Al Masraf Bank Accounts

Bank Accounts in the UAE

Al Mashf Bank Account
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  • Dubai
  • Abu Dhabi
  • Sharjah
  • Ras Al Khaimah
  • Ajman
  • Other

Established in 1975, Al Masraf (Arab Bank for Investment and Foreign Trade) Bank was founded with the objective to unite the Arab nations and promote joint economic propositions among them. With an industry experience of over 45 years, Al Masraf offers financial services including retail banking, Islamic banking, corporate banking, and Treasury and Investment services. 

With so much to offer, Al Masraf stands apart for its impeccable products like finance, loans, and bank accounts. This write-up throws light on the type of Al Masraf Bank accounts in the UAE and their features and benefits. 

Types of Al Masraf Bank Account

1. Al Masraf Saving Account

Features and Benefits of AI Masraf Saving Account

  • Option to open the account online via Al Masraf mobile application
  • Zero minimum balance to be maintained
  • Complimentary debit card with 1% cash back on purchases
  • Free international fund transfers and international remittances
  • No processing fee charged
  • Free-of-cost SMS notifications on all transactions from the savings account
  • Includes services like mobile banking and Internet banking

Saving Account in UAE

2. Al Masraf Current Account

Features and Benefits of AI Masraf Current Account

  • Open the account online via Al Masraf mobile application
  • Zero minimum balance to be maintained
  • Complimentary debit card with 1% cash back on purchases
  • Free international fund transfers and international remittances
  • No processing fee charged
  • Free-of-cost SMS notifications on all transactions from the savings account
  • Includes services like mobile banking and Internet banking
  • Complimentary chequebook for AED-denominated bank accounts (provided to the bank account holder if they meet the Central Bank of the UAE’s and al etihad credit bureau’s guidelines)

Note -  Minimum Monthly Salary must be AED 5,000 for Both types Al Masraf Accounts in UAE

Current Account in UAE

Benefits and Features of Al Masraf Bank Account

All Al Masraf Bank accounts have excellent features and can be customised to meet your requirements. Listed below are the major benefits of opening an Al Masraf Bank account -

  • 24/7 customer care service
  • Option to access your account through phone banking, online banking, mobile banking, and SMS banking
  • Easy access to bank statements
  • Complimentary debit card/chequebook
  • Dedicated relationship manager
  • Option for Islamic banking available
  • Access to ATMs across the UAE
  • Open account in AED or a major foreign currency

Eligibility Criteria to Apply for Al Masraf Bank Account

Given below are the eligibility criteria for the different types of Al Masraf Bank accounts -

Bank Account Types Eligibility Criteria
Savings Account
  • Nationality - UAE national, resident, and non-resident
  • Minimum Age - 18 years old
  • Minimum Monthly Income Required - AED 5,000
  • The applicant should not have a conventional savings account with the bank in the same currency denomination
Current Account 
  • Nationality - UAE national and resident
  • Minimum Age - 21 years old
  • Minimum Monthly Income Required - AED 5,000
  • The applicant should not have a conventional current account with the bank in the same currency denomination

Documents Required to Apply for Al Masraf Bank Account

Keep the following documents prepared when applying for an Al Masraf Bank account -

Bank Account Types

Eligibility Criteria

Savings Account

  • Nationality - UAE national, resident, and non-resident
  • Minimum Age - 18 years old
  • Minimum Monthly Income Required - AED 5,000
  • The applicant should not have a conventional savings account with the bank in the same currency denomination

Current Account 

  • Nationality - UAE national and resident
  • Minimum Age - 21 years old
  • Minimum Monthly Income Required - AED 5,000
  • The applicant should not have a conventional current account with the bank in the same currency denomination

Open bank Account

How to Apply for an Al Masraf Bank Account in the UAE?

Here’s how you can apply for an Al Masraf Bank account in the UAE -

Via Policybazaar.ae

You can easily apply for opening an Al Masraf Bank account in the UAE through policybazaar.ae. This is a third-party aggregator website that allows you to apply for a bank account right from your home without having to stand in a queue at the bank. 

To open an Al Masraf Bank account with policybazaar.ae, simply click on the “Bank Account” tab on the home page. You will be directed to the lead form where you would need to provide a few personal details. Once done, you will be directed to the quotes page where you can select the Al Masraf Bank account type as per your preferences and apply for it. 

Online Banking 

You can also open an Al Masraf Bank account via internet banking. For this - 

  • Visit the bank’s website and select the bank account type you wish to open.
  • Click on the ‘apply’ button.
  • You will be directed to the lead form. Fill it in with all the relevant details. 
  • Click on the ‘submit’ tab. Your initial request will be submitted and the bank will connect with you to go through the remaining process within 2 business days. 

Mobile Banking

With the Al Masraf Bank mobile banking application, you can have a smooth banking experience at your fingertips. To open a bank account using the Al Masraf Mobile Banking application, simply download the application via the Google Play store, iPhone App Store, or Huawei App Gallery. Once done, open the application and click on the ‘Open Bank Account’ tab. Fill in the lead form with personal details. 

Once done, submit the application to initiate the bank account opening request. The bank will connect with you within 2 business days for further processing. 

How to Close Al Masraf Bank Account?

You can close your Al Masraf Bank account by notifying the bank at any time once your dues to and from the bank are cleared. The bank can also close your account by giving you a 60-days notice and may request to make immediate settlements on the outstanding balance due to the bank. 

If you want to close your Al Masraf Bank account in the UAE, you can -

  • Connect with the customer care executive via +971 60 052 999.
  • Leave a message on their ‘Contact Us’ portal.
  • Visit the nearest branch and connect with the designated relationship manager.
  • Write an email to info@almasraf.ae.

Note: An account closure fee will be levied if you close your Al Masraf Bank account within 6 months from the date of opening. 

Let’s find out more about Al Masraf Bank accounts through the following FAQ section - 

Frequently Asked Questions

Is there any restriction on the minimum or maximum number of transactions on the Al Masraf Bank savings account?

There are no monthly restrictions on the number of transactions you can do on your Savings account. However, if you don’t perform any transaction in more than 3 months your account will become dormant - your account will become inactive if this continues beyond 6 months.

Is there any overdraft facility on Savings Account?
What minimum monthly balance should you maintain in your Al Masraf Bank account?

 

The minimum monthly balance required in the savings bank account is AED 3,000 per month. 

 

 

 

How is Islamic Banking different from Conventional Banking at Al Masraf Bank Abu Dhabi?

One of the key differences between Islamic and Conventional banking is that the former prohibits interest. Islamic banks do not permit the lending of money against money; rather, they encourage trade transactions and collaborations. In Islamic Banking, wealth is generated using fair trade and investment methods. Any profits earned are shared between the individual who provided the capital and the person or institution that offered expertise. 

 

Can you open an Al Masraf Bank joint account?

Yes, you can open a savings account with a joint holder. Each account holder will have the power and the right to deposit or withdraw funds from this account. 

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