The Mashreq Basic Savings Account is tailored for those who seek a straightforward and efficient way to manage their savings. Whether you’re a resident or non-resident of the UAE, this account offers a suite of features and benefits designed to meet your financial needs with ease and convenience.
Features of the Mashreq Basic Savings Account
The Mashreq Basic Savings Account is packed with features that make managing your savings simple and convenient. Here are the key features that set this account apart:
Access to Funds:
Enjoy free net banking, mobile banking, and telebanking services globally. This ensures you can manage your money from anywhere in the world with ease and convenience.
Debit Card:
The account comes with a free VISA Debit Chip Card, which can be used at over 400,000 ATMs and 14 million retail outlets worldwide. This gives you easy access to your funds wherever you are.
Profit Equalisation Reserve:
Mashreq maintains a Profit Equalisation Reserve to smooth returns for Mudarabah account holders, ensuring consistent profit payouts.
Investment Risk Reserve:
An added layer of security for your savings is provided by maintaining an Investment Risk Reserve to protect Mudarabah account holders from potential future investment losses.
Benefits of the Mashreq Basic Savings Account
The Mashreq Basic Savings Account is designed to offer you a range of benefits that make saving money easy and rewarding. Here are the key benefits you can enjoy:
Transactional Flexibility
With the Mashreq Basic Savings Account, you can conduct banking transactions at no cost while earning returns on your deposit. This flexibility ensures you can manage your money efficiently without worrying about extra charges.
Joining Bonuses
When you open a Mashreq Basic Savings Account, you can earn a joining bonus of up to AED 2,500 based on your transferred salary. Additionally, you can receive up to AED 140 in cashback for transactions made within the first 90 days. These bonuses provide a great incentive to start saving with Mashreq.
Worldwide Access
Your Visa Debit Card gives you access to over 1.8 million ATMs in more than 200 countries. This global reach means you can withdraw cash and manage your funds wherever you are. Plus, enjoy 2-for-1 deals on food, entertainment, and shopping through Visa MENA offers powered by Entertainer, adding even more value to your account.
Quarterly Profit Payouts
Profits on your savings are distributed quarterly based on Mudarabah pool rates. This means you can look forward to a steady return on your savings every three months, helping your money grow consistently.
No Hidden Fees
One of the standout benefits of the Mashreq Basic Savings Account is the absence of hidden fees. There are no account fees, so you can rest assured that all your deposits are working for you, maximizing the growth of your savings.
Eligibility & Requirements
Eligibility Criteria
To open a Mashreq Basic Savings Account, you need to meet the following eligibility criteria and requirements:
Minimum Monthly Income: You must have a minimum monthly income of AED 5,000. This ensures you have a stable income to support your savings.
Initial Deposit: An initial deposit of AED 3,000 is required to open your account. This deposit helps you get started and ensures you meet the account’s minimum balance requirement.
Age Requirement: You must be 18 years old or above to open an account. Minors can also open an account but will need to apply with a guardian.
Fees: With no annual or monthly fees, you can maximize your savings without worrying about extra charges eating into your balance.
Documentation Required
To open an account, you’ll need the following documents:
- UAE Residents: Valid Emirates ID and passport.
- Non-Residents: Valid passport and a visit visa.
Profit Rate
The account offers a profit rate of 0.25% per annum, which is credited semi-annually. This means you can watch your savings grow over time with the added benefit of regular profit payouts.
How to Open a Mashreq Basic Savings Account?
Opening a Mashreq Basic Savings Account is a simple and efficient process designed to get you started on your savings journey quickly. Here’s how you can open your account:
Instant Account Opening
To apply for the basic saving account, download the Mashreq Mobile app. The application process is straightforward and quick, allowing you to open your account instantly from the comfort of your home. This means you can start managing and growing your savings without any delays.
Visit Mashreq Bank official website to apply for basic savings account.
What’s Our Suggestion?
Consider your financial goals, the interest rates offered, and the convenience of accessing your funds. By doing so, you can select the account that best meets your needs and helps you achieve your savings objectives.
The Mashreq Basic Savings Account provides a straightforward and efficient way to manage your savings. However, exploring other options like the Mashreq General Savings Account or the Doha Bank Savings Account ensures you find the best fit for your financial needs.
FAQS
What is the “monthly minimum balance” and “fall below fee”?
The monthly minimum balance for the Mashreq Basic Savings Account is AED 3,000. If your account balance falls below this amount, they will charge a fall below fee of AED 25. This fee ensures that account holders maintain the required minimum balance to enjoy the full benefits of the account.
What is the Mudarabah Contract?
The Mudarabah contract is an Islamic financing structure in which the bank (Mudarib) and the account holder (Rabb-ul-Maal) share the profits generated from investments made with the deposited funds. This arrangement ensures that the profits are distributed fairly between both parties according to pre-agreed terms.
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I’m Bander, a financial analyst focusing on the Middle East markets. I simplify tricky financial ideas into practical tips. I love helping you understand your money better, so you can make smart choices that fit your own situation.