Mashreq Bank Dubai (UAE)
Mashreq Bank Dubai (UAE) is a full-service financial institution that offers a broad range of banking options. Choose from bank accounts, credit cards, insurance, mortgage, and commercial services. Enjoy the convenience of fast, easy online banking with a straightforward application process for managing everyday banking needs, cards that suit your lifestyle, bonus programs, ATM services, and in-person, and digital banking options.
Bank Account Options
Mashreq Bank Dubai offers a choice of three banking and deposit accounts to suit your financial needs and lifestyle.
Current Account
Eligibility: To qualify for this account you must be at least 18 years old, a UAE resident, or GCC National for an AED account. Non-residents may open a savings account only.
What you need to apply:
A valid passport, or a valid Emirates ID, and fill out the fast online application
Minimum monthly income: AED 5,000 and AED 3,000 for initial account setup
Account benefits:
Residents enjoy banking services for day-to-day needs with up to 6 free transactions monthly at a bank branch and access to cash in over 200 countries throughout the world. The account comes with a free Visa Debit Card issued within 2 working days of application. A checkbook is available upon request through Mashreq Online/Mashreq Mobile. The first checkbook is free of charge. Accountholders may withdraw cash from 1.8 million ATMs worldwide. Other services include free online, mobile, and telemarketing access.
Happiness Account
Rewards account with bonuses for salary transfers and purchases on Mashreq VISA Debit Card with VISA MENA
Eligibility: You must be at least 18 years old, or have guardian permission if below 18, and be a UAE resident
What you need to apply: a valid Emirates ID, or a valid passport, and complete the digital application form
Minimum salary: AED 10,000. No minimum balance is required if you transfer AED 10,000 or more into the account. An initial balance of AED 3,000 is required to set up an account to receive for Debit Card and first checkbook.
Account benefits:
The Happiness Account is ideal for salary transfers with a joining bonus of up to AED 2,000, opportunities to earn Salaam Points, and free international online transfers. Enjoy the benefits of free remittances, and 2-for-1 deals on shopping, entertainment, and food when using your Mashreq VISA Debit Card with worldwide access. Easily access your funds through 1.8 million ATMs in more than 200 countries worldwide. Receive discounts from 5,000 restaurants and travel discounts through Mashreq VISA Debit Card with VISA MENA via The Entertainer.
Sweep Current Account
The Sweep Current Account offers customers unrestricted access to money for fixed periods with the opportunity to earn interest on unused funds.
Eligibility: 18 years or older or guardian consent, UAE resident
What you need to apply: A valid passport, a valid Emirates ID, and fill in the application form
Minimum salary: Minimum monthly income of AED 5,000 with AED 3,000 to set up the initial balance
Account benefits:
The first Debit Card is free of charge. You may request a checkbook through Mashreq Online/Mashreq Mobile or request at a local ATM. Earn automatic interest of 0.25% per year with daily accrual paid at the end of the calendar month on balances over AED 50,000 with access to 1.8 million ATMs in over 200 countries with no penalties for accessing your money. Online, mobile, and telemarketing access is free of charge. You get six free branch transactions per month.
Account for Teenagers
Generation NXT
Eligibility: Available to children of parents with existing Mashreq accounts, teens between 12 and 18 years of age with valid Emirates ID
Account Benefits:
You get a zero-fee account with a free debit card and dedicated app access with parental controls to help teens learn how to manage their money. Accounts are linked to parent accounts for transparency. May schedule recurring allowance transfer of funds to Generation NXT account.
Savings Accounts
Mashreq Bank offers savings accounts to meet the needs of all customers’ lifestyles. Choose from several savings and investment account options to watch your money grow.
Eligibility: At least 18 years old, but minors below age 18 may apply with a guardian, UAE residence on VISA accounts
Minimum salary: Minimum of AED 5,000. Requirements may vary with some savings and investment accounts.
What you need to apply: A valid Emirates ID or the last two months’ bank statements from the country of residence for non-residents.
