuals into the savings accounts is utilized by the banks to provide loans to the people who seek loans from the respective bank. 

The bank acts as a middleman while providing loans at a higher interest rate when compared to the interest rate represented to the borrowers. The difference in the interest is kept as profits by the bank.

Savings account, even though not providing higher returns on the investments made by individuals in the form of deposits, are known to provide higher returns over the long term. Anyhow, the interest rates depend on the bank selected, tenure of the deposit, etc.


Oman, also known as the ‘Sultanate of Oman’, is a country located in Western Asia. The capital city of Oman is ‘Muscat’, which is also considered to be the largest city.

The major religion of Oman is ‘Islam’ and the official language spoken in Oman is ‘Arabic’.  The currency of Oman is ‘Rial’, which is represented as ‘OMR’. By the time of writing this article, the current rate of Rial (OMR) is $2.60/£2.01. 

As of the stats per 2020, the population in Oman is around 5.1 million. The government of Oman is a unitary absolute monarchy, which means the absolute power resides within the monarch of the state/country.

Baking in Oman:

There are some local banks as well as foreign banks in Oman. In total, there are 17 licensed local and foreign banks in Oman along with 2 specialized banks, which are supervised by the Central Bank of Oman.

The Central Bank of Oman licenses and regulated all the banks in Oman along with monitoring the interest rates and issuing development bonds and notes. The banking system of Oman is stable as the government borrowing and hydrocarbon output always keep trying to maintain a balance in the economy. 

Some of the trustworthy native banks of Oman include Bank Dhofar, Bank Muscat, National Bank of Oman, Oman Arab Bank, etc. and some reputable foreign banks like HSBC Oman have branches located here.

Best Savings Accounts:

The average interest provided to savings accounts in Oman is 0.5%, whereas, the interest rate that can be obtained from fixed deposits is around 1.75%. Therefore, people who want to have a substantially higher interest rate can opt for fixed deposit accounts.

The best local banks that provide efficient savings account products in Oman are:

  • National Bank of Oman
  • Bank Muscat
  • Bank Dhofar
  • Oman Arab Bank

The best foreign banks having branches in Oman, which provide efficient savings account products are:

  • HSBC Bank Oman
  • Standard Chartered Bank Oman

Given below is the list of the topmost savings accounts in Oman provided by the best banks. Let us now have a brief yet concise discussion on these savings accounts.

National Bank of Oman (NBO):

National Bank of Oman is one of the famous local banks of Oman. Some of the noteworthy services offered by the National Bank of Oman are Personal Banking, SME Banking, Wholesale Banking, Home Loans, Credit Cards, etc.

The Savings Accounts offered at NBO are ‘Al Kanz Account’, ‘Al Amaal Child Savings Account’, ‘Mazaya Elite Savings Account’, ‘Savings Account’, ‘Super Saver Account’ and ‘Youth Account’. Now, let us take a look at each of them along with the benefits they offer.

‘Al Kanz Account (NBO)’ – Al Kanz Account has gained a lot of reputation to be one of the best savings accounts available to the people in Oman. People can open an Al Kanz account by making a minimum deposit of OMR 100.

Along with the customers who open an Al Kanz account, customers who open Sadara, Mazaya, Youth, Women and Salary Transfer accounts are also eligible for taking part in the lucky draw.

People who want to enter the Al Kanz Prize draws can do any of the following:

  • Opening an Al Kanz account or a Savings Account.
  • Adding funds to the customer’s Al Kanz account or savings account.
  • Holding the funds in the account for a substantial amount of time.
  • Transferring the salary of the customer to the National Bank of Oman.

Some of the considerable features:

  • Savings can be made in Omani Rials and other foreign currencies such as British Pounds, US Dollars, Euros and Emirati Dirhams.
  • One entry to the draw is awarded for each OMR 100 deposited in the Al Kanz account. 
  • The annual fee and minimum balance needed to be maintained for this account is OMR 0.
  • Customers get a chance to win OMR 25,000 monthly and OMR 250,000 quarterly. 

‘Al Amaal Child Savings Account (NBO)’ – The Al Amaal Child Savings Account at NBO is specially designed for the people who want to save money for their child’s education or secure their future. 

