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Mashreq Bank Business Account

Mashreq Bank offers various types of business accounts solutions that are rewarding, trustworthy, and well-suited to its customer’s banking requirements. Basically, the bank offers four variants in business accounts i.e. Business First, Business Premium Account, Business Platinum Speed X Account, and Term Deposit. All of these business accounts offered by the Mashreq Bank are designed to provide the best business banking solution to its customers. Loaded with a wide range of amazing features & benefits, the Mashreq Bank Business Account helps in managing the day-to-day business finance with ease.

Features & Benefits of Mashreq Bank Business Account

Here are the eminent features & benefits of the business accounts offered by the Mashreq Bank:

Business First Account

  • Dedicated Relationship Manager: The account holder will get a dedicated relationship manager accompanied by a team of FX and Trade specialists for meeting their various business banking needs.
  • Cheque Book: The account holder can avail complimentary business cheque books along with this Mashreq Bank Business Account.
  • Free Debit Card:With this bank account, the account holder will be provided with a complimentary debit card that comes with plenty of special privileges.
  • Mashreq Online Access:The account holder can avail complimentary access to Mashreq Business online as well as SnappBiz for making day-to-day business transactions in a hassle-free manner.
  • World Currency Market Access: The account holder can get access to world currency markets via the FX and rate service desk.
  • Business Loan:The account holder can also avail secured business loan against guarantor or collateral in the form of Term Loan or mix up the term loan & overdraft at an attractive rate of interest.
  • Other Facilities:With this Mashreq Bank business account, the customer can avail various facilities including trade finance or working capital facilities with extraordinary services such as PreCheck, Trade Doc, and Doc Prep, etc.

Business Premium Account

  • Dedicated Relationship Manager: The account holder will get a dedicated relationship manager accompanied by a team of FX and Trade specialists for meeting their various business banking needs.
  • Mashreq Online Access:The account holder can avail complimentary access to Mashreq Business online as well as SnappBiz for making day-to-day business transactions in a hassle-free manner.
  • Cheque Book: The account holder can avail complimentary business cheque books along with this Mashreq Bank Business Account.
  • Free Debit Card:With this bank account, the account holder will be provided with a complimentary Business Platinum Debit Card that comes with high transaction limits and plenty of special privileges.
  • Trade Fee: The account holder will get a 10 percent rebate on the trade fee.
  • International Remittances: The bank will levy no charge on online international remittances.
  • World Currency Market Access: The account holder can get access to world currency markets via the FX and rate service desk.

Business Platinum Speed X Account

  • Dedicated Relationship Manager: The account holder will get dedicated relationship managers that will provide proactive account management.
  • Free Debit Card:With this bank account, the account holder will be provided with complimentary debit card that comes with plenty of special privileges.
  • Complimentary Services: The account holder will get complimentary remittances as well as business cheque books along with this Mashreq Bank Business Account.
  • Value-Added Transaction Account: The account holder will be provided with a value-added transaction account in various major currencies with amazing discounted tariff.
  • Trade Transactions: The account holder will get a 25 percent discount on making trade transactions.
  • Banking Service: The account holder can get easy access to their bank account online via Snapp Biz.
  • Foreign Exchange Services: With this Mashreq Bank Business Account, the account holder can avail several foreign exchange services with amazing pricing & trade services.
  • Preferential Tariff: The account holder will be provided with a preferential tariff on all business financing products.

Term Deposit

  • Minimum Deposit Amount: The account holder is required to do a minimum deposit of AED 10, 000.
  • Maximum Deposit Amount: The account holder can deposit as much as they wish since there is no maximum deposit amount limit.
  • Flexible Tenure: The account holder can avail flexible deposit tenures starting from 7 days to 1 year.
  • Premature Withdrawal: The account holder is allowed to withdraw their fund before the fixed maturity date.
  • Premature Withdrawal Interest rate: In case of premature withdrawal, the bank will levy a penalty of 2 percent that is the interest applicable for the actual tenure for which the deposit has run less applicable penalty.

Eligibility Criteria to Open Mashreq Bank Business Account in UAE

In order to open a business account with Mashreq Bank, the applicant has to meet the eligibility criteria as determined by the bank. Listed in the table are some eligibility requirements for opening Mashreq Bank Business Account 

Mashreq Bank Business Accounts Eligibility Criteria
Business First Account
  • Minimum Monthly Average Balance: AED 50,000
Business Premium Account
  • Minimum Monthly Average Balance: AED 150,000
Business Platinum Speed-X Account
  • Minimum Monthly Average Balance: AED 350,000
Term Deposit Account
  • Minimum Investment Required: AED 10,000
  • Other Requirements: Savings or Current Account with Mashreq Bank is mandatory.

