Being one of the oldest and fastest emerging banks in UAE, Mashreq bank is preferred for its banking services and products. It offers various term deposit accounts specially designed for higher returns and secure savings. Mashreq bank offers an enticing fixed deposit scheme with a flexible tenure starting from just seven days to one year and providing lucrative interest rates. Additionally, the fixed deposits offer credit card and overdraft facilities to withdraw funds securely while on the go.
Mashreq Bank Fixed Deposit has an easy application and withdrawal process and accepts major international currencies. Overall, the fixed deposit is ideal for secure and risk-free savings, where you earn the promised returns without worrying about the market performance. This article gives an insight into the features, benefits and ways to open a Mashreq Bank Fixed Deposit Account.
Features and Benefits of Mashreq Bank Fixed Deposit Account
Following is the rundown of important features and benefits offered by Mashreq Bank on its Fixed Deposit account.
- Flexible Tenure - Mashreq Bank offers flexible investment tenure that ranges from 7 days to one year. The account holders are free to choose the term as per their needs.
- Fund Withdrawal - The funds are locked until the maturity period and an individual can withdraw funds only after maturity. Any premature withdrawal will incur additional charges.
- Secured Credit Card and Overdraft Facility - To access funds, the account holder can avail the facility of a secured credit card with a credit limit equal to deposits and an overdraft limit of 95% fund cap.
- Multiple Currencies Accepted - Mashreq Bank Fixed Deposit accepts major foreign currencies like USD, GBP, EUR in addition to UAE Dirham.
- Higher Return on Investment - The fixed deposit offers a higher rate of interest compared to a normal savings account, giving you higher returns.
- Hassle-Free Online Banking - An account holder can book the fixed deposit online by simply visiting the bank’s portal.
- Minimum Deposit - An individual requires a minimum deposit of AED 10,000 or its equivalent in other accepted currencies.
- Available for Minors - Mashreq Bank Fixed Deposit account is also available for minors. However, their guardian needs to apply using his/her savings account.
Eligibility Criteria to Open a Mashreq Bank Fixed Deposit Account
Mashreq Bank has laid down eligibility criteria that an individual needs to fulfil to open a fixed deposit account.
- A minimum deposit of AED 10,000 or more (equivalent amount in other currencies).
- An existing customer with active Mashreq Bank savings or current account.
- Minors can open the fixed deposit account along with guardians who already have a current or savings bank account in Mashreq Bank.
Documents Required to Open a Mashreq Bank Fixed Deposit Account
Following are the documents required to open a fixed deposit account.
- Passport - A valid passport with address page for non-residents of UAE.
- Emirates ID - An Emirates ID for UAE nationals and residents.
- Application Form - Existing customers can apply for a fixed deposit account via Mashreq Online/Mashreq Mobile.
How to Open a Mashreq Bank Fixed Deposit Account?
Mashreq Bank offers convenient ways to open a fixed deposit account. An individual can apply online or offline as per his/her convenience. Following are the ways to open a fixed deposit account.
- Online Application for Fixed Deposit - An individual can log in to the Mashreq Bank official portal and apply for the fixed deposit account.
- Application via Phone Banking - The account can also be opened using the phone banking facility.
- Offline Application for Fixed Deposit - An individual can visit the nearest Mashreq Bank’s branch and open a fixed deposit account by following the instructions of the bank representative.
How to Close a Mashreq Bank Fixed Deposit Account?
The fixed deposit account pays interest after maturity; hence, it’s advisable to close the account after the tenure. The bank also allows premature closure of the account by charging a nominal fee.
- Closing FD account in Mashreq Bank Online - The account holder will have to visit the website of Mashreq Bank and file the account closure application. After the FD account is closed, the funds will be deposited into the user’s bank account.
- Closing of FD Account in Mashreq Bank Offline - An account holder can close the FD account by visiting a nearby Mashreq Bank branch and filling the form for account closure.
Note: The individual needs to submit the bank’s belongings like credit card at the time of account closure.
Frequently Asked Questions
Q1: What is the tenure of fixed deposit in Mashreq Bank?
Ans: Mashreq Bank offers a flexible tenure ranging from seven days to one year. An account holder can choose the duration according to his/her suitability.
Q2: What are the major currencies accepted in Mashreq Bank Fixed Deposits?
Ans: The major currencies accepted in Mashreq Bank fixed deposit accounts are AED, USD and GBP.
Q3: Can I apply for a fixed deposit account if I don’t have a savings or current account in Mashreq Bank?
Ans: No, it is compulsory to have a savings or current account in Mashreq Bank in order to open a Mashreq Bank FD.
Q4: What are the facilities provided in Mashreq Bank Fixed Deposit account?
Ans: The Mashreq Bank offers a secured credit card and overdraft facility to access funds from the fixed deposit account.
Q5: Can I withdraw my Mashreq bank fixed deposit before its tenure completes?
Ans: Yes, the funds in the fixed deposit can be withdrawn before maturity; however, an interest rate of 2% is charged negatively.