Mashreq noon VIP Savings Account
Earn up to 2% cash back on purchases with a free noon VIP membership, free transfers, no minimum balance or monthly fee, 1 free international transfer per month, and money transfers to more than 40 destinations globally via Debit Card, cashback, interest, and accelerated Salaam Points.
Basic Savings Account
Earn interest at 0.15% annually credited at 6-month intervals. Enjoy free transactions and anytime, anywhere access to funds via debit card.
Mashreq Bank offers other savings accounts, including the Easy Saver Account, DDream Saver Account, MaxSaver Account, Money Multiplier Account, Daily Bonus Account, and Gold Edge Investment.
Loans
Mashreq Bank offers Personal loans for qualified borrowers with instant online approval in 5 minutes. Loans are available up to 20X your salary in amounts as high as AED 1 million, with low-interest rates and a 1st EMI deferral of up to 90 days. You may apply digitally with fast payouts and a loan calculator to help you determine interest rates and repayment amounts.
Eligibility: You must be a confirmed employee for at least six months for approved companies. Unapproved companies do not require employment.
Minimum monthly salary: AED 10,000 for unapproved companies and AED 5,000 for approved companies
Personal Loans: Personal loans are available for new and existing customers, debt consolidation loans, and Top-up loans for existing customers.
Credit Cards
Mashreq Bank offers a choice of credit card options to suit most lifestyles. Some cards give Salaam Points, discounts, or cashback incentives. Compare each card’s terms and benefits to find the most suitable option for your lifestyle.
Solitaire Credit Card
Eligibility: Monthly income of AED 25,000 or higher
Fees: AED 1,500 per year plus 5% VAT for the main card, and AED 600 per year plus 5% VAT for each additional card.
Benefits
Enjoy up to 55 days interest-free for new account holders with interest rates of 3.33% for the first six months and up to 3.69% after 6 months. Earn unlimited Fitness First visits, discounts on airport transfers, global airport lounge access, valet parking, Cinema discounts, complimentary rounds of golf, and Salaam Points on every purchase.
Platinum Elite Credit Card
Eligibility: Monthly salary of AED 7,000
Costs: The main card costs AED 650 plus 5% VAT, and supplementary cards are AED 149 plus 5% VAT.
Benefits
Receive up to 8 complimentary Fitness First visits a month with free airport transfer in Abu Dhabi and Dubai, Discounts at cinemas, global airport lounge access, and Salaam Points on each purchase. Interest rates are 3.33% for the first six months and up to 3.69% after six months.
Cashback Card
Eligibility: Monthly salary of AED 5,000 or higher
Fees: No annual fees for primary or supplementary cards.
Benefits: Receive 5% cash back on dining in the UAE, 2% on non-AED purchases, and 1% cash back on other local purchases. Low-interest rates are 3.33% for the first six months up to 3.69% after six months.
Noon VIP Credit Card
Eligibility: None listed
Fees: Free for life
Benefits
Enjoy accelerated cashback benefits up to 5% of all purchases with the card for a limited period for grocery, NOwNow, Sivvi, and 1% cash back on other purchases. The interest rates are 3.33% for the first six months and up to 3.69% after six months.
Platinum VISA Credit Card
Eligibility: None listed
Fees: There are no joining fees for primary or supplementary cards.
Benefits:
Cash withdrawals are free at Mashreq ATMs in the UAE.
Insurance
Mashreq Bank provides a range of insurance plans to protect you and your loved ones from financial distress in case of illness, accident, income loss, or death. Insurance plans provide high coverage for low premiums to protect your finances in case of accidental injury, sickness, or death. The costs vary for each policy, depending on age, gender, and other factors. Free quotes are available.
Protection
Protection plans are available for Term Life Insurance and Whole Life Insurance to provide your loved ones with financial assistance when you pass away. Some plans offer early withdrawal for emergencies.
Term Life Insurance
Policies are available from 1 to 35 years with a flexible policy term and fixed premium. Tailor-made add-on benefits include permanent and total disability, partial disability, and critical illness benefits at any time.
