Oumar Malik
Oumar Malik
Chief Financial Officer
Oumar Malik is the Chief Financial Officer of iNewkhusi.com, a top financial platform offering banking, loans, credit cards, and insurance. With deep financial expertise, Oumar is key in developing strategies for growth and effective management of financial products and services. Based in Al Hamriya, Dubai, Oumar provides valuable insights and innovative solutions to help individuals and businesses manage their finances.
Are you one of those people who want to save money as well as the environment? If yes, then Mashreq Bank’s Nature Saver Account has been designed keeping your needs in mind. This account offers you a great opportunity to save and at the same time contribute to environmental protection.
In this post, we will tell you in detail about Mashreq Bank’s Nature Saver Account. We will tell you about its features, benefits and eligibility requirements, step by step process of opening an account as well as other information related to this account, so stay with us here.
Mashreq Nature Saver Account Overview
If you are opening Mashreq Nature Saver Account, then you should know about this account. Complete information about this account is given in the table below, which you should definitely look at once before opening your account
Here’s the table based on the provided information:
| Feature | Description |
|---|---|
| Account Name | Nature Saver Account |
| Category | Savings Account |
| Account Type | Sustainable Savings Account |
| Earning | Up to 2.50% p.a. profit, credited monthly |
| Minimum Balance | AED 3,000 (or AED 21 fee applies) |
| Eligibility | Existing Mashreq customer, 18+ years old (or minor with guardian) |
| Open Account | Mashreq Mobile App |
| Benefits | – Higher profit rates – Unlimited withdrawals – Free debit card – Contribute to sustainable goals |
| Sustainable Goals | – Protecting UAE biodiversity with Emirates Nature-WWF – Reversing damage and nature loss (more to come) |
| Contribution | Set monthly % of profit to donate |
| Other Fees | None (unless minimum balance falls below AED 3,000) |
| Currency | AED only |
| Additional Information | – No paperwork required – 100% recycled plastic debit card |
Mashreq Nature Saver Account Benefits
There are many benefits of Nature Saver Account which you can avail after opening this account. Some of the benefits available in this account are as follows:
1. Higher profits and savings:
- In this account you get more interest than regular savings accounts (up to 2.50% per annum).
- Interest is calculated daily on the amount maintained in your account and is credited to your account every month.
2. Easy Account Opening (for existing Mashreq customers):
- If you are already a Mashreq Bank customer, you can open a Nature Saver account directly from their mobile app.
- No hassle of paperwork.
3. Maintain Minimum Amount and Save:
- You only have to maintain a minimum amount of 3,000 dirhams in this account. If the amount is less then a small fee will be charged.
4. Easy Transactions:
- You can withdraw your money anytime, any number of times. There is no charge for this. You will also get a free debit card so you can make easy purchases.
5. Help the environment
- You can donate part of your savings to an organization that protects the nature of the UAE.
6. Green Initiatives of the Bank:
Mashreq Bank is environmentally conscious. They are now using 100% recycled plastic instead of old plastic to make their debit and credit cards.
Overall, the Nature Saver Account is a savings account with high interest, easy transactions and eco-friendly features!**
Fees and charges
Mashreq Nature Saver Account has only one fee:
Fall Below Fee: AED 21. This fee is charged only once per month if the account balance falls below AED 3,000 at any point during the month.
There are no monthly maintenance fees, no fees for unlimited withdrawals, and no fees associated with using the complimentary debit card.
Eligibility Criteria
To open Mashreq Nature Saver Account, the following eligibility criteria must be followed which are as follows:
- Existing Mashreq Customer: You must already have an active Current or Savings Account with Mashreq.
- Age: You must be 18 years old or above. A minor (below 18) can apply along with a guardian.
- Minimum Monthly Income: This requirement is not mentioned for the Nature Saver Account itself. However, to open a Savings Account with Mashreq Al Islami (required for non-residents wanting a Nature Saver Account), a minimum monthly income of AED 5,000 is necessary. It’s best to confirm this directly with Mashreq if unsure about your eligibility.
Documents required for Mashreq Nature Saver Account
To open Mashreq Nature Saver Account the following documents will be required:
- For existing Mashreq customer:
- Only a valid Emirates ID will be required. You do not need to submit a passport or any other document.
- For non-resident:
- Passport
- valid visa
- Residence proof (such as electricity bill or rent agreement)
- Proof of income (such as salary slip or bank statement)
- Other documents that the Mashreq may ask for
Process to open Mashreq Nature Saver Account (Step by Step)
Currently Mashreq Nature Saver Account can be opened directly through their mobile app. The option to open an account through the website is not available. You can open a Mashreq Nature Saver Account online only as an existing Mashreq customer. If you are not a Mashreq customer, you will have to open a Current or Savings Account first.
