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Mashreq Bank Savings Account

The Mashreq Bank offers various types of Savings Accounts that give its customers the complete freedom of conducting bank transactions at no cost while earning a higher return on their deposit. The bank basically caters three types of savings account i.e. Basic Savings Account, Easy Saver, and Daily Bonus Account. All of these Savings Accounts offered by the Mashreq Bank come with a wide range of benefits and features, helping its account holder to make the most of their money.

Features & Benefits of Mashreq Bank Savings Account

Following are the main features & benefits of the Mashreq Bank Savings Account:

Basic Savings Account

  • Easy & Quick Process:The process of opening this savings account is quite easy & quick.
  • Minimum Balance Requirement: The account holder has to maintain a minimum monthly average balance of AED 3,000 in this bank account.
  • Initial balance Requirement: The account holder needs to deposit AED 3000 initially in order to open this Mashreq Bank Savings Account.
  • Manned Transactions: The account holder can make a maximum of six manned transactions in a month.
  • Interest Rate: The interest rate of 0.25 percent per annum will be credited in the bank account every six months.
  • Instant Privileges: The bank will issue ‘Visa Debit Card’along with this Mashreq Bank Savings Account
  • Cash Withdraw Facility: The account holder can withdraw cash at over 1.8 million ATMs in more than 200 countries easily.
  • Purchase Facility:The account holder can make purchases at over 24 million retail outlets across the globe.
  • Online & Mobile Banking: The account holdercan avail free access to online & mobile banking.
  • Tele-Banking Services: The account holder can also avail free telebanking services with this Mashreq Bank Savings Account.

Easy Saver

  • Multiple Currencies: This Mashreq Bank Savings Accountcan be opened in AED & USD.
  • No Minimum Balance Requirement: There is no need to maintain a minimum monthly average balance in this bank account. In addition to this, there is no monthly fee.
  • Initial balance Requirement: The account holder needs to deposit AED 500 initially in order to open this Mashreq Bank Savings Account.
  • Credit of Interest: Interest will be credited in the bank account every month based on the monthly average balance maintained by the account holder.
  • Unlimited Free Money Transfer: The account holder can make an unlimited account to account money transfer within Mashreq at no cost.
  • Instant Account Setup:The existing Mashreq Bank current or savings account holder can take the benefit of convenient & easy online banking service in order to open this Mashreq Bank Savings Account.
  • Up to 10 Easy Saver Accounts:Existing customers of Mashreq Bank can open a maximum of 10 complimentary Easy Saver Accounts via Mashreq Online and they can personalize each of them with some particular nickname.
  • Debit Transaction:The account holder can enjoy the flexibility of one debit transaction from this Mashreq Bank Savings Account in a month without impacting an interest payment for that particular month. And if the account holder makes more than one debit transaction within a time period of one month, the interest rate for that month is forfeited and it will not be credited to the bank account.

Daily Bonus Account

  • Instant Account Open: Customers can instantly open this Mashreq Bank Savings Accountonline via Mashreq Online.
  • 24x7 Access: The account holder can avail round the clock access via Snapp and Mashreq Online.
  • Earned Interest: The bank accountnot only gives the high rate of interest for accelerating its account holder’s savings but also credits the interest to the Savings Account on a regular basis.
  • Choice of Currency:This Mashreq Bank Savings Account can be opened in AED only.
  • Withdrawals & Transfers: The account holder can make unlimited withdrawals & money transfer.
  • Debit Card: The account holder can avail a complimentary debit card along with this bank account in order to get access to their funds.
  • Minimum Balance Requirement: The account holder has to maintain a minimum monthly average balance of AED 3,000 in this bank account.

Eligibility Criteria Required to Open a Mashreq Bank Savings Account in UAE

The applicant is required to meet the below mentioned eligibility criteria in order to open a Mashreq Bank Savings Account:

Mashreq Bank Savings Accounts Eligibility Criteria
Basic Savings Account
  • Minimum Monthly Income Required: AED 5,000
  • Other Requirement: UAE Resident Visa Holders & Non-UAE residents on a visit or transit visa.
Easy Saver
  • Minimum Monthly Income Required: AED 5,000
  • Other Requirement: UAE Resident Visa Holders & Non-UAE residents on a visit or transit visa.
Daily Bonus Account
  • Minimum Monthly Income Required: AED 5,000
  • Other Requirement: UAE Resident Visa Holders & Non-UAE residents on a visit or transit visa.

