How to Open a Mashreq Neo Current Account Instantly

By Atul Yadav
  | Published: 26 October 2021

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Founded in 1967 and with an experience of over 5 decades, Mashreq Bank is one of the oldest banks in the UAE. It started its operations in Dubai and has emerged as one of the leading banks in the country with a strong global presence. With an unsurpassed reputation for innovative banking solutions, the bank has received several awards including the Most Innovative Bank in the Middle East title by Euromoney. 

Mashreq Neo account is one such innovative bank account that offers exclusive benefits and rewards including foreign remittance facility. The instant account opening process of Mashreq Neo eliminates the hectic paperwork and provides quick account access. In addition, the account is available for salaried individuals, housewives, students and business people.   

What is a Mashreq Neo Current Account?

Mashreq Neo current account is a digital bank account that delivers all the banking facilities like money transfers, bill payments and account monitoring through the Neo mobile application. Individuals can open the Mashreq Neo account instantly and get their queries resolved through an online banking channel with complete ease and convenience. They also have the flexibility to open a Mashreq Neo account with or without salary transfers. In addition, the account offers chequebook and debit card facilities to access the funds without having to visit the branch.   

Types of Mashreq Neo Current Accounts

Mashreq Neo has a whole range of savings and current accounts that provide branchless banking services at your fingertips. Following are the two current accounts offered by Mashreq Neo. 

  • Mashreq Neo Smart Account 
  • Mashreq Neo Salary Account 

Mashreq Neo Smart Account

Mashreq Neo Smart is a digital current account that offers branchless banking facilities using the Neo mobile application. The account comes with numerous rewards & offers including an instant and paperless account opening process. 

Features and Benefits of Mashreq Neo Smart Account

  • Earn cashback of up to AED 350 on all transactions done within 90 days.
  • Get a Visa debit card to withdraw cash and make online payments. Also, avail exclusive benefits of Visa Platinum Membership Club. 
  • Earn Salaam points on each debit card transaction within UAE and abroad. 
  • Enjoy no account fee if you maintain a minimum monthly balance of AED 3,000 or spend AED 1000 monthly on the debit card. Else, a nominal fee of AED 10 per month is levied. 
  • Avail interest rate of 1.1% per annum via MaxSaver. 
  • Individuals can access the global stock exchange and invest in gold and foreign currencies.

Mashreq Neo Salary Account 

Mashreq Neo Salary Account is a digital current account that requires a salary transfer of AED 5,000 or more. Like the Smart account, the Neo Salary account also comes with a paperless and quick account opening process that can be opened within minutes. It delivers all the banking facilities through Neo mobile app without having to visit the bank. 

Features and Benefits of Mashreq Neo Salary Account

  • Earn cashback of up to AED 2500 on monthly salary transfers. 
  • Avail of exclusive benefits of Visa Platinum Membership club, cash withdrawal and online payments with Visa platinum debit card. 
  • Earn Salaam points on every debit card expense within UAE and abroad.  
  • There are no account charges for a minimum salary transfer of AED 5,000 or above. Else, the bank charges an account maintenance fee of AED 10 per month.
  • Enjoy quick and convenient international money transfers. 
  • Get one free chequebook to access the funds quickly. 
  • Avail of access to global stock exchanges and invest in gold and foreign currencies.
  • Grow your funds with an interest rate of 1.1% through MaxSaver.    

Why Should You Open Mashreq Neo Current Account?

Still confused about opening an account. Here are a few reasons why you should opt for a Mashreq Neo Current Account.

  • You don’t need to visit the branch. You can avail of all the banking services and get your queries addressed via Neo mobile app, saving your time and effort. 
  • Open your Mashreq Neo bank account within minutes. The process is quick and completely paperless. 
  • Free fund transfers.
  • You are entitled to free monthly e-statements.
  • Instant and free money transfers to over 30 countries. 
  • Quick international transfers via SWIFT with a nominal charge of AED 25. 
  • Enjoy free utility bill payments including DEWA, SEWA, Etisalat, DU and Salik. 
  • Withdraw cash through ATM and encash cheques without visiting the bank. 
  • Get a daily purchase limit of AED 99,999 on your debit card.
  • Avail of loans, fixed deposits, insurance, Mashreq Millionaire and stock investment by following a few simple steps. 

Who is Eligible for the Mashreq Neo Current Account?

Before applying, customers need to make sure they fulfil the eligibility criteria for the Neo current account. Following are the basic eligibility criteria for the Mashreq Neo Current account. 

  • An individual must be a UAE national or resident with a valid Emirates ID. 
  • He/She must be at least 18 years old or above. 
  • The individual needs to have a minimum monthly salary of AED 5,000 or above.
  • For entrepreneurs, the annual turnover of their business must be at least AED 60,000.   

How to Open a Mashreq Neo Current Account?

With a completely online and paperless application process, Mashreq Neo current accounts are quick and convenient to open. Individuals can apply for a bank account from anywhere and anytime with a few simple clicks. Follow the below-mentioned steps to apply for the Mashreq Neo current account. 

  • Download the Mashreq Neo mobile application (available for both Android and iOS). 
  • Click on ‘New to Neo’.
  • Register for the account using your Emirates ID. 
  • Subsequently, tap on ‘click here’ to apply and follow the steps.  

The account will get verified within minutes and will be ready to use. Transfer funds into the account using an online banking facility. 

Individuals can also apply for the Neo bank account by logging into the Mashreq Neo official portal and submitting the application form. The process is similar and takes no time.

Frequently Asked Questions 

Q1: Can a student or non-employed individual open a Mashreq Neo bank account?

Ans: Yes, the Neo saving accounts are available for students, housewives and non-employed individuals. For current accounts, an individual needs to have a minimum salary of AED 5,000 or more. 

Q2: Do I need to visit the bank’s branch for availing banking services?

Ans: No, all the banking services are offered on the Neo mobile app. However, individuals can visit the Mashreq bank ATM/ITM for cash withdrawal and cheque encashment.

Q3: What is the minimum age required to apply for Mashreq Neo current account?

Ans: An individual needs to be at least 18 years old or above to open a Neo current account. 

Q4: What is the cashback offer on salary transfer in the Mashreq Neo Salary account?

Ans: The bank offers cashback of up to AED 2,500 depending on the amount of salary being transferred. The cashback and salary slabs are mentioned in the table below. 

Monthly Income Range Cashback Offered
AED 5000 to AED 9,999 AED 200
AED 10,000 to AED 19,999 AED 1000
AED 20,000 to AED 49,999 AED 1500
AED 50,000 and above AED 2,500
Atul Yadav
Atul Yadav0 Post

Atul has had a flair for writing ever since he started writing essays in school, which inspired him to subsequently opt for a career in writing. He loves to write about places he's been to (the list is endless) and financial products that can help people make a real change in planning their finances better.