If you’re already a Mashreq customer, follow these steps to open your Nature Saver Account:
1. Open Mashreq Mobile App
Install Mashreq Mobile App on your smartphone or tablet.
2. Log in
Log in using your existing Mashreq username and password. If you have never logged in before, you will need to register.
3. Go to main menu
Tap the Menu icon (three horizontal lines icon) located in the top left corner of the screen to access the main menu.
4. Select the “Open Account” option
From the main menu, select “Open Account” or a similar option.
5. Select “Nature Saver Account”
Select “Nature Saver Account” from the available savings account options.
6. Review the application
Review account features and benefits. Make sure you are eligible and agree to the account terms.
7. Click “Apply Now”
Once you are satisfied with the account information, click the “Apply Now” or similar button.
8. Enter your deposit amount
Enter the initial amount to deposit into your Nature Saver Account.
9. Set profit contribution (optional)
If you would like a portion of your profits to be donated to Emirates Nature-WWF, you can choose the percentage of profits to be donated.
10. Accept the terms
Read the account opening terms and conditions carefully and then tick the checkbox to accept them.
11. Click on Submit
Click on the “Deposit” button to complete the account opening process.
12. Congratulations! Your Mashreq Nature Saver Account is now open!
Within a few minutes you will receive confirmation of your account opening. You can start using your account right away through your Mashreq Mobile App.
FAQ: Mashreq Nature Saver Account
1. What is Nature Saver Account?
This is a savings account that gives you high interest rates and the opportunity to show environmental awareness.
2. Why should I open this account?
If you want to save at higher interest rates.
If you are environmentally conscious and want to contribute through your savings.
If you want an easy and convenient savings account.
3. How do I apply for this account?
If you are an existing Mashreq customer, you can apply through the Mashreq Mobile App.
If you are a new customer, you have to first open a Current or Savings Account in Mashreq.
4. What should I qualify to open this account?
You must be 18 years of age or older.
You should have a Current or Savings Account in Mashreq (for new customers).
Your minimum monthly income should be AED 5,000 (for new customers).
5. What is the minimum amount in this account?
You must maintain a minimum of AED 3,000 in this account.
6. How much interest will I get on this account?
You can get interest up to 2.50% per annum.
Interest is calculated daily on the amount in your account.
Interest is deposited in your account every month.
7. Can I withdraw money from this account?
Yes, you can withdraw money from this account without any restriction.
8. Are there any fees associated with this account?
No, there are no monthly fees associated with this account. If you keep the minimum amount below AED 3,000, you will have to pay a “Fall Below Fee” of AED 21.
9. How can I contribute my profits using this account?
You can donate a portion of your profits to Emirates Nature-WWF.
You can make this donation through Mashreq Mobile App.
You can choose the percentage of profits to donate.
10. Can I open this account for a minor?
Yes, you can open this account for a minor, but you must appoint a “Guardian” for the minor. The Guardian will operate the account on behalf of the minor.
11. Can I open this account jointly?
Yes, you can open this account jointly. For this, both you and your co-account holder will have to apply for the account.
12. Can I use Online Banking for this account?
Yes, you can use Mashreq Mobile App and Mashreq Online Banking for this account.
13. Can I earn reward points on debit card purchases made with this account?
No, you do not earn any reward points on debit card purchases made with this account.
14. Can I close this account?
Yes, you can close this account at any time. To close the account you will need to contact Mashreq customer service.
15. What if I lose my debit card or it is stolen?
If you lose your debit card or it is stolen, you must immediately notify Mashreq customer service. They will block your card and issue you a new card.
16. Can I transact in foreign currency from this account?
Yes, you can transact in foreign currency from this account. However, you should be aware of the charges and exchange rates applicable to foreign currency transactions.
17. Can I use this account for my business?
No, this account is for personal use only. You cannot use it for commercial purposes.
Conclusion
Mashreq Nature Saver Account is a great option for those who want to save at a higher interest rate and express their concern for the environment. This account offers several benefits, including a maximum interest rate of up to 2.50% per annum. Existing Mashreq customers can easily open an account directly through the Mashreq Mobile App. Only a minimum balance of AED 3,000 is required to be maintained.
This account also comes with a free debit card with the help of which you can withdraw your money. Emirates can donate a portion of their savings directly to Nature-WWF as an environmental contribution. Open an account in an eco-friendly way with no paperwork required. This account is only available to residents in the United Arab Emirates (UAE). You must have a Current or Savings Account with Mashreq. If you want to maintain the minimum balance If you fail, you will have to pay a fee.
If you face any problem in opening this account, you can comment below and you will get a reply within 2 hours.