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.
Ever since its inception in 1967, Mashreq Bank has achieved several milestones with its services and have established a strong global presence. The bank offers tailor-made financial solutions with impeccable benefits. Unfixed Deposit account, being one such solutions, allows premature withdrawals without any charges while providing interest on the remaining funds. The account offers flexible tenure ranging from 6 months to 5 years.
Mashreq Bank Unfixed Deposit account is effective for emergencies, offering easy encasing of funds without levying any charges. Additionally, the account comes with unique features like overdraft facility and better returns. In this article, we are going to know more about the Mashreq Bank Unfixed Deposit account, how to open it, the eligibility criteria, etc.
Mashreq Bank offers numerous benefits and features on its Unfixed Deposits keeping in mind the customers’ requirements. Given below are the some of the key features and benefits of Unfixed Deposit account:
The Unfixed Deposit account gives an interest rate of 0.256% without any annual charges. Some of the interest applied on early and partial withdrawal are mentioned below in the table.
|Premature or early withdrawal||Rate of actual term usually less than 2%|
|Partial Withdrawal||Withdrawals can be made in units of 10,000 or 250 USD, while the same interest rate will be offered on the remaining amount|
|Overdraft||2.5% above the deposit rate|
Eligibility Criteria for an Unfixed Deposit account are as follows:
To open an unfixed deposit account, the following documents are mandatory:
Unfixed Deposit is available only for existing customers of Mashreq Bank. The account holders can directly apply and invest in this account using Mashreq Online or Mashreq Mobile as per their ease.
Q1: What is the advantage of Unfixed Deposits in Mashreq Bank?
Ans: Unlike fixed deposits, an unfixed deposit allows partial withdrawals in case of emergencies before maturity while still offering the same interest rate on the balance amount.
Q2: What is the tenure of Unfixed Deposits in Mashreq Bank?
Ans: Mashreq Bank offers a flexible investment tenure from six months to five years, allowing the customers to choose the duration according to their convenience.
Q3: What is the overdraft limit of Unfixed Deposit in Mashreq Bank?
Ans: The overdraft limit for an Unfixed Deposit is 95% of the total deposited funds in AED and 90% of total deposits in USD.
Q4: I don’t have any account in Mashreq Bank. Can I open an Unfixed Deposit?
Ans: No, it is mandatory for a person to hold an active savings or current account in Mashreq Bank in order to apply for an unfixed deposit.
Q5: I am a non-resident of UAE; can I apply for Mashreq Bank unfixed Deposit?
Ans: Yes, you can apply for an unfixed deposit by presenting the passport details or Labour ID, etc. with address proof on it.