If you live in Dubai and want to earn more interest on your hard-earned money? So Mashreq Bank’s Daily Bonus Account can be the perfect option for you. This special savings account not only gives you high interest rates, but interest is credited to your account every day. With this you can save your money even faster.
In this post, we will tell you the complete process of opening Mashreq Bank Daily Bonus Account. Here you will also get information related to the benefits of this account, features of the account, fees and charges, eligibility criteria, necessary documents etc., so stay with us here.
Mashreq Bank Daily Bonus Account Overview
If you want to open Mashreq Bank Daily Bonus Account, then you should know about the highlights of this account. Complete information about this account is given in the table below:
| Feature | Details |
|---|---|
| Account Name | Mashreq Bank Daily Bonus Account |
| Account Type | Savings Account |
| Interest Rate | Up to 1.50% per annum, credited daily (rates subject to change) |
| Account Access | 24/7 online and mobile access |
| Account Setup | Instant setup with valid Emirates ID |
| Steps to Open Account | Scan Emirates ID, take a selfie, enter personal details, choose account type |
| Withdrawals | Unlimited number of withdrawals allowed |
| Existing Customers | Can open account through Mashreq Online/Mashreq Mobile |
| Minimum Balance | AED 3,000 |
| Currency | Available in AED (Dirhams) |
| Daily Bonus Interest Rates (Per Annum) | 3,000 – 49,999 AED: 0.50%50,000 – 999,999 AED: 1.00%1,000,000 & above AED: 1.50% |
| Eligibility | Minimum monthly income: AED 5,000Mashreq account holders with active Current/Savings accountAge: 18+ (minors can apply with a guardian) |
| Fall Below Fee | AED 21 if balance falls below AED 3,000 in a month (charged once a month) |
| Currency Limitation | Can only open account in AED |
| Non-Residents | Must open a Savings Account with Mashreq first, then open a Daily Bonus Account online |
| Account Limit | Only one Daily Bonus account can be opened through Mashreq Online |
Benefits
After opening Mashreq Bank Daily Bonus Account, you get all these benefits in this savings account which are as follows:
1. Higher Interest Rates & Greater Savings:
Earn up to 1.50% per annum, credited daily.
Maximize your savings with daily interest credits.
2. Instant Account Opening:
Open an account in just 2 minutes.
No paperwork required; simply scan your Emirates ID, take a selfie, enter personal details, and choose your account type.
3. 24/7 Access to Funds:
Access your savings anytime, anywhere using Mashreq Online and Mashreq Mobile.
4. Unlimited Withdrawals:
Make unlimited withdrawals without losing any interest.
5. Simple & Easy:
Maintain a minimum balance of AED 3,000 to start saving.
Save in AED (Dirhams) with daily interest credits.
Unlimited transfers permitted with no loss of interest.
6. Convenient for Existing Customers:
Existing Mashreq customers can easily open a Daily Bonus account through Mashreq Online or Mashreq Mobile.
Eligibility Criteria
To open Mashreq Bank Daily Bonus Account, the following eligibility criteria have to be followed:
- Open to individuals with a minimum monthly income of AED 5,000.
- Available for those who already hold an active Current or Savings Account with Mashreq.
- Applicants must be 18 years or older; minors can apply with a guardian.
Necessary Documents
The list of documents required to open Mashreq Bank Daily Bonus Account is as follows:
1. Valid Emirates ID:
Required for identity verification and account setup.
2. Selfie:
For biometric verification during the account opening process.
3. Personal Details:
Basic information such as name, address, and contact details.
4. Proof of Income:
Minimum monthly income requirement of AED 5,000.
5. Guardian’s Details (for minors):
If the applicant is below 18 years, a guardian’s details and consent are required.
Daily Bonus Interest Rates
If you open this account, you get bonus interest every day. The information about it is as follows:
| Deposit Value (AED) | Interest Rate up to 14th February 2023 (Per Annum) | Interest Rate effective 15th February 2023 (Per Annum) |
|---|---|---|
| 3,000 – 49,999 | 0.50% | 0.50% |
| 50,000 – 999,999 | 0.70% | 1.00% |
| 1,000,000 & above | 1.00% | 1.50% |
Mashreq Bank Daily Bonus Account Opening: Step-by-Step Process
The step by step process of opening Mashreq Bank Daily Bonus Account is explained below which is as follows
1. Visit Mashreq Bank Website:
- Open the official Mashreq Bank website in your web browser.
