Complete the application and receive an amazon voucher for AED 100
| Minimum Balance Required | Annual Return | Features | |
|---|---|---|---|
Mashreq Set Up Saver Account
|
Minimum Balance Required: AED 10,000 | Annual Return: 2% | Features: Phone Banking |
Earn interest of up to 6% with Step Up Saver. Introducing a fixed deposit that accelerates your savings, so the longer you save, the more interest you earn! With the Step-up Saver Account, you get the flexibility and convenience to Step-up your savings with higher returns. Interest Rates: Month 1 0.0500% Month 2 0.0700% Month 3 0.0900% Month 4 - 0.1000% Month 5 - 0.1250% Month 6 - 0.2500% Month 7 - 0.5000% Month 8 - 0.7500% Month 9 - 1.0000% Month 10 - 1.2500% Month 11 - 1.5000% Month 12 - 1.7500% Month 13 - 2.0000% Month 14 - 2.2500% Month 15 - 2.5000% Month 16 - 2.7500% Month 17 - 3.5000% Month 18 - 4.0000% In case of a premature withdrawal, a penal rate of 0.5% will be charged, i.e. the interest rate applicable for the total period for which the deposit has run less applicable penalty. Each interest rate stated in the above table is applicable for that month only.
Features & Benefits:
- Get up to 10,000 complimentary Salaam points**
- Step Up Saver tenure is fixed for 18 months.
- Interest credited on liquidation / maturity.
- Option to open Step Up Saver Online (for existing customers only).
- Account is available in AED (Dirhams) only.
- No Cheque book
- Initial Deposit - AED 10,000
- Minimum Balance - AED 10,000 in AED and US$ 2,500 for a minimum tenor of six months
- In the case of a premature withdrawal of Step-up Saver, a penal rate of 0.5% will be charged, i.e., the interest applicable for the total period for which the deposit has run less applicable penalty
- Currency Type - AED only
- Tenor - 18 months.
- You need to have an active Current and/or Savings account with the bank in order to apply for a Step-up Saver.
- Minimum Salary - AED 5000
REWARDS:
Documents Required:
- Minimum deposit amount required to qualify for Salaam points is AED 100,000
- Mashreq Salaam Rewards - Easily earn points for all retail banking solutions such as Current & Saving Accounts, Fixed and Unfixed Deposits, Home/Car/Personal
- Loans, Insurance, Investments, ROD/SOD and Mashreq Millionaire certificates and also on Mashreq Credit and Debit cards.
- Application form.
- Valid Passport with residence visa page for Expatriates / Emirates I.D.
** 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.
