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Mashreq Bank Fixed Deposit Account

The Mashreq Bank offers fixed deposit accounts that increase savings, so the longer the customer save, the more interest they earn. The bank offers three variants in Fixed Deposit Accounts i.e. Fixed Deposit, Unfixed Deposit, and Step-Up Saver Account.

The Mashreq Bank Fixed Deposit Account provides an attractive rate of interest, with the additional flexibility of being able to withdraw funds at any time via a secured credit card or an overdraft facility. The FD can be invested in multiple currencies.

Features & Benefits of Mashreq Bank Fixed Deposit Account

Given below are the key features & benefits of Mashreq Bank Fixed Deposit Account:

Fixed Deposit

  • Flexible Tenure: The account holder can avail flexible deposit tenures starting from 7 days to 1 year.
  • Secured Credit Card or Overdraft Facility: The account holder can avail a secured credit card up to the total value of their deposit amount or an overdraft of a maximum of 95 percent of their total deposit in order to fulfill their financial emergency.
  • Fund Withdrawals: The account holder can withdraw their fixed deposits easily at any time but the bank pays interest rate 2 percent less than the regular interest rate on early withdrawals.
  • Online Facility:The existing customers of Mashreq Bank can book their fixed deposits online via Mashreq Online as per their convenience.
  • Higher Returns:The Mashreq Bank Fixed Deposit Account gives its account holder a benefit of higher returns on FD as per their requirements.
  • Multiple Currencies:The FD can be invested in all major currencies including AED, USD, Euro & GBP.
  • Low Minimum Deposit: The account holder is required to do a minimum deposit of AED 10, 000 (or equivalent to other major currencies).
  • Investment:The customer can invest as a company, an individual, club, institution, & government department.
  • Interest Rate:The rate of interest on AED & USD currencies are given below:
Personal Banking One Month Three Months Six Months One Year
AED Interest Rate 1.44 percent 1.74 percent 1.95 percent 2.14 percent
USD Interest Rate 1.41 percent 1.70 percent 1.88 percent 2.07 percent

Unfixed Deposit

  • Flexible Tenure: The account holder can avail flexible deposit tenures starting from six months to five years.
  • Overdraft facility:The account holder can enjoy the overdraft facility of a maximum of 95 percent of the total value of their AED deposit & 90 percent of the total value of their US$ deposit.
  • Online Facility:The existing customers of Mashreq Bank can book their fixed deposits online via Mashreq Online as per their convenience.
  • Fund Withdrawal Flexibility:The account holder can enjoy the flexibility to withdraw their funds in units of AED 1,000 or US$ 250 in times of financial emergency.
  • No Pre-encashment Charges: Mashreq Bank doesn’t levy any pre-encashment charges. The account holder can choose the number of units that they require and they will be encased to their bank accountfree of cost.

Step-Up Saver Account

  • Fixed Tenure: This fixed deposit account helps the account holder to accelerate their savings through monthly deposits over a period of 18 months.
  • High Interest Rate: This Mashreq Bank Fixed Deposit Accounthelps in supercharging its account holder’s savings as they can avail a maximum of 10 percent interest rate per annum on the deposit amount.
  • Instant Account Open:Customers can instantly open this Mashreq Bank Fixed Deposit Account online via Mashreq Online.
  • Premature Withdrawal Charges:The bank levies minimal charges on premature withdrawal.
  • 24x7 Access:The account holder can avail round the clock access via Snapp and Mashreq Online.

Eligibility Criteria Required to Open a Mashreq Bank Fixed Deposit Account in UAE

The applicant is required to meet the below mentioned eligibility criteria in order to open a fixed deposit account with Mashreq Bank:

Mashreq Bank Fixed Deposit Accounts Eligibility Criteria
Fixed Deposit
  • Minimum Investment Required: AED 10,000
  • Other Requirements: Savings or Current Account with Mashreq Bank is mandatory. 
Unfixed Deposit
  • Minimum Investment Required: AED 10,000/USD 2500 (six months minimum tenor)
  • Other Requirements: Savings or Current Account with Mashreq Bank is mandatory.
 Step-Up Saver Account
  • Minimum Deposit Amount Required: AED 10,000
  • Other Requirements: Savings or Current Account with Mashreq Bank is mandatory.

Documents Required to Open a Mashreq Bank Fixed Deposit Account in UAE

Following are the required documents to open a Fixed Deposit Account with Mashreq Bank:

Mashreq Bank Fixed Deposit Accounts Required Documents
Fixed Deposit
  • Original Passport/Labor Card
  • Application Form
Unfixed Deposit
  • Original Passport/Labor Card
  • Alication Form
Step-Up Saver Account
  • NA

How to Open a Mashreq Bank Fixed Deposit Account in the UAE?

The applicant can open a Mashreq Bank Fixed Deposit Account through the following ways:

  • By online banking
  • By visiting the nearby Mashreq Bank branch
  • Though phone banking

How to Close a Mashreq Bank Fixed Deposit Account in the UAE?

Closing a Mashreq Bank Fixed Deposit Account is quite an easy process and it can be done either online as well as

or offline by visiting the nearby Mashreq Bank branch. The account holder can close a fixed deposit account before maturity & after maturity also.

Mashreq Bank Fixed Deposit Account - FAQs

Q.1. What is the tenure period for Mashreq Bank Fixed Deposit Accounts?

The tenor period depends on the type of Mashreq Bank Fixed Deposit Account, ranging from seven days to five years.

Q.2. What is the minimum & maximum amount I can invest in a Mashreq Bank Fixed Deposit Account?

The minimum amount limit is AED 10,000 while there is no limit for the maximum amount.

Q.3. Which currencies can the Mashreq Bank Fixed Deposit Account be opened in

  • Fixed Deposit can be invested AED and all other major currencies such as US$, Euro, and GBP.
  • Unfixed FD can be invested in AED &US$ currencies.
  • Step-up Saver Account can be opened in AED only.

Q.4. Can I open a Mashreq Bank Fixed Deposit Account without opening a Savings or Current Account?

No, it is mandatory to have a Savings or Current Account with Mashreq Bank in order to open an FD account.

Q.5. How can I avail assistance in case of any doubt?

You can contact Mashreq Bank customer service at +9714 424 4444 in order to resolve any of your doubts regarding Mashreq Bank fixed deposit accounts.

Q.6. How can I open Mashreq Bank Fixed Deposit Account?

You can open through online banking, visiting the nearest Mashreq Bank branch, or via phone banking.

Q.7. Is partial withdrawal of fixed deposits allowed?

In case of Fixed Deposit Account & Step-Up Saver Account, partial withdrawal is not allowed. However, the account holder of Unfixed Deposit Account can withdraw their deposits in units of AED 1000 & US$ 250.

Q.8. Can I book fixed deposits online?

If you are an existing customer of the Mashreq Bank then you can book your FD online via Mashreq Online.