We continue on our path of digital evolution with the introduction of new, first-of-its-kind, banking services.
As part of the ‘Step to the Future 3.0’ campaign,we introduce:-
Digital Growth Savings Account:
Customers looking to join OAB today are not required to visit the nearest branch and go through the application process. By downloading the OAB Online App, they can initiate the digital account opening process and upload and submit copies of their ID card (for citizens), residence card and passport (for expatriates), plus fill in their personal data and submit a picture in the form of a selfie. Upon completion, they will receive an SMS with an OTP code to acknowledge their agreement with the Bank’s terms and conditions. In under 5 minutes, the digital onboarding process will be completed and all account details shared with the customer so that they can begin their journey with OAB.
Customers who open a growth savings account with OAB can benefit from a limited-time savings deposit scheme with a special interest rate of 3% per annum, which will be paid to their account every month if opened before the end of December 2020. Additionally, customers depositing a minimum amount of OMR 5,000, will receive a guaranteed cash prize of OMR 50 by simply maintaining it for at least a month. Similar to a normal savings account, customers can enjoy the freedom of withdrawing their savings at any time, unlike a traditional fixed deposit account.
Instant loan top-up:
OAB customers who have personal loans can now submit a request to instantly top-up their loan amounts through the OAB Online App. If they are eligible, the request will be processed in under a minute, with the additional loan amount being transferred to their account almost immediately. This sets a new bar for the level of service within the local banking sector by implementing the use of advanced technology and analytical models to accelerate a process, which normally takes longer with a visit to a branch
For more information, call us on 24754444
Download OAB Online app now!
Terms and conditions apply
- Terms and Conditions
The following terms and conditions shall apply to your Digital Growth Account once you have completed your Onboarding process. In addition to these Terms and Condition, your Digital Growth Account will be subject to the terms of OAB Online – Internet & Mobile Banking for Retail Customers and the relevant application forms. In case of conflict between the preceding documents, the order shall be as follows: the relevant application forms, then OAB Online – Internet & Mobile Banking for Retail Customers, then these Terms and Conditions.
1.1. “Deposit Transactions” shall mean deposits made towards your Digital Growth Account by means of (i) local or international wire transfers within the threshold of Fifty Thousand Omani Rials (OMR 50,000), (ii) and cheque deposits.
1.2. “OAB Online – Internet & Mobile Banking for Retail Customers” shall mean the electronic banking platform available to our retail customers via Internet and mobile phone applications.
1.3. “Onboarding” shall mean the electronic process described in clause 2 below.
1.4. “Special Interest Rate” shall be at the rate set out at the relevant application forms.
1.5. “Digital Growth Account” shall mean the bank account opened with Oman Arab Bank SAOG pursuant to these Terms and Conditions.
1.6. “Terms and Conditions” shall mean the conditions and rules contained herein and governing the relationship between you and us in connection with your Digital Growth Account.
1.7. “Website” shall mean the following web address: https://www.oman-arabbank.com/
To open your Digital Growth Account you must electronically agree and express your consent to (i) the relevant electronic application forms, (ii) the terms and conditions of the OAB Online – Internet & Mobile Banking for Retail Customers, (iii) these Terms and Conditions, (iv) the KYC forms, and (v) any other forms or documents that we may deem fit from time to time all of which shall be available on our mobile phone application (downloadable on Google Play and Apple Store).
- Digital Growth Account
3.1. By completing your Onboarding and agreeing to these terms and conditions, you consent to open a temporary deposit account with Oman Arab Bank SAOG labelled “Digital Growth Account”.
3.2. The Special Interest Rate is offered for a limited time valid only for a period of six (6) months from the date of first deposit, and is calculated at the minimum monthly balance. You understand and agree that we shall have the right to amend the applicable interest rates at our sole discretion and without your prior consent.
3.3. Upon the expiry of the period of three (3) months from the opening of your Digital Growth Account, your Digital Growth Account will be converted into a standard (i.e. non-digital) deposit account (labelled “Savings Growth Account”) provided you duly complete and execute all relevant paperwork by physically attending any of our branches for purposes of documentation verification.
3.4. Your Digital Growth Account will be assigned a specific Account Number to be used in all transactions you carry out with us.