Customers can choose an amount that will be automatically deposited from the salary account of the customer to their Al Amaal Savings Account. 

The interest of the account will be calculated based on the average daily balance and will be credited to the account every month and the competitive interest rate provided by the Al Amaal account is 1.5% per annum.

The minimum opening balance is OMR 50 and a monthly standing order of OMR 10 must be maintained after that.

Birth Certificate should be provided by the customer. A passport is required for Omani children, whereas, passport and visa are required for expat children. 

Some of the considerable features:

  • The children are offered a debit card known as ’Al AMaal My First Bank Debit Card’ after the child turns 15.
  • People who are residents as well as non-residents can open an Al Amaal Child Savings Account.
  • A table is provided, which shows the amount received by the child after 18 years.
Monthly SavingsAmount received by the child after 18 years
OMR 25OMR 6,203
OMR 50OMR 12,405
OMR 75OMR 18,608
OMR 100OMR 24,810
OMR 200OMR 49,621
OMR 500OMR 124,052

‘Mazaya Elite Savings Account (NBO)’ – The Mazaya Elite Savings Account is a savings account that offers higher interest rates to the accounts having higher balances. The Mazaya Elite Savings account can be opened by a customer by making a minimum deposit of OMR 15,000. 

Customers who qualify for the criteria of Mazaya (salary ranging between OMR 1,000 to OMR 3,499 or a deposit of OMR 15,000 to OMR 39,999).

Some of the considerable features:

  • The interest is calculated based on the daily average balance and the interest will be credited into the account of the customer every month.

The interest rates are as follows:

Amount DepositedInterest Rate
Less than OMR 15,0000%
OMR 15,000 to OMR 24,9991.25%
OMR 25,000 to OMR 34,9991.50%
OMR 35,000 to OMR 39,9991.75%
OMR 40,000 and more2.25%
  • Customers can withdraw amount without any penalties and there is no minimum balance charge for this type of account.
  • A cheque book will be issued to the customer and free monthly account e-statement is also provided.

‘Youth Account (NBO)’ – The Youth Account at NBO is the best available option for the customers having an age between 18 and 25 years planning for their education. 

The minimum amount required to open this account is OMR 10 and the people must show either proof of employment or proof of enrolment in an educational institution.

Some of the considerable features:

  • Customized Titanium debit card designed for youth which allows 3 free withdrawals from other ATM machines. The amount will be reimbursed for unauthorized transactions made from a stolen card.
  • Access to e-Banking services and Al Kanz prize draws. 
  • Travel benefits such as access to airport lounges at major airports. 

‘Savings Account (NBO)’ – There are two types of Savings Accounts at NBO, which are an interest-bearing (0.5%) account and a non-interest-bearing (eligible to take part in the Al Kanz prize draw).

The banking services for this account can be availed by approaching any of the branches, via phone banking and through internet banking.

The initial opening balance of OMR 5 is required, whereas, the minimum balance that needs to be maintained in the account is OMR 100.

Some of the considerable features:

  • Funds in this account could be accessed from any OmanNet ATM or 900,000 ATMs located globally. Customers can also shop at partner merchants globally.
  • Cashless shopping is also supported at some of the selected partner outlets.

‘Super Saver Account (NBO)’ – This account provides an interest rate of 0.5% p.a. which can be 5 times the normal rate during special promotional periods. The banking services for this account can be availed by approaching any of the branches, via phone banking and through internet banking.

The minimum deposit amount required to open the Super Saver Account is OMR 100 and a monthly average balance of OMR 100 must be maintained.

Some of the considerable features:

  • NBO provides Super Saver Account Debit Card which helps customers access their funds anywhere in the world.
  • The debit card can be used at any of the 500,000 MasterCard ATMs globally or customers can shop at one of the 35 million partner outlets.

Bank Muscat:

Bank Muscat is a local bank in Oman, which specializes in services such as Corporate Banking, Retail Banking, Investment Banking, Asset Management, Private Banking, etc.

The savings accounts offered at Bank Muscat are ‘Al Mazyona Savings Account’, ‘Shababi Youth Account’, ‘Al Mazyona Children’s Account’ and ‘Themaar Saving Plan’.

