Bahrain-based BankMuscat International (BMI) has launched a new range of fixed deposits, offering customers flexibility and choice in their investment options.

Amongst the new range being offered are a fixed rate deposit for a limited period and a floating rate deposit that tracks the three-month floating rate (Libor).

“These exciting new products offer our customers better saving options and a wider choice. Offering fixed or floating rate options to our customers gives them control over their saving,” said BMI Chief Executive Officer Andrew Bainbridge.

“We will continue to develop and introduce innovative products and services that consistently meet and exceed our customers’ expectation. Based on our study of the market and customers’ needs, we plan to continue offering distinctive products with exciting features and benefits,” he said.

The fixed rate deposit, currently on offer for a term of 18 months, provides customer with a five per cent interest on a minimum deposit of BD5,000.

The floating rate deposit is a long term deposit (six months to five years) with an interest rate that tracks the three month floating index (LIBOR) with a discounted margin determined by the term of the deposit selected.

As an additional feature, customers investing in this scheme can deposit using a variety of currencies including the Bahraini dinar, US dollar, British pound and euro. The minimum customer deposit is BD5,000 with the interest payment on maturity, the bank said in a statement.

BMI also offers a special fixed rate deposit that offers customers an upfront interest payment. The interest rate for this is set by treasury and the minimum deposit is BD5,000. The term for this deposit is similar to that of the regular fixed deposits offered by the bank and customers can deposit using a variety of currencies including the Bahraini Dinar, US Dollar, Great Britain Pound and Euro.

BMI currently offers its customers a range of retail products and services including SME banking, mortgage, consumer and vehicle loans, credit cards, savings and current accounts. In addition to retail banking, BMI offers corporate banking, private banking, Islamic financial services, global trade services, financial institutions and correspondent banking and treasury services. – TradeArabia News Service