3.5. You hereby authorize us – without notifying you nor your prior consent – to (i) open sub-accounts allowing you to avail certain banking services and products, and (ii) merge – in case of multiple accounts – your accounts under a single account and consolidate your dues and balances therein.
4.1. Until your Digital Growth Account is converted into an ordinary current account, you may only carry out Deposit Transactions.
4.2. Without prejudice to cut-off times and holidays, the proceeds of cheques, wire transfers, or any other vouchers shall only be credited to your Digital Growth Account when we collect their actual value, even if the transaction is inscribed in the Creditor Statement of Account and regardless of any sms or email conformation.
4.3. Transactions authentication and verification shall be as per OAB Online – Internet & Mobile Banking for Retail Customers terms and conditions without any responsibility on our part.
4.4. We may reject any Deposit Transaction and/or reduce the deposited amount and/or impose restrictions on the depositing process and/or any part thereof without bearing any responsibility.
4.5. We reserve the right to seek additional information with respect to any transaction you wish to carry out, as we shall deem necessary, and without any responsibility on our part for any delays occurring from such inquiries.
4.6. We may not be responsible for any errors or delays committed by correspondent banks in clearing cheques, wires transfers, or any other means of remittance by virtue of which funds are to be credited to your Digital Growth Account.
4.7. Deposited amounts will be credited in the same currency of your Digital Growth Account. Deposit Transactions made in currencies other than Omani Rial (OMR) will be converted into Omani Rials at the exchange rate indexed by the Central Bank of Oman on the day of the Deposit Transaction.
4.8. Should you unduly receive any undue funds in your Digital Growth Account, or otherwise detect any similar error in the functioning thereof, you shall – immediately upon your becoming aware of the same – inform us in writing and return such undue payment.
4.9. We shall not be liable and you indemnify us, our employees, affiliates and partners against any damages, expenses, claims, or charges incurred by us as a result of errors and omissions connected with Deposit Transaction carried out by third parties.
5.1. All instructions relating to your Digital Growth Account will be restricted to means and channels available through OAB Online – Internet & Mobile Banking for Retail Customers. If however we receive unclear or conflicting instructions, we shall be have the right to execute or refrain those instruction or any part thereof, or take any other measures we deem fit including but not limited to freezing your Digital Growth Account.
5.2. You are hereby be made fully aware of the risks associated with Internet and undertake to indemnify us, our employees, affiliates and partners against any damages, expenses, claims, or charges incurred by us as a result of acting by virtue of any instructions issued through Internet.
5.3. We, our employees, affiliates and partners will not be liable for any damages, losses, expenses and fees whether direct or consequential which you may incur as a result of us acting, refraining to act or delaying acting upon your instructions.
6.1. You understand and agree that any funds, securities, financial instruments, bonds, guarantees, shares, insurance policies, documents, banknotes, gold, valuables, and properties of whatever type which are in our possession under any arrangement whatsoever shall be deemed a continuous guarantee with us so as to secure the settlement of any debit balance, fees, expenses, costs, or any other dues you might have towards us.
6.2. You further irrevocably authorize us to use or otherwise liquidate the above continuous guarantee on your behalf to settle your dues with us without your prior consent or post facto notice, and without any responsibility on our part. All expenses we incur as a result of the above shall be borne by you and cleared in the manner above-described.
6.3. We may without notifying you nor your prior consent and you hereby agree and authorize us to record all the fees, expenses, charges, interests, commissions, legal fees and any other expenses or charges of whichever nature which are payable by you or incurred on your behalf as a result of your dealings with us, and without any responsibility on our part.
- Statements of Account
7.1. Unless you make a requirement for mail delivery in physical copies, your Account Statements will be monthly – or any other mutually-agreed recurrence – submitted to you by way of email, or made available through OAB Online – Internet & Mobile Banking for Retail Customers platform.
7.2. Unless gross negligence or wilful misconduct on our part, you understand and agree that all recordings and entries to your Account Statements are deemed true and valid and constitute a conclusive and binding evidence on all transactions carried on your Digital Growth Account, and that our responsibility toward any error therein shall be limited to fixing that error.
