The new deposit scheme from OIB Just right for you.

Al Morunah is OIB's attractive new deposit scheme with insurance cover that gives a person the opportunity to deposit money at his own convenience.

The scheme is designed specifically for individuals to help them build up sizeable deposits for future ventures, improvement in quality of life, or meet any future plans and programmes.

SALIENT FEATURES OF THE SCHEME

Al Morunah Flexi Accounts

• Initial deposit of RO.500 or more is required for the scheme.

• Additional deposits are acceptable at any time during the month with no fixed installments.

• Deposits shall be maintained for not less than one year from the date of deposit with no withdrawals in principle. However, under exceptional circumstances, withdrawls will be allowed within a year in which case no interest will be paid on the deposit from which full or partial withdrawl is made. however, the account holders may avail loans to an extent of 90% of the deposited balance amount.

High Interest Rate

Al Morunah Flexi-deposit accounts attract as high as 2% interest rate per annum calculated on a daily basis and payable quarterly.

All depositors of Morunah Scheme from the age of 5 to 65 years are covered under this Insurance scheme. In the case of deposits above RO.25,000 but below RO.75,000, a Health Declaration will be required to be produced. In the case of deposits above RO.75,000 a Medical Examination would be required.

Insurance is claimable in the event of any of the following incidents happening:

• Death due to any cause
• Permanent total disability due to accident or sickness.

In addition to the depositor getting his deposit plus interest, he is also entitled to an insurance cover upto 100% of the outstanding value of the deposit.

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