Whole Of Life Insurance is a lifetime policy that lets you change benefits if circumstances change in your life. You have options for add-on benefits and the policy accumulates cash value. You may add family income, waiver of premium, critical illness, or change protection levels for peace of mind. Protections exist for a lifetime with limited payments early on with investment opportunities in 250 global funds.
Car Insurance
Insure your automobile with comprehensive insurance to protect it from damage, loss, and third-party legal liabilities. Premiums are competitive and offer a range of benefits through Oman Insurance Company and Mashreq. The home content cover is a free perk that comes with the plans. Receive safe driver discounts, free-car hire, replacement vehicle during repairs following an accident, and round-the-clock service.
Income Shield Insurance
This plan provides indemnity for loss of life and coverage for permanent disability for AED 95 per month. It offers you and your family financial protection in case of death or job loss due to illness or injury with high coverage and low rates.
Secure Plus Insurance
Secure Plus Insurance offers a lump sum benefit to beneficiaries in case of natural death. It also provides coverage for accidental death or loss of life during travel. Choose from six coverage options to meet your lifestyle needs.
Digital Term and Critical Illness Insurance
Fast and easy online registration with custom term and critical illness insurance are available. No paperwork or medical testing is required. You also receive customized premiums and plans.
Protect 360 Insurance
This plan offers a comprehensive insurance package that covers your choice or all protections. Get insured for home contents, alternative living accommodation, living benefits, and lifestyle protection covering credit card payments and loans in hard times.
Health Insurance
Critical illness Plan
Coverage up to AED 200,000 in a lump sum for medical assistance and expense for diagnosis of 9 covered critical illnesses worldwide. Coverage extends beyond employer health insurance plans for medical bills and charges not covered by other insurance plans.
Hospital Cash Plan
Compensation benefits of up to AED 35,000 for hospitalization due to sickness and accidents for up to a year.
CritiCare
Covers expenses of daily living for hospitalization and medical expenses.
Women’s Protect
Coverage for women diagnosed with covered female cancers. Provides financial support for treatment costs.
Expat Protect
Benefits provide up to AED 11.2 million for accidents that make future earnings unstable. Coverage plan for expatriates and their families.
Lifestyle insurance
Home Contents and Personal Belongings
Home Comfort insurance covers the home and belongings from accidental damage. Coverage extends to natural disasters, floods, and theft.
LifeStyle Protect
Protection against death due to sickness and personal accidents. The plan pays a lump sum to loved ones.
Mortgage
Home loans are available through Mashreq Bank via an easy digital application process. Qualified applicants may choose from a range of loan options with Home loans for residents, non-residents, and commercial mortgages for UAE Residents.
Eligibility: Salaried or self-employed, Visa for UAE Nationals or resident expatriates.
What you need to apply: Valid passport, visa, and Emirates ID copy, income statements, and digital application.
Minimum monthly salary: AED 15,000 and up.
Benefits
Free approval within 10 minutes of up to 85% of the property value. No salary transfer is required. Generous loan limits of up to AED 10 million, low-interest rates, and loan repayment schedules of up to 25 years.
Commercial
Mashreq Bank offers commercial banking solutions for companies, based on the products and services available to non-commercial customers. They offer a range of loan and mortgage options.
Money Transfer
Mashreq Bank provides a range of foreign exchange and money transfer services. Customers with Mashreq accounts enjoy fast, convenient, and transparent money transfers that allow them to send money to any bank account in the UAE, 24/7 instantly. Complete foreign exchange and money transfers, foreign currency accounts, and foreign currency cash exchange transactions. Send up to 10,000 AED instantly to banks connected to the Immediate Payment Instruction. International Transfers are available through Credit Card remittance, quick remit, and Swift Transfers.
Quick Remit: fast way to send money home
Swift Transfers: send over 30 currencies to any account in the world
Mashreq Credit Card: Send fast remittances
Other financial facilities
Non-residential Egyptian Account
Open an account in Egypt from the comfort of your home in UAE for higher interest on deposits. Invest in Egypt with part of your savings for NRE customers with fixed deposits. Account access is easy with established recurrent deposits from your Mashreq Online account with free transfer of funds from your UAE account to your Egyptian account.