The Mashreq Neo NXT Child Account provides a secure and convenient digital banking for children. Now parents can easily transfer their kids’ allowance and kids get free access to the debit card and app. This account is available for children between 8 to 18 years.With a no-fee account and debit card, it helps kids achieve their financial goals and manage money.
To open a Neo NXT account, parents need to login to the Mashreq mobile app and click on the ‘Open Neo NXT Account’ button. Through this account, kids can learn about banking and money management in a safe and secure environment. Parents can keep an eye on kids’ transactions and get OTP for all online transactions.
In this post, we are going to tell you the complete process of opening Mashreq Neo NXT Child Account, which you can complete through your smartphone sitting at home without going to the branch. Eligibility criteria of this account, necessary documents, benefits available in the account, banking facilities and account. To know about the fees and charges related to it, you can read this article with us till the end.
Mashreq NEO NXT Child Account Overview
With the Mashreq Neo NXT Child Account, children are taught to manage money smartly. They can track their spending, save toward their goals, and complete challenges set by parents to earn more allowance.
If you want to open this account, then below we have given a small overview, you must read it before opening the account, it will prove to be very important for you.
Feature Description | Details |
---|---|
Account Name | Mashreq NEO NXT Child Account |
Age Eligibility | 8 to 18 years old |
Account Fees | None |
Debit Card | Free |
Mobile App Access | Free |
Parent Eligibility | Existing Mashreq customer |
Kid ID Requirement | Valid Emirates ID |
Account Opening | Mashreq Mobile App |
Security | Linked to parent’s account for transaction monitoring and OTPs |
Allowance Management | Parents can set recurring allowance |
Money Management for Kids | Track expenses, set goals, complete challenges for extra allowance |
Login Credentials | Separate login for teens in Mashreq Mobile App |
Parent Controls | Set allowance, spending controls, view transactions, receive OTPs, set challenges |
Spending Limits | AED 5,000 monthly limit on various transactions |
Cash Deposit | Not allowed |
Access Devices | Mashreq Mobile App (Android, iOS, Huawei) |
Multiple Accounts | Parents can open up to 5 NEO NXT accounts |
Teen Mobile Number | Required for notifications |
Eligibility criteria
To open Mashreq NEO NXT Child Account, you have to follow the following eligibility criteria which are as follows:
- If you are a parent then your bank account should already exist in this bank.
- The age of your children should be between 8 years to 18 years.
- Children must have a valid Emirates ID.
- It is also important for you to have a mobile number and an email ID.
- To open an account, you must have a smartphone and internet facility.
NEO NXT Child Account Required Documents
The list of documents required to open Mashreq Neo NXT Child Account is as follows:
Document Description | Details |
---|---|
Parent’s Emirates ID | Copy of parent’s valid Emirates ID |
Child’s Emirates ID | Copy of child’s valid Emirates ID |
Child’s Passport (if applicable) | Copy of child’s valid passport (if applicable for non-UAE residents) |
Mobile Number | Child’s mobile number (optional, but recommended) |
Must be a personal email ID | |
Proof of Residence | Copy of utility bill or tenancy contract showing the parent’s address |
Recent Bank Statement | Copy of parent’s recent bank statement (showing active account) |
Note that: if you are opening an online account, then you will need to have a valid Emirates ID, UAE Mobile number, and a selfie. If you already have a bank account in this bank, then you can open an account for your children on its behalf using internet banking.
NEO NXT Child Account Benefits
NEO NXT Child Account is a kid account launched by Mashreq Bank. This savings account is completely free where you do not have to pay any kind of charge. Parents can open this account for their children between the age of 8 to 18 years. You can open a savings account which comes with a number of benefits that will help teach your child the importance of money and make them financially savvy. Here all the benefits available in this savings account are explained in points below which are as follows:
- Parent controls: Parents have full control over their child’s account, including setting spending limits, viewing transactions, and receiving OTPs for online transactions.
- Financial education for kids: NEO NXT Child Account provides a safe and secure platform for children to learn about money management and financial responsibility.
- Debit card and mobile app access: Children receive their own NEO NXT Debit Card and can access their account through the Mashreq Mobile App, which gives them a sense of independence and responsibility.
- Allowance and spending management: Parents can easily set up a recurring allowance for their children and monitor their spending through the Mashreq Mobile App.
- Goal setting and challenges: Children can set financial goals and complete challenges to earn extra allowance, which can help them develop motivation and financial discipline.
