Mashreq Basic Savings Account

Bank Account in Dubai & UAE
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Established in 1967, Mashreq Bank is one of the leading banking solutions providers in the UAE. The bank offers various useful banking products such as bank accounts, credit cards, loans, fixed deposits, mortgages, investment advisory, wealth management services and more for both individuals and business clients. Mashreq Bank is one of the banks trading on the Dubai Financial Market (DFM). It operates in more than nine countries with a vast network of more than 500 employees. 

Mashreq Bank offers different types of savings accounts including Basic Savings Account, Daily Bonus Account, Easy Saver Account and more. Mashreq Basic Savings Account offers a unique set of features and benefits for the account holders. Let us go ahead and know more about the Mashreq Basic Savings Account in detail.

Features and Benefits of Mashreq Basic Savings Account

Here is the list of major features and benefits of a Mashreq Basic Savings Account.

1. Instant Account Opening

Mashreq Basic Savings Account enables account holders to open their bank accounts instantly using online or mobile banking services. All they need to do is log in to any of these portals, fill up the online application form, and open their bank account in just a few clicks.

2. Interest Rate

Mashreq Basic Savings Account offers an attractive interest rate of 0.15 per cent on the monthly average balance maintained by the account holders. The interest gets credited to the bank accounts every six months.

3. Available in Multiple Currencies

The account holders can open and operate their Mashreq Basic Savings Accounts in multiple currencies including AED and USD.

4. Minimum Monthly Balance

Mashreq Basic Savings Account comes with a minimum monthly balance requirement of AED 3,000. If the account holders fail to maintain the minimum monthly balance, they need to pay a fall below fee of AED 25 per month.

5. Unlimited Manned Transaction

Mashreq Basic Savings Account enables account holders to make up to six free manned transactions every month. These transactions are the ones made at the branch and do not include the transactions made through ATM or CCDM. 

6. Free Visa Debit Card

Mashreq Basic Savings Account offers a free Visa Debit Card for the account holders. They can use this debit card to withdraw cash from ATMs or shop around at more than 24 million retail stores across the globe.

7. Free First Cheque book

Mashreq Basic Savings Account offers a free first chequebook for the account holders. The account holders need to pay extra charges for an additional chequebook.

8. Online Banking Services

Mashreq Basic Savings Account enables account holders to access their funds and other banking products by simply logging into their online banking account. With an online banking portal, the account holders can make easy fund transfers and manage their finances more efficiently.

9. Mobile Banking Services

Mashreq Bank offers a mobile app to help its customers have easy access to all the banking products. Mashreq Basic Savings Account can also be accessed using this mobile app. The account holders can download this app from any of the app stores including Google Play Store or Apple App Store.

10. Telebanking Services

Mashreq Basic Savings Account offers convenient telebanking services to help account holders have easy access to their funds.

11. Easy Cash Withdrawal

The account holders can withdraw cash easily from their Mashreq Basic Savings Account through over 1.8 million ATMs in more than 200 countries around the world.

Reasons to Choose Mashreq Basic Savings Account

Here are a few major reasons why you must choose to open a Mashreq Basic Savings Account.

1. Instant Visa Debit Card and Chequebook

Mashreq Bank provides the account holders a Visa Debit Card and a chequebook instantly as soon as they open a bank account.

2. Quick Account Opening Process

Mashreq Basic Savings Account comes with a quick and simple account opening process. The existing Mashreq Bank customers can log in to their online banking account and fill up the online application form to open a bank account. On the other hand, new customers can either visit the bank’s official website or go to one of the branches to open a bank account.

3. Full-time Help and Support

Mashreq Basic Savings Account offers full-time help and support for the account holders. They can call up the helpline number anytime to find answers to their queries.

4. Convenient Account Set Up

Mashreq Basic Savings Account comes with a convenient account set up process. The applicants need an initial balance of AED 3,000 to activate their bank account.

5. Easy Access to Funds

With Mashreq Basic Savings Account, the account holders can have easy access to their funds using a debit card or a chequebook anytime from any location.

6. Mashreq Salaam Reward Points

Mashreq Basic Savings Account comes with a debit card which is eligible to earn Mashreq Salaam Reward Points. The account holders can earn these points simply by using their debit card for paying their expenses. They can redeem these reward points to buy electronic goods, flight tickets, hotel bookings and much more. 

Eligibility Criteria to Apply for a Mashreq Basic Savings Account

Here are the eligibility criteria to apply for a Mashreq Basic Savings Account.

  • All UAE residents and expatriates with a valid residency visa are eligible to open a Mashreq Basic Savings Account.
  • The minimum monthly income of AED 5,000 is required to open a Mashreq Basic Savings Account.
  • The applicant must be 18 years old or above. Child applicants can open a bank account with a guardian.

Documents Required to Open a Mashreq Basic Savings Account

Here are the documents required for opening a Mashreq Basic Savings Account.

  • Application form
  • A valid passport of the applicant – Original and a copy
  • A valid residency visa for expatriates – Original and a copy
  • Emirates ID of the applicant (for UAE Nationals & Residents) – Original and a copy
  • Bank Statement for income verification (for the last three months)

How to Apply for a Mashreq Basic Savings Account?

Here are the four simple ways to apply for a Mashreq Basic Savings Account.

1. Apply Online

The applicants can log in to Mashreq Bank’s online banking portal using their unique banking ID and password and apply for opening a Mashreq Basic Savings Account in just a few clicks. They need to fill up the online application form and submit the same with all the essential documents to complete the application.

2. Use a Mobile App

The applicants can download Mashreq Bank’s mobile banking app on their smartphone and log in to it using their registered banking credentials. With this mobile app, the applicants can fill up the application form for opening a bank account and submit the same with all the essential documents to go ahead with the application process. 

3. Visit a Branch

The applicants can also visit the bank’s branch to apply for opening a Mashreq Basic Savings Account with great ease. They need to carry all the necessary documents with them and submit the same with the application form at the branch.

4. Contact Us

The applicant can also visit our website and go to the bank accounts section to apply for their preferred Mashreq bank account. They can call our helpline number if they need assistance, and our experts will guide them through the application process.