7.3. Should you have any objection on such recordings and entries, you must express it within six (6) months from their date of issuance. After the lapse of which they shall become conclusive and
definitive, and you hereby make an unrestricted and irrevocable waiver of any right to audit our entries or signature authenticity by means of any court proceedings or otherwise.
7.4. We may object any entries to your Account Statement and immediately address such objections by way of entry-reversal, automated modification or any other means that we deem fit without any notification to you. Further, we may recover any amounts due in furtherance to such objections without any responsibility on our part.
- Dormant Accounts
Should you fail to (i) convert your Digital Growth Account into a Savings Growth Account within the procedures and deadlines above-described in paragraph 3.3, or (ii) carry out any transaction for a period longer than twelve (12) months, your Digital Growth Account will be deemed dormant i.e. you will not be able to use it anymore, and you may only reactivate it upon a written request. We further reserve our right to collect a reactivation service fee at an amount determined at our own discretion.
- Closing your Account
9.1. Without prejudice to the applicable laws and regulations, we may close or freeze your Digital Growth Account without assigning any reason thereof upon a fifteen-day notice, and without any responsibility on our part.
9.2. In such occurrence, should you have any dues payable (including interests, fees and expenses) to us, those dues will be cleared against the balance which will be made available to you by means of remittance or cheque forwarded by mail, or by we will have it retained to your benefit in an interest-free insurance account. If those dues exceed your balance, we will request you to settle those dues immediately.
9.3. You may close your Digital Growth Account any time upon a fifteen-day notice. In such occurrence, the process described in the preceding paragraph shall apply.
- Undertakings, Representations and Warranties
10.1. You hereby undertake to (i) manage your Digital Growth Account in good faith and without negligence; (ii) inform us about any defect/default that may occur regarding the management of the account and immediately take the necessary corrective procedures; (iii) immediately return any funds or movables that came into your possession by mistake, due to an emergency or a force majeure; and (iv) provide all information and documents required to open and manage your Digital Growth Account when so requested, and we my freeze your Digital Growth Account until submission thereof without any responsibility on our part.
10.2. Your hereby represent and warrant that (i) you are not bankrupt or insolvent, nor have you stopped repaying your debts pursuant to the Bankruptcy Law; and (ii) all information and particulars provided to us are accurate and true in all aspects, and as such we shall not be held responsible for any losses or damages arising from the failure to provide accurate and true information.
11.1. You shall carry out only transactions that are legitimate and legal. Should we suspect any fraudulent transaction – whether money laundering or otherwise – we shall have the right to freeze your Digital Growth Account immediately until the sources of funds are verified without any responsibility on our part.
11.2. Without prejudice to the applicable laws and regulations, we reserve the right to disclose your information to any third party – without any responsibility on our part – (i) where it is necessary for completing transactions, or (ii) in order to verify the existence and condition of your Digital Growth Account for a third party, such as a financial institution or a merchant, or (iii) in order to comply with government or court orders, or (iv) if you give us your written permission.
11.3. It is your responsibility to comply with any and all laws and regulations applicable to your tax situation without any liability on our part.
11.4. We will not be responsible in your Digital Growth Account is blocked due to any International sanctions, and will not give you access to funds therein without a valid court order to do so.
11.5. You understand that counterfeit or suspected counterfeit of commercial papers – cheques in particular – shall entitle the paying or correspondent bank not to return the same, but to reserve and retain them pursuant to the applicable laws and regulations, and you may not claim return of the original of said paper.
11.6. We may take whatever action we consider appropriate to meet any obligations, either in the Sultanate of Oman or elsewhere in the world, relating to the prevention of fraud, money laundering or terrorism financing and the provision of financial and other services to persons who may be subject to sanctions, and we shall not be liable for any loss, liability, delay or cost incurred by you as a result of such actions.
- Call Center Services
12.1. You may call our 24/7 “FIL KHIDMA” call center (the “Call Center”) on +968 24 754 444 for any assistance with your Digital Growth Account including availing services available thereby.
12.2. When setting up your Digital Growth Account, you can obtain your customer identification number and debit card personal identification number (the “DC-PIN”) necessary for availing services available with the Call Center.
