Mashreq Bank Neo Account Closing Complete Process (UAE 2024)

When we do not need a bank account or have to go to another bank, we have to close that account. If you have a Mashreq Neo account and want to close it, then you do not need to think about how difficult this process will be. The process is simple and can be completed easily.

In this article, we will tell you what is the process to close a Mashreq Neo account. It will provide information about the documents required, steps to follow, and fees, if any.

Whether you’re deciding to close your account because you’re moving, changing your financial situation, or simply no longer needing the account, we’ll provide you with a simple and effective way to make the process easier. Can complete from-

How do I close my account?

The process of closing a Mashreq Neo account is relatively simple, but it does require a few important steps. To close the account, you first have to go to your nearest Mashreq branch. By going there you will have to register your account closure request. To complete this process, you will need to have a valid Emirates I.D. with you. Or carry a copy of the residence visa page along with a valid passport. 

Make sure that all the documents are correct and updated, so that you do not face any kind of delay or problem. Account closure charges also apply, which are important to know and understand. If you close your account within 6 months, there is a fee of AED 105 (inclusive of VAT) for the Current or Basic Savings Account. Additionally, the same charges apply for all other account types. 

Please note that charges also apply for account closure. The table below shows the fees applicable for different account types:

Account Types	Closing Fee within 6 months
Current / Basic Savings Account	AED 105 (VAT included)
All other account types	AED 105 (VAT included)

Thus, the process can be completed smoothly by keeping all the necessary documents and fees in mind before closing the account.

Understanding the account closing process

Closing a Mashreq Neo account is a simple process consisting of a few simple steps. But before starting this process it is important to understand some important things.

First of all, you need to know what the terms and requirements are for closing an account. Furthermore, it is also important that you are aware of the possible charges and fees that may be applicