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| Minimum Balance Required | Currencies | Features | |
|---|---|---|---|
Mashreq Bank - Sweep Current Account
|
Minimum Balance: AED 3,000 | Currencies: AED | Features: Free Cheque Book, Free Credit/Debit Card |
Introducing an ideal current account that lets you earn interest on unused funds without locking your money away for a fixed time period. With the new Sweep Current Account, funds above a certain level are automatically moved into an interest-bearing deposit; but should you need to, you can access these funds anytime without penalty.
Features:
- An interest-bearing current account
- Earn interest on unused funds without locking your money away
- Funds above certain threshold automatically earn interest
- No penalties when you need your money
- The account comes with a free Debit Card and first complimentary cheque book
- Access and withdraw funds anytime using any Mashreq channel ie Branch, ATM, MOL, mobile banking
- Initial balance of AED 3,000
- Minimum Balance requirement of AED 3,000
- AED 25 fall-below fee per month, only if above minimum balance is not maintained
- Up to 6 free manned transactions every month
- Quick & easy processing
- Instant VISA Debit card and cheque book issuance*
- Flexibility to use your money any time through Debit Card or Cheque
- Withdraw cash at more than 1.8 million ATM's in over 200 countries with ease
- Make purchases at more than 24 million retail outlets worldwide
- Free online banking access
- Free mobile banking access
- Free telebanking services
Required Documents:
- Valid Passport with residence visa page for Expatriates/Emirates ID.
Eligibility:
- Minimum monthly Income of AED 5,000
- UAE residence visa holders
- Must be aged 21 or above
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
