HSBC Oman has launched its 2014 Mandoos Savings Scheme reward structure that allows customers to win cash prizes including the newly-introduced OMR1m ($2.59m) grand prize, which will be shared by ten customers at the end of 2014.

Mandoos is a non-interest savings account that requires customers to maintain a minimum balance of OMR100 ($259) for one month to be eligible for all prize draws.

The 2014 version of Mandoos Scheme will see 30 customers winning OMR1,000 (2,597) every month, and four customers winning OMR50,000 ($129,853) each, in both March and June 2014.

Additionally, HSBC Oman grants one additional entry into each draw whenever the customer deposits OMR100 into the Mandoos account.

HSBC Bank Oman retail banking and wealth management deputy general manager, Abdul Qader Al Sumali, said since May 2013, the Mandoos Savings Scheme has strategically complemented the wide range of retail banking products and services they offer and has substantially enriched the customer banking experience.

"We have redesigned the scheme to give customers more chances to win the grand prize.

"The new Mandoos scheme is both fair and simple and is part and parcel of HSBC Bank Oman’s Retail Banking and Wealth Management strategy that aims to help people fulfil their hopes and dreams and realise their ambitions," Al Sumali added.