‘Al Mazyona Savings Account (Bank Muscat)’ – The Al Mazyona Savings Account is well-known for the cash prize draws that can be accessed by customers by just qualifying for the minimum balance requirements.

The minimum balance required to open this account is OMR 150 and there is no annual fee applicable to this account. People who opt for the non-interest bearing account are only eligible, whereas, the people choosing interest-bearing accounts won’t have a chance in the prize draw.

Some of the considerable features:

  • More prizes are provided and guaranteed winners from all regions.
  • Each OMR 100 deposited will grant the customer a chance at the draw to win prizes.
  • Separate prize draws for children, Shababi account holders and Zeinah Account holders. Exclusive prize draws and Special prize draws also included in this account.

‘Shababi Youth Account (Bank Muscat)’ – This account is for the customers having an age between 18 and 23, adding to which, Omanis or expats can open this account.

This account needs to be converted to a normal savings account, once the customer exceeds the age of 23 years.

Some of the considerable features:

  • Online Banking & Mobile Banking services are made available, with the help of which customers could access banking services from anywhere in the world.
  • Utility Bill Payments can be made via various electronic payment gateways using the funds in Shababi Youth Account.
  • Banking experience taken to a whole new level with the help of a contactless wristband.
  • Participation in the Shababi monthly draws, as well as Al Mazyona Draws.

‘Al Mazyona Children’s Account (Bank Muscat)’ – This is a savings account designed for children to make savings a part of their habit. Available for the children under 12 years of age and a minimum fee of OMR 50 is required to be eligible for the free insurance coverage.

Some of the considerable features:

  • Customers can save and win by participating in the exclusive monthly draws.
  • Additional features like no minimum balance charges, easy cash deposit facility, special birthday draw, etc. make it unique.

‘Themaar Saving Plan (Bank Muscat)’ – Anyone within the age between 18 and 60 years is eligible to open this account. The plan duration ranges between 1 – 10 years and customers can choose an amount between OMR 25 to OMR 1,000.

Some of the considerable features:

  • Free life insurance coverage provided to the customers, which can be maximum up to OMR 50,000.
  • Guaranteed returns are provided on the safe and secure deposits in this plan.
  • Unless closed before the time of maturity, the account will continue to provide a fixed interest rate to the customer.

Bank Dhofar:

Bank Dhofar is a local bank, which is considered to be one of the best banks in Oman. The major services provided by this bank are Personal Banking, Corporate Banking, Priority Banking, Investment Banking, etc.

The Savings account offered by Bank Dhofar is referred to as ‘Saving Account’ and comes along with some quite attractive features.

‘Saving Account (Bank Dhofar)’ – The Saving Account at Bank Dhofar helps individuals to save for a specific future goal. The minimum balance required to open this account is OMR 350 and the individuals should maintain at least OMR 100 in order to qualify for the prize draws.

Eligibility criteria for opening a Saving Account at Bank Dhofar is given below:

  • The individual should either be a permanent employee in any governmental or semi-governmental organization of Oman.
  • The individual can also be an employee from a private sector, but it should be listed with Bank Dhofar.
  • For male applicants, the eligibility criteria for age is between 18 – 60 years, whereas, for women, it is 18 – 55 years.
  • The applicant must have been working for the current organization/company for at least 4 months prior to the date of application.
  • The individual should not be blacklisted by Bank Dhofar or the Central Bank of Oman caution list.

Some of the considerable features:

  • Customers having this account are eligible to win monthly as well as weekly prizes. 
  • Cash in the account can be accessed with an ATM/Debit card. Bank also provides Online Banking, Phone Banking, SMS Banking, ATM/CDM machine access along with access to bill payment machines.
  • Prize draws take place monthly and some special prize draws take place on some special occasions.

Oman Arab Bank:

Established in 1984, Oman Arab Bank is a commercial bank, which is jointly owned by Arab Bank plc, Oman International Development and Investment Company, and other shareholders.

The major services include Retail Banking, Corporate Banking, Project Finance, etc.

The savings accounts offered at Oman Arab Bank are ‘Hasaad Savings Account’, ‘Child Education Saving Plan’, ‘Hasaad Savers’, ‘Youth Account’ and ‘Growth Account’.

