Maisarah Islamic Banking Services

Minor Account

Equip your minors with essential financial management skills through Maisarah’s Minor Account – features that are Sharia compliant and tools for financial growth. Open a Maisarah Minor Account today and unlock the benefits!

The Account is Sharia compliant. It is based on Mudarabah Structure.
Profit payment with expected rates based on monthly average balance.
No minimum balance fees.
No standing instruction fees.
Instant debit card issuance.
Minors are eligible to get supplementary debit card.
Limit of OMR 50/- per transaction and monthly withdrawal limit of OMR 200/- (As per CBO regulation)
Flexibility in changing withdrawal limit based on father/guardian request.
Through branches, fathers/guardian can withdraw amounts from minor accounts with open limit.
Quick and easy account opening process through mobile banking.
Assistance in achieving financial goals for minors’ future.

Eligibility

Age: 13 – less than 18

Secure your Minor’s future with Maisarah Islamic Banking Services’ Minor Account. Unlock features and benefits designed to help you save and invest for their tomorrow. Start today!

Frequently Asked Questions

Who can open Minors Account?: A father or guardian can open a minor Account for his/ her minor, as long as the minor is under age group of (13- less than 18).
What is sharia structure for Minor accounts:: It’s saving account and based on Mudarabah structure.
Do I get profit on Minor account?: Yes, because it’s based on Mudarabah. The profit is based on monthly average balance.
What is the minimum balance required to open a Minors Account?: No minimum balance is required.
What are the documents required to open a Minors account?: Passport copy / Birth Certificate of the minor
Father/legal guardian’s ID if Omani
Proof of address, you may use an electricity bill or water bill.
For non-Omani, Customer Resident ID and a copy of the passport visa page
Is there any restriction on withdrawing the deposit from the Minor’s Account?: Father/guardian can deposit and withdraw at any time. However per transaction, maximum withdraw limit is OMR 50. Maximum monthly limit is OMR 200. The father/guardian can change the limit after risk assessment by Bank.
Will the bank issue a debit card for Minor’s Account holders?: Yes, we issue debit cards for Minor’s accountholders with the father/guardian’s name printed on it. Also, they can request for a supplementary debit card for their minors.
Can I open a joint Minor Account?: No, it is not possible to open a Minor Account as a joint account.
Is there any minimum balance fees to be charged by bank?: No, there’s no minimum balance fees on Minor accounts.
Is there any fees on standing instruction?: No, standing instruction is free for Minors account.
Any products/features available to assist the account holder achieving saving plans for him/her minor?: Yes, free standing instruction can be used to achieve financial and saving goals for minors.

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