12.3. You shall keep your customer identification number and DC-PIN confidential at all time, and report any loss or disposure thereof to us using the Call Center.
12.4. When you avail the Call Center services, we shall not be responsible for (i) verifying whether transactions are made in good faith, or instructed by unauthorized individuals having access to your DC-PIN; (ii) not executing instructions where we have reasons to believe they are not genuine or are otherwise improper, unclear, vague or raise doubts; or (iii) any losses or damages you may incur due to any error, defect, failure or interruption in the provision of those services.
12.5. When you avail the Call Center services, you understand that – other than instructions which in nature can be instantly executed – instructions will be executed only in working hours.
12.6. You agree that we may, at our discretion, record your conversations on the Call Centre, and you agree that the records of your instructions concluded over the phone shall be conclusive proof and binding for all purposes.
12.7. It is up to our entire discretion to apply charges to services available with the Call Center and to amend the same from time to time. If any charges, they will be deducted from your Digital Growth Account accordingly.
- SMS Notification Service
13.1. We may – as we deem appropriate – provide you with SMS notification services on your mobile phone number registered with us to update you on your latest transactions, and to share with you our latest offers and products.
13.2. In providing you with such service, we will make sure all information are accurate and true in all aspects. However, we shall not be liable for any notification failure due to network availability whether locally or internationally, nor any undesirable access by any third party to such notifications on your mobile phone.
- Limitation of Liability
14.1. You agree to identify us, our employees, affiliates and partners against any damages, losses, expenses and fees whether direct or consequential which we may incur as a result of your (i) breach of these Terms and Conditions, (ii) negligence or misconduct, (iii) non-compliance with any applicable local or international laws and regulations, (iv) instructions given to us to carry out any transactions on your Digital Growth Account, and (v) fraud or dishonesty with respect to any transaction.
14.2. Unless we have received a valid substantiated notice from any relevant party, we shall not be responsible for any losses or damages arising from transactions conducted on your Digital Growth Account after your death, lunacy, incapacity, or insolvency or any other incident or circumstances of similar nature.
- Force Majeure
To the maximum extent allowed by the applicable laws and regulations, we shall not be held accountable or assume any responsibility whatsoever whether to you or to any third party for any losses, damages, expenses or fees whether direct or consequential that you (or a third party) may incur as a result of any events beyond our control including, without limitation, acts of God, war, riots or civil disturbance, strikes, labor disputes, lockouts, accidents, earthquakes, fires, transportation conditions, material storages, electronic systems and network failures, government acts, sanctions and embargoes.
16.1. When completing your Onboarding, you shall elect an address and an email ID that we will use to send you your Account Statements along with any other official notices or communications.
16.2. Unless you notify us about any changes to your elected address and/or email ID, we shall not be liable for any losses or damages that you incur if your Account Statements or any other official notices or communications are delivered to the wrong address.
17.1. It is in our discretion to amend from time to time any of these Terms and Conditions – including interest rates and commissions – without your prior consent and upon a seven-day notice delivered to you either in accordance with the terms set out for such purpose in these Terms and Conditions, or by way of public announcement through our website, electronic channels, or newspapers.
17.2. No failure or delay on our part in exercising any of our rights shall constitute a waiver thereof. The exercise of any of our rights for one time or in a partial way shall not prevent us from exercising the same again, nor from exercising any other rights.
17.3. Should any clause of these Terms and Conditions be declared null and void, then the remaining clauses shall not be affected in any way.
17.4. Notwithstanding anything to the contrary in these Terms and Conditions and without prejudice to the applicable laws and regulations, we may assign any of our rights and obligations ensuing therefrom to any third party without seeking your prior consent. You confirm that in such occurrence, you hereby allow us to disclose all the information related to your Digital Growth Account.
17.5. In cases of death, lunacy, incapacity, or insolvency or any other incident or circumstances of similar nature, we shall freeze your Digital Growth Account until appropriate powers are granted to the relevant rightholders in a form and substance satisfactory to us, or until we receive instructions from the content courts.
- Applicable Law and Jurisdiction
Any disputes arising from or in connection with these terms and conditions shall be governed by the laws of the Sultanate of Oman, and the courts of the Sultanate shall be competent to look such disputes.