Documents Required to open a Mashreq Bank Savings Account in UAE

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

Mashreq Bank Savings Accounts Eligibility Criteria
Basic Savings Account
  • A Valid Passport with Resident Visa for Expats/Emirates ID
  • Application Form
  • Bank Statement of two months from the country of residence (in case of non-residents).
Easy Saver
  • A Valid Passport with Resident Visa for Expats/Emirates ID
  • Application Form
  • Bank Statement of two months from the country of residence (in case of non-residents).
Daily Bonus Account
  • A Valid Passport with UAE Resident Visa Page
  • Application Form
  • Bank Statement of two months from the country of residence (in case of non-residents).

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

There are three methods of opening a Savings Account with Mashreq Bank- via online banking, by visiting the branch, and through phone banking.

Online Banking

Mashreq Bank offers the facility of online banking to its customers through which they can easily get banking solutions anytime and from anywhere in the world. Interested people can easily open the Mashreq Bank Savings Account via secure online banking option of the bank.

Visiting the Branch

Alternatively, the applicant can open a Savings Account with Mashreq Bank by visiting the nearby branch of the bank. They will have to carry all the required documents along with them and submitted it to the bank in order to get their bank account open successfully.

Phone Banking

The applicant also has an option to open Mashreq Bank Savings Account via phone banking. They can contact a bank representative by calling on +9714 424 4444 to get their Savings Account open with the Mashreq Bank.

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

If an account holder wishes to close their Mashreq Bank Savings Account, the following easy steps should be taken:

  • Step 1: Before closing the bank account, the account holder needs to withdraw the funds or get it transferred to other bank account.
  • Step 2: After that, the account holder can visit the nearby bank branch for closing the savings account and fill the ‘account closure form’. However, this form can also be filled online as per the discretion of the concerned bank.
  • Step 3:The bank will check if there are pending charges associated with the savings account. If no charges are pending from the account holder’s side, the bank will ask the account holder to submit Cheque Book and Debit Card. Else, the bank may ask the account holder to destroy Cheque Book and Debit Card before approving the closure of the Mashreq Bank Savings Account.

Mashreq Bank Savings Account - FAQs

Q.1. What does manned transaction actually mean?

A manned transaction basically refers to a transaction that is made in the bank’s branch. It doesn’t include all such transactions which are made on an ATM or CCDM.

Q.2. I am not a UAE residents? Am I still eligible to open Mashreq Bank Savings Account?

Yes, a non-UAE resident may open a savings account with the Mashreq Bank. In addition to submitting a valid passport, you will be required to submit a bank statement of two months from the country of residence to get your Savings Account with Mashreq Bank.

Q.3. Do I need to maintain any minimum monthly average balance in any of the savings accounts offered by the Mashreq Bank?

Yes, you need to maintain a minimum monthly average balance of AED 3,000 in Basic Savings Account & Daily Bonus Account.

Q.4. What If my minimum monthly average balance goes below AED 3000?

If at any point during the month, your account balance goes below AED 3000 then you will need to pay non-maintenance charges of AED 26.25.

Q.5. Do I have to pay any account closure fee for closing a Mashreq Bank Savings Account?

Yes. You will need to pay an account closure fee of AED 105 for closing Mashreq Bank Savings Accountonly when the account is closed within a time span of one year.

Q.6. How many Mashreq Easy Saver Accounts can I open?

You can open a maximum of ten free Easy Saver Accounts via Mashreq Online. You can personalize each of these savings accounts with an amazing nickname feature.

Q.7.  Will I get a debit card on opening any of the Mashreq Bank Savings Accounts?

Yes, you will get a complimentary debit card on opening Daily Bonus Account with Mashreq Bank.

Q.8.  What is the transaction limit allowed with the Mashreq Bank Basic Savings Account?

You are allowed up to 6 transactions every month at any Mashreq Branch, free of cost. Thereafter, you will have to pay AED 10.50 for making additional transactions.