NEO NXT Child Account Features
Mashreq Bank Neo NXT Child Account comes with many features. If you open this savings account, then you will be able to avail the benefit of more than 50 banking facilities here. The facilities available in the account are as follows:
- Zero-fee account: The NEO NXT Child Account is completely free of charge, with no monthly fees or transaction fees.
- Free debit card: Children receive a free NEO NXT Debit Card that they can use for everyday purchases and ATM withdrawals.
- Dedicated app access: Children have their own login credentials for the Mashreq Mobile App, which provides them with a tailored experience and access to all account features.
- Spending limits: Parents can set spending limits on their child’s debit card to control their spending and protect them from fraud.
- Secure Banking: The NEO NXT Child Account is linked to the parent’s account for added security, and parents receive OTPs for all online transactions.
NEO NXT Child Account Fees
If you open Mashreq Bank NXT Child Account, then there is no charge for opening the account. No charge is taken from you even on a debit card. Apart from this, transaction fee is also not taken. You will not be charged any kind of charge in this account. No need to pay.
Description | Fees and Charges |
---|---|
Account fee | None |
Debit card fee | None |
Transaction fees | None |
Step-by-step process to open Mashreq NEO NXT Child Account
Mashreq NEO NXT Child Account can be opened for your kids in just 5 minutes! Follow these easy steps:
1. Mashreq Mobile App Login:
- Open your parent’s existing Mashreq mobile app.
- Log in to the app using your login credentials.
2. Find the Open NEO NXT Account button:
- After logging in, view the main menu or dashboard.
- Look for “Open NEO NXT Child Account” or a similar button.
3. Enter the required information:
- You may be asked to enter your child’s information, such as their name, date of birth and Emirates ID number.
- Follow the instructions and fill in all required fields.
4. Submit and wait for approval:
- Once you have entered all the information, click on the Submit button.
- The bank will review the information you submitted and inform you about the status of the account opening.
5. Activate NEO NXT Child Account
Debit Card (once account is opened):
- Once your child’s account is opened, you’ll need to activate their debit card.
- Log back into your parent’s Mashreq mobile app.
- Select the “NEO NXT Child Account” tab and select your child’s specific account.
- Find the “NEO NXT Child Account Debit Card Ready to Activate” section.
- In this section, you can assign a PIN for your child’s debit card. Make sure you choose a strong and easy to remember PIN.
- Congratulations! You have successfully
- opened a Mashreq NEO NXT account for your child and activated their debit card!
Remember: Make sure you have your child’s valid Emirates ID readily available. Download the latest version of the app before starting the account opening process.If you encounter any difficulties, contact Mashreq customer service for assistance.
NEO NXT Account Restrictions
Yes, there are restrictions on NEO NXT accounts to ensure a safe and secure banking experience for teenagers. Here are the details:
Transaction Type | Limit |
---|---|
Money transfers (Mashreq accounts) | AED 5,000 monthly limit |
Money transfers (non-Mashreq accounts) | AED 5,000 monthly limit |
Online debit card spending | AED 5,000 monthly limit |
Offline debit card spending | AED 5,000 monthly limit |
ATM cash withdrawal | AED 5,000 monthly limit |
FAQ: Mashreq NEO NXT Child Account
Q: Who is eligible for a NEO NXT Child Account?
A: Children between the ages of 8 and 18 years old are eligible for a NEO NXT Child Account. Their parents must be existing Mashreq customers.
Q: What documents are required to open a NEO NXT Child Account?
A: Parents will need to provide copies of their Emirates ID and proof of address, as well as copies of their child’s Emirates ID and passport (if applicable) and a recent passport-sized photo.
Q: How can I open a NEO NXT Child Account?
A: You can open a NEO NXT Child Account through the Mashreq Mobile App or at any Mashreq branch.
Q: What if my child loses their debit card?
A: If your child loses their debit card, you can immediately block the card and request a replacement through the Mashreq Mobile App or by contacting Mashreq customer service.
Q: How can I monitor my child’s spending?
A: You can monitor your child’s spending by logging in to your Mashreq Mobile App and viewing their transaction history. You can also set spending limits on their debit card.
Conclusion:
The NEO NXT Child Account is a great way to introduce children to the world of finance and help them develop responsible money management habits. With its zero fees, free debit card, dedicated app access, and secure banking features, the NEO NXT Child Account is a valuable tool for both parents and children.
Overall, the NEO NXT Child Account is a comprehensive and affordable solution for parents who want to give their children a head start on their financial future.
If you face any problem in opening this account or you want to ask anything then you can comment below, you will get a reply within 2 hours.