Having a savings account is essential once you start earning, as such a bank account can help you in securing your capital along with attractive interest rates.
Mashreq Bank, referred to as the best digital bank in the Middle East, is one of the oldest and fastest emerging financial institutions in the UAE. The bank offers customised products and services, catering to the needs of its diverse customers base, looking for both private and business related financial solutions. Mashreq Bank Step Up Saver Account is a unique fixed deposit in which the interest rate increases month by month. The account offers an accelerated rate of interest, fetching up to 2% on the deposits annually.
Mashreq Bank Step Up Saver Account offers higher returns in comparison to the conventional fixed deposit accounts. It has a fixed tenure of 18 months and premature withdrawal attracts a nominal charge. Let’s get into the details and see what all Mashreq Bank Step Up Saver account has to offer.
Mashreq Bank provides attractive benefits including a higher rate of interest and ease of access to funds. Given below are the important features and benefits of the Step Up Saver deposit account.
Mashreq Bank offers attractive interest rates on the Step Up Saver account as mentioned in the table below:
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The bank has laid down certain eligibility criteria for opening a Step Up Saver account as mentioned below:
Given below is the list of documents required at the time of opening a Mashreq Bank Step Up Saver Account:
Filled up Application Form - An individual needs to fill an application form to open the Step Up Saver account. This application form can be submitted online on the web portal of Mashreq Bank.
Like any term deposit, the Step Up Saver account can be opened via an online application or by visiting the nearest branch. Given below are the ways to open the account.
The Step Up Saver account has a fixed tenure and gets closed after maturity. However, you can file for premature account closure with a penalty of 0.5% interest. Steps to close the account are given below:
Given below are the rewards and other benefits offered on a Step Up Saver account:
Q1: What is the tenure of investment in Mashreq Bank Step Up Saver Account?
Ans: Step Up Saver account has a fixed tenure of 18 months and the interest is paid after maturity.
Q2: Can I withdraw my deposits from Step Up Saver account before the maturity period?
Ans: Yes, you can withdraw your deposits prematurely. However, it incurs a negative interest rate of 0.5% if the funds are withdrawn before 12 months, while no charges are levied after 12 months.
Q3: What are the acceptable currencies in Mashreq Bank Step Up Saver Account?
Ans: The Mashreq Bank accepts funds only in AED (UAE Dirhams). No other foreign currency is accepted.
Q4: Can I open a Step Up Saver account without having a Mashreq Bank saving account?
Ans: No, it is compulsory for the applicant to have an active Mashreq Bank Savings or Current Account before applying for a Step Up Saver account.