‘Hasaad Savings Account (OAB)’ – With the Hasaad Savings Account, individuals can be able to save money while getting a chance at the monthly draws. This account is available for both Omanis and non-Omanis in the form of interest-bearing as well as non-interest-bearing accounts.

People who opt for interest-bearing accounts will not get a chance to enter the prize draws. A minimum balance of OMR 100 should be maintained in the account to enter the monthly draw.

Various draws have different types of requirements and people must comply with those requirements in order to eligible for the respective draws. 

Some of the considerable features:

  • Account can be opened at any of the 57 branches located in Oman. Funds can be accessed by the OAB debit card anytime.
  • Deposits and Withdrawals can be made at the 152 ATMs located across Oman and the debit card can be used across 30 million merchant locations globally.
  • Availability in various currencies and the bank also provides services like SMS banking, eStatements, eAdvices, etc.

‘Child Education Savings Plan (OAB)’ – As the name suggests, this account is designed for saving money towards a child’s education. Parents having age between 18 – 64 years can open a child education savings plan for their children (aged less than 18 years).

Some of the considerable features:

  • This account also grants access to prize draws every month.
  • The interest rate provided for the child education savings plan is 1.75% p.a. on the monthly average balance. A bonus interest rate of an additional 1.25% is also provided every three years.
  • The account can be opened with a balance as low as OMR 10 up to a maximum balance of OMR 5,000.

‘Growth Account (OAB)’ – Any person having age over 18 years, whether he/she is an Omani or non-Omani, can open a Growth Account at OAB. 

Some of the considerable features:

  • Account can be opened at any of the 57 branches located in Oman. Funds can be accessed by the OAB debit card anytime.
  • Deposits and Withdrawals can be made at the 130 ATMs located across Oman and the debit card can be used across 30 million merchant locations globally.
  • Availability in various currencies and the bank also provides services like SMS banking, eStatements, eAdvices, etc.

‘Hasaad Savers (OAB)’ – Any existing customer of OAB having an age over 18 years, whether he/she is an Omani or non-Omani, can open a Growth Account at OAB. The people who apply for this account get entry into the Hasaad Savings Scheme.

‘Youth Account (OAB)’ – This account is available for the individuals aged between 18 – 24 years, keeping students in mind.

Some of the considerable features:

  • 50% discount on VOX cinema tickets and free internet data up to 24GBs (to Omantel customers).
  • Specially designed Youth Visa Debit Card and eligibility to participate in the Hasaad monthly draws scheme.
  • Special offers and discounts.

HSBC Bank Oman:

Hong Kong and Shanghai Banking Corporation (HSBC) is a renowned bank providing banking services in 64 countries and has 40 million customers worldwide. HSBC Oman offers two types of Savings Accounts, which are ‘Savings Account’ and ‘HSBC Mandoos Savings Account’.

Savings Account (HSBC Oman) – This account is available in various currencies such as OMR, AED, USD, GBP, EURO and many more. The minimum balance required for this account is OMR 100.

OMR 0.500 monthly charges are applicable to the accounts not maintaining the minimum balance. The interest rate is 0.5% for this account and is paid out on a quarterly basis.

‘HSBC Mandoos Savings Account’ – This is a non-interest-bearing account that grants customers access to prize draws.

A minimum monthly average balance of OMR 100 needs to be maintained (which provides 2 chances) and customers get 1 additional chance in the draw for every OMR 50.

  • Quarterly Draw – OMR 50,000 (1 winner)
  • Monthly Draw – OMR 5,000 (5 winners)
  • Monthly Draw – OMR 500 (50 winners)
  • Monthly Draw – OMR 50 (500 winners)
  • Seasonal Draw – OMR 500 (50 winners)

Bottom Line:

These are the top 5 banks in Oman providing the best savings accounts to the individuals, either expats or residents. If you want further detailed information about any of these banks, you can feel free to contact us.

If you need assistance in opening a bank account that suits your needs or if you require professional wealth management services, you can avail of the expert banking services offered by us.

That being said, we hope that this article was helpful to you for finding the information that you were searching for. We wish for you to have a bright banking career with a good number of profits on your savings. Happy Banking!!!

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