2. Navigate to Accounts Section:
- Click on the Menu tab and select the “Accounts” section.
3. Select Daily Bonus Account :
- Choose the Daily Bonus Account option from the savings account choices.
4. Click on APPLY NOW :
- Locate and click the “APPLY NOW” button.
5. Choose Application Type :
- Select “Apply as a new customer” and proceed to sign in for application.
6. Begin Application:
- Click on “Get Started” to initiate the application process.
7. Enter Personal Details :
- Fill in required details such as mobile number, email, confirm email, accept terms and conditions, and proceed to the next step.
8. Verify with OTP :
- Enter the 6-digit OTP received in the designated box for verification.
9. Capture Emirates ID:
- Take a photo of your valid Emirates ID.
10. Provide Personal Information :
- Enter your full name as per identification documents and proceed.
11. Identity Verification :
- Capture a selfie to verify your identity.
12. Employment Details:
- Fill in details such as company name, designation, annual turnover, work address (apartment, villa number, building number, street number, area, Emirate).
13. Select Account Type :
- Choose the Daily Bonus Account option.
14. Tax Information:
- Answer if you are a US Person and provide any other required tax details.
15. Enter Address Details :
- Complete your residential address details (apartment, villa number, building number, street number, area, Emirate).
16. Create Login Credentials:
- Generate a username and password for your account access.
17. Confirmation :
- Once all steps are completed, you will receive confirmation that your Daily Bonus Account is opened and activated.
By following these steps, you can easily apply for and open a Mashreq Bank Daily Bonus Account online, ensuring a quick and straightforward process.
Restrictions of Mashreq Bank Daily Bonus Account
1. Minimum Balance Requirement:
Must maintain a minimum balance of AED 3,000 to avoid the fall below fee.
2. Currency Limitation:
The Daily Bonus account can only be opened and maintained in AED (Dirhams).
3. Single Account Limit :
Only one Daily Bonus account can be opened per customer through Mashreq Online.
4. Non-Residents:
Non-residents need to first open a Savings Account with Mashreq before opening a Daily Bonus Account online.
Mashreq Bank Daily Bonus Account Fees and Charges
The following fees and charges are applicable on Mashreq Bank Daily Bonus Account which are as follows:
1. Fall Below Fee:
AED 21 if the account balance falls below AED 3,000 at any point during the month. This fee is charged only once per month.
2. Currency Limitation:
The Daily Bonus account can only be opened in AED (Dirhams).
3. Non-Resident Account Opening:
Non-residents must first open a Savings Account with Mashreq, which may have its own set of fees and charges.
Frequently Asked Questions (FAQ) : Mashreq Daily Bonus account
1. What is the interest rate for the Mashreq Daily Bonus account?
The interest rate is up to 1.50% per annum, credited daily. Rates are subject to change.
2. How can I open a Mashreq Daily Bonus account?
You can open an account instantly by scanning your Emirates ID, taking a selfie, entering your personal details, and choosing your account type.
3. Is there a minimum balance requirement?
Yes, you must maintain a minimum balance of AED 3,000 to avoid a fall below fee.
4. What is the fall below fee?
If your account balance falls below AED 3,000 at any point during the month, a fee of AED 21 will be charged once during that month.
5. Can I make unlimited withdrawals?
Yes, you can make an unlimited number of withdrawals without losing any interest.
6. What are the eligibility criteria for opening a Daily Bonus account?
A minimum monthly income of AED 5,000, holding an active Current or Savings Account with Mashreq, and being 18 years or older (minors can apply with a guardian).
7. Can non-residents open a Mashreq Daily Bonus account?
Non-residents need to first open a Savings Account with Mashreq before they can open a Daily Bonus Account online.
8. In which currency can I open a Daily Bonus account?
The account can only be opened in AED (Dirhams).
9. Is there any paperwork required to open the account?
No, the account opening process is completely digital with no paperwork required.
10. How many Daily Bonus accounts can I open?
You can open only one Daily Bonus account through Mashreq Online.
Conclusion
The Mashreq Daily Bonus Account offers a convenient and efficient way to maximize your savings with daily interest credits and easy access through online and mobile banking. With its higher interest rates, simple account setup, and flexible access, it is an attractive option for those meeting the eligibility criteria and looking for a hassle-free savings solution.
If you face any problem in opening this account then you can comment below, you will get a reply within 2 hours.