Documents Required to Open Mashreq Bank Business Account in UAE

The applicant needs to submit a few documents for completing the Mashreq Bank account opening process. Listed below are the documents required for opening business accounts.

Mashreq Bank Business Accounts Required Documents
Business First Account
  • N/A
Business Premium Account
  • N/A
Business Platinum Speed-X Account
  • N/A
Term Deposit Account
  • 1st Time Set Up: Request through Term Deposit form.
  • 2nd Time Set Up: Request Submitted on ‘Company letter Head’.
  • TL, FATCA, KYC, & ID of Owners or Partners can be submitted if valid documents are not available.

How to Open a Mashreq Bank Business Account in the UAE?

The Mashreq Bank account opening process is available in three ways- through online banking, offline or phone banking.

Online Banking

The applicant can easily open the Mashreq Bank Business Account by using the online banking facility of the bank. 

Offline

The applicant can also get their business account opened by visiting the nearby branch of Mashreq Bank.

Phone Banking

The third way of opening the bank account is by phone banking. The applicant can contact a bank representative by calling on the official customer care number +9714 424 4444 in order to get their account open with the bank.

How to Close a Mashreq Bank Business Account in the UAE?

In order to close the Mashreq Bank Business Account, the account holder needs to take the following steps:

  • Step 1: Prior to closing the bank account, the account holder needs to transfer their funds to another bank account or withdraw their funds.
  • Step 2: After that, the account holder can visit the nearest branch of Mashreq Bank and fill the account closure form in order to close the Mashreq Bank Business Account. However, this form can also be filled online as per the bank concerned.
  • Step 3: Then, the bank will check if there are any pending charges associated with the business accounts. If there are no charges, the bank will ask the account holder to submit the debit card as well as a cheque book or destroy the same before approving the closure of the bank account.

Mashreq Bank Business Account - FAQs

Q.1.  What is the minimum monthly average balance required to maintain on the Mashreq Bank Business Account?

You need to maintain a minimum monthly average balance on Mashreq Bank Business Accounts. However, the amount varies from one to another. Following are the minimum average balance required for each of the Mashreq Bank Business Account:

Business First Account AED 50,000
Business Premium Account AED 150,000
Business Platinum Speed-X Account AED 350,000

Q.2. What if I don’t maintain a minimum monthly average balance in any of the Mashreq Bank Business Accounts?

If at any time your monthly average balance goes below the set limit during the month then you will need to pay fall below fee for each of these business accounts. Here is the account non-maintenance fee:

Business First Account AED 400
Business Premium Account AED 550
Business Platinum Speed-X Account AED 650

Q.3. Will I get a complimentary debit card with any of the business accounts offered by the Mashreq Bank?

Yes, you will get a free debit card with Business First Account, Business Premium Account, and Business Platinum Speed-X Account that comes with a host of special perks and benefits.

Q.4. How many free transactions can I make with the Mashreq Bank Business Accounts?

You can make up to 7 transactions with the Business First Account, up to 15 transactions with the Business Premium Account, and up to 20 transactions with the Business Platinum Speed-X Account.

Q.5. Will I get free cheque book with any of the Mashreq Bank Business Accounts?

Yes, you will get complimentary cheque book withBusiness First Account, Business Premium Account, and Business Platinum Speed-X Account. However, the account holder of Business First Account can avail only first free cheque book thereafter they will have to pay AED 1 per leaf.

Q.6. What is the account closure fee for Mashreq Bank Business Accounts?

The account closure fee for each of the Mashreq Bank Business Accountis different. Here is the account closure fee:

Business First Account

AED 500 (if closed within 0-6 months)

Business Premium Account

AED 250 (if closed less than 6 months)

Business Platinum Speed-X Account

AED 400 (if closed less than 6 months)

Q.7. Can I open Term Deposit account other than AED currency?

Yes, the Mashreq Bank Term Deposit Account can be opened in all major currencies.

Q.8. Through which all channels can I open Term Deposit?

Term Deposit Account can be opened either through Mashreq Business Online or by submitting a request at any of the nearest Mashreq Bank branch across the UAE.