Founded in 1967, Mashreq bank is the oldest privately owned bank in the United Arab Emirates. The bank provides both conventional and Islamic personal banking services including wealth management, investment advisory, corporate financing, savings, credit cards, loans etc.
Mashreq bank offers excellent NEO current account benefits designed to take care of all your transactional needs. You can simply apply for an account to enjoy instant benefits of convenient banking. All you need to open a Mashreq NEO account is an Emirates ID and a monthly salary of AED 5,000 or more.
Let’s read on to know more about the Mashreq NEO Accounts to make easy money transfers.
Features and Benefits of Mashreq NEO Accounts
Here is the list of common features and benefits of having a Mashreq NEO Current Account.
- Fast Money Transfers: With a Mashreq bank account (change to Mashreq Neo Account), you can instantly transfer money to more than 30 countries worldwide. The ‘Quick Remit’ feature helps account holders transfer money easily, with no extra charges. With this, you can transfer any amount starting from AED 100 to AED 100,000.
- Online Services: One of the best things about having an account with Mashreq bank is that its online services are impeccable and perfect for banking from the comfort of your home. With a Mashreq NEO Account, your need to visit the bank gets minimized to a great extent.
- Easy Account Opening Process: You can open Mashreq NEO Accounts in just 2 minutes. All you need to do is provide your Emirates ID to get started.
- Easy Bill Payments: Mashreq also offers easy bill payment at zero additional charges. The bank has multiple partners that help account holders pay their bills instantly. These partners include SEWA, Du, Salik, Etisalat, DEWA, and many others members of same repute. Mashreq Bank enhances your overall banking experience with easy payment options for school fees, medical bills, and many other expenses.
- Manage Debit Card: You get a free debit card on opening an account with Mashreq bank (change to Mashreq NEO). The best part is that you get complete control of your debit card simply by installing Mashreq NEO app on your mobile phone. With this app, you can block/activate, lock/unlock your Neo Debit Card for different categories including merchants, countries, and many others.
Types of Mashreq NEO Accounts
Mashreq offers NEO Current Accounts in two categories - Mashreq NEO Smart Account and Mashreq NEO Salary Account. Here are some additional benefits for both the categories.
Mashreq NEO Smart Account
On signing up for a Mashreq NEO Smart Account, you will get:
- Welcome Bonus: The bank has some excellent welcome bonus offers for its account holders. It provides a bonus of AED 25 on a first time deposit of AED 3,000. This bonus can be availed of for 5 months if you spend AED 1,000 using your Mashreq account debit card.
- Free Chequebook and Visa Debit Card: Mashreq NEO Smart Account comes with a free visa debit card and first chequebook for the account holders.
- Monthly Fee Waive Off: With Mashreq NEO Smart Account you can get your monthly fee of AED 10 waived off if you spend AED 1,000 using debit card or maintain a monthly balance of AED 3,000. This offer is available for the first three months only.
Mashreq NEO Salary Account
With Mashreq NEO Salary Account you get:
- Attractive Cash Back Offers: Mashreq bank offers attractive cash back offers. You can get up to AED 2,500 cash back on your salary transfers to the Mashreq NEO account. Let’s take a look at how:
|Monthly Salary Range
||Cash Back in AED
|AED 5,000 to AED 9,999
|AED 10,000 to AED 19,999
|AED 20,000-AED 49,999
|Above 50,000 AED
- Free Visa Debit Card: You get a free debit visa card with Mashreq NEO Salary Account that can be managed by using Mashreq mobile app.
- Monthly Fee Waive Off: With Mashreq NEO Smart Account you can get your monthly fee of AED 10 waived off if your salary gets credited to your account. This offer is available for the first three months only.
Reasons Why You Must Open a Mashreq Neo Account
Here are a list of reasons to ascertain why is it a good idea to have a Mashreq NEO account :
- No Branch Visits: With minimal paperwork and a brilliant banking app, Mashreq totally bypasses the need to visit a bank. It’s like having a bank account delivered to your doorstep.
- Unlimited ATM Transactions: You can make unlimited ATM transactions at Mashreq ATMs in the UAE.
- Attractive Dining Discounts: Mashreq offers up to 30% off at more than 2,000 dining outlets in the UAE.
- Easy and Instant Money Transfers: You can do instant transfers to over 30 countries worldwide. The best part is that you can simply do all the transfers using just the recipient’s phone number.
Frequently Asked Questions
Q1: How can I download NEO App?
Ans: You can download the Mashreq Neo app from Google Play Store and Apple App store.
Q2: How can I create my Mashreq NEO Account?
Ans: You need an Emirates ID to open a Mashreq Neo Account. Here are few steps for creating an online account.
- Download Mashreq Neo app from Play Store or App Store
- Click on 'New to Neo? Click here to apply'
- Follow the instructions to process your application
You can also visit the Mashreq Bank’s website to open a new Mashreq Neo account.
Q3: What is my Username and Password to access my NEO account?
Ans: Here is a simple process to help you create a Username and Password to access your NEO account.
- Download and open Mashreq Neo app
- Click on 'I am a Mashreq Neo customer, sign in'
- Click on 'Haven't signed up?'
- Enter your Neo Debit Card details including the Card Number, CVV, and your Date of Birth
- You will be sent an OTP on your registered mobile number, enter that OTP
- Check the suggested criteria and set up your user name and password
With this user name and password, you can log in to your online banking and use Neo app as well.
Q4: How do I reset my NEO account password?
Ans: There are two ways that you can use to reset your Mashreq NEO Account password.
- Open your Mashreq Neo app, click on 'Forgot Password?' and follow the instructions to reset your password.
- Go to online portal of Mashreq, click on ‘Forgot password’ and follow the instructions to reset your password.
Once you reset the password, you will not be able to make any financial transaction using online banking or Neo app. You need to visit a Mashreq ATM and follow these steps to reactivate your account.
- Click on ‘My Services’
- Click on ‘Mashreq Online reactivation’ and ‘Mashreq Online Services’
Q5: How can I set a PIN for my Debit Card?
Ans: Here are the steps to reset your Debit Card pin.
- Log in to the Mashreq Neo app
- Click on 'Activate Now' in the 'Card Ready to Activate' section
- Enter your card details
- Set up your preferred 4 digit PIN
- Enter the OTP sent to your registered mobile number
Q6: How do I block or replace my NEO debit card?
Ans: Here are the steps to block or replace your NEO debit card.
- Log in to the Mashreq Neo app
- Click on 'More'
- In the ‘Card Services’ section, click on 'Card control'
- Choose your card and click on 'Block & Replace'
- Select the reason for blocking or replacing your card
- Click on 'Block and Replace my card'
Q6: How can I get my Mashreq account e-statement?
Ans: Here are few steps that you can follow to get an e-statement for your Mashreq account.
- Log in to the Mashreq Neo app
- Click on 'More'
- Click on 'E-statements' in Profile Services
- Follow the instructions
If you need a stamped paper statement, you can write an email to -email@example.com. The bank will courier statements to your registered address.
Q7: What is Mashreq Millionaire Certificate? How can I get one for myself?
Ans: Mashreq Millionaire certificates are the savings certificates that Mashreq offers to the account holders. These certificates have a face value of AED 1,000. With these certificates, you can participate in lucky draws that the bank organizes to distribute attractive offers including a grand prize of AED 1,000,000 every four months. You can use the NEO app to purchase one or more certificates instantly.