Mashreq Bank Step Up Saver Account

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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.

Features and Benefits of Mashreq Bank Step Up Saver Account

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. 

  • Fixed Period of Investment - The account has a fixed tenure of 18 months and the accrued interest is added at the time of withdrawal/ liquidation.
  • Higher Rate of Interest - Mashreq Bank Step Up Saver Account provides a boost to the investment with an interest rate of up to 2% per annum, making it one of the highest interest paying term deposit account.
  • Quick Account Opening and Processing - An individual can open a Step Up Saver account simply by visiting the official website of Mashreq Bank and filling up the application form. The funds can be accessed using Mashreq Online anytime and anywhere.
  • Nominal Premature Withdrawal Charges - Mashreq Bank allows premature withdrawal with a nominal charge of 0.5% if the investment is less than twelve months old; no withdrawal charges are incurred after the completion of twelve months. 
  • Round the Clock Access to Deposits - The deposits are easily accessible using Snapp or Mashreq Online. 
  • Minimum Deposit -  It requires a minimum deposit of AED 10,000 to open a Step Up Saver account. The bank accepts deposits in UAE Dirham only.
  • No Chequebook Facility - Mashreq Bank does not offer chequebook facility on this account.

Interest Rates Offered on Mashreq Bank Step Up Saver Account

Mashreq Bank offers attractive interest rates on the Step Up Saver account as mentioned in the table below:

Month Annual Interest Rate Month Annual Interest Rate
1 0.05% 10 0.50%
2 0.10% 11 0.55%
3 0.15% 12 0.60%
4 0.20% 13 0.70%
5 0.25% 14 0.80%
6 0.30% 15 0.90%
7 0.35% 16 1.00%
8 0.40% 17 1.50%
9 0.45% 18 2.00%

Eligibility Criteria to Apply for Mashreq Bank Step Up Saver Account

The bank has laid down certain eligibility criteria for opening a Step Up Saver account as mentioned below:

  • A minimum deposit of AED 10,000.
  • Individuals must hold an active savings or current account in Mashreq Bank.
  • Minimum age of 21 years or more.

Documents Required to Open Mashreq Bank Step Up Saver Account

Given below is the list of documents required at the time of opening a Mashreq Bank Step Up Saver Account:

  • Passport - A valid passport mentioning the address is required for non-natives of UAE.
  • Emirates ID - A valid Emirates ID is required for applying for a Step Up Saver deposit account in Mashreq Bank. 

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.

How to Open Mashreq Bank Step Up Saver Account?

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.

  • Visit Mashreq Bank’s website and fill up the application form for opening the Step Up Saver account.
  • Step Up Saver account can be opened by visiting the nearest branch of Mashreq bank and filling the application form.
  • Mashreq Bank Step Up Saver Account can also be opened through their telebanking facility as well.

How to Close Mashreq Bank Step Up Saver 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:

  • Closing Step Up Saver Account Online - An individual needs to visit the bank’s website and fill the account closure form.
  • Closing Step Up Saver Account Offline - The deposit account can be closed by visiting the nearest Mashreq Bank branch and requesting the bank personnel to close the account.

Rewards and Other Benefits Offered on Mashreq Bank Step Up Saver Account

Given below are the rewards and other benefits offered on a Step Up Saver account:

  • Salaam points with a minimum term deposit of AED 100,000.
  • Easy processing of loans, insurance and investment.
  • Bank issues Mashreq Millionaire Certificate. It also issues credit and debit cards to access the funds.

Frequently Asked Questions

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.