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| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
Mashreq Basic Saving Account
|
Minimum Balance Required: AED 3,000 | Annual Return: 0.25% | Features: Phone Banking, Free Cheque Book |
The Basic Savings Account from Mashreq gives you the freedom to conduct your banking transactions at no cost, while earning a return on your deposit.
Features & Benefits:
Documents Required:
- Interest rate of 0.25% p. a. credited every 6 months
- Quick & easy processing
- Instant VISA Debit card issuance
- Flexibility to use your money any time through Debit Card
- 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 tele-banking services
- Mashreq Salaam Rewards
- Minimum balance - AED 3000
- Monthly Fee - AED 25 fall-below fee per month, only if above minimum balance is not maintained
- Free Cheque Book
- Minimum Salary Required - AED 5000
- Application form
- Valid Passport with residence visa page for Expatriates/Emirates I.D
- In case of non-residents, a 2 month bank statement from country of residence
** 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.
