Do you live in Dubai and want to increase your savings? So Mashreq Bankโs Money Multiplier can be a great option for you. This account gives you the opportunity to earn more interest the more you spend and the more money you send.
In this post, we will tell you the complete process of opening this account, eligibility criteria, necessary documents, fees and charges, benefit features, will opening this account be beneficial for you, that is why you stay with us till the end.
Mashreq Bank Money Multiplier Account Overview
Mashreq Bankโs Money Multiplier Account offers customers interest up to 3.00% p.a. on debit card spends and remittances. Opening this account is very easy, just a valid Emirates ID is required and it can be opened in just 2 minutes.
There are no minimum balance requirements and no fall bill fees, making it simple to maintain. Existing customers can open it immediately, while new customers must first open a current or basic savings account.
Rest of the details about this account are given in the table below which are as follows:
Feature | Details |
---|---|
Account Name | Mashreq Bank Money Multiplier Account |
Account Type | Saving Account |
Interest Rate | Up to 3.00% per annum (subject to change) |
Rewards | Earn Mashreq Vantage points on Debit Card spends and remittances |
Account Opening | Open in 2 minutes with a valid Emirates ID |
Opening Steps | Scan Emirates ID, take a selfie, enter personal details, choose account type |
Existing Customers | Can open instantly with one click. |
New Customers | Must open a Current or Basic Savings account first |
Minimum Balance Requirement | None |
Fall Below Fee | None |
Debit Card Benefits | 2 for 1 deals on food, entertainment, and shopping |
QuickRemit | Send money to 35+ destinations using Mashreq Mobile or Online Banking |
Eligibility | Minimum monthly income of AED 5,000 |
Age Requirement | Must be 18 years old and above (minors can apply with a guardian) |
Currencies | Can only be opened in AED |
Number of Accounts | Only one Money Multiplier Account per person |
Interest Calculation Example | For an average savings balance of AED 200,000 and total spend/remit of AED 10,000, interest paid is AED 123.75 at a rate of 1.75%. |
If you need any more details or have any other questions, feel free to ask!
Benefits
Mashreq Bankโs Money Multiplier Account offers several benefits:
- Convenient and Simple: Existing customers can open an account in one click.
- Easy account opening: Only a valid Emirates ID is required and can be opened in 2 minutes.
- High interest rates: Up to 3.00% p.a. interest on debit card spends and remittances
- Mashreq Vantage Points: Earn Vantage Points on debit card spend.
- No Minimum Balance: No minimum balance is required to maintain the account.
- No Fall Billow Fees: There are no charges for account drawdown.
- QuickRemit services: Fast international remittances to 35+ countries.
- Mashreq VISA Debit Card: 2-for-1 deals on dining, entertainment and shopping.
Necessary documents
Documents required to open Money Multiplier Account of Mashreq Bank:
1. Valid Emirates ID: To confirm identity and residence.
2. Selfie: To confirm identity.
3. Personal Details: Name, Address, Contact Information etc.
New customers must first open a current or basic savings account, which may also include the following documents:
1. Copy of passport: To confirm identity.
2. Copy of Visa: To confirm residence.
3. Proof of Address : Such as utility bill or tenancy contract.
4. Proof of Income : Such as salary certificate or bank statement.
These documents make the account opening process simple and fast.
Eligibility Criteria
Eligibility Criteria for Mashreq Bankโs Money Multiplier Account:
1. Minimum Monthly Income : AED 5,000.
2. Age Limit: Minimum 18 years. If minor is applying with his/her guardian.
3. Documents: Valid Emirates ID and other identity proving documents.
4. Current Account of Mashreq : Already having a current or basic savings account of Mashreq Bank.
Mashreq Money Multiplier Account Opening Step by step process
Here are the step-by-step instructions to apply for a Mashreq Bank Money Multiplier Account, similar to the format provided for the Money Multiplier Account:
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 โAccountsโ section.
3. Select Money Multiplier Account : Choose the Money Multiplier Account option from the savings account choices.
4. Click on APPLY NOW : Locate and click the โAPPLY NOWโ button.
5. Choose Application Type : Select โApply as a new customerโ and proceed to sign in for application.
6. Begin Application : Click on โGet Startedโ 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 Money Multiplier 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 Money Multiplier Account is opened and activated.
By following these steps, you can easily apply for and open a Mashreq Bank Money Multiplier Account online, ensuring a quick and straightforward process.
Mashreq Bank Money Multiplier Account
Fees and charges
Mashreq Bankโs Money Multiplier Account typically does not have a minimum balance requirement or fall below fee. However, specific fees and charges may apply for certain services or transactions, such as:
1. International Transfer Fees : Charges may apply for international remittances through services like QuickRemit.
2. Debit Card Usage Fees: Fees may be applicable for certain transactions or ATM withdrawals.
3. Statement Copies : Charges for additional or duplicate account statements.
4. Inactive Account Fee : If the account remains dormant for a specified period, an inactive account fee may apply.
Restrictions of Mashreq Bank Money Multiplier Account
The Mashreq Bank Money Multiplier Account may have certain restrictions that customers should be aware of:
1. Currency: The account can only be opened and operated in AED (United Arab Emirates Dirhams).
2. Number of Accounts: Each customer is allowed to open only one Money Multiplier Account.
3. Eligibility : Customers must meet specific eligibility criteria such as a minimum monthly income of AED 5,000 and being at least 18 years old. Minors may apply with a guardian.
4. Residency : Non-residents of the UAE may need to open a Savings Account first before applying for a Money Multiplier Account online.
5. Transactions : Certain transactions or limits may apply based on the account type and customer profile.
These restrictions ensure compliance with regulatory requirements and help manage account operations efficiently.
Frequently Asked Questions (FAQ) : Mashreq Money Multiplier Account
1. What is the interest rate offered on the Money Multiplier Account?
Mashreq Bank offers up to 3.00% interest per annum on the Money Multiplier Account, subject to change.
2. How โโcan I open a Money Multiplier Account?
Existing customers can open it instantly with one click. New customers need to first open a Current or Basic Savings account with Mashreq.
3. Are there any minimum balance requirements or fall below fees?
No, there is no minimum balance requirement or fall below fee for the Money Multiplier Account.
4. What documents are required to open a Money Multiplier Account?
You need a valid Emirates ID and may require additional identification documents for verification.
5. Can I open more than one Money Multiplier Account?
No, each customer is allowed to open only one Money Multiplier Account.
6. What are Mashreq Vantage points and how do I earn them?
Mashreq Vantage points are rewards earned on debit card spends and remittances through the Money Multiplier Account.
7. Is the Money Multiplier Account available in currencies other than AED?
No, the account can only be opened and operated in AED (United Arab Emirates Dirhams).
8. What are the benefits of using the Mashreq VISA Debit Card with this account?
The debit card offers 2-for-1 deals on food, entertainment, and shopping, among other benefits.
9. Are there any fees for international transfers (QuickRemit) through this account?
Yes, charges may apply for international remittances using QuickRemit.
10. Who is eligible to apply for a Money Multiplier Account?
Individuals aged 18 years and above with a minimum monthly income of AED 5,000. Minors may apply with a guardian.
Conclusion
To open a Mashreq Bank Money Multiplier Account, visit their official website and navigate to the Accounts section. Select the Money Multiplier Account option and click โAPPLY NOWโ. Choose โApply as a new customerโ and follow prompts to enter personal details, verify with OTP, and submit images of your Emirates ID and selfie. Provide employment details, select account type, and answer tax-related queries. Enter your residential address, create login credentials, and upon completion, receive confirmation of your account activation. This streamlined process ensures opening your Money Multiplier Account efficiently within minutes, offering competitive interest rates and various banking benefits.
Friends, if you have any doubts related to opening this account or you want to ask anything, then you can comment below, you will get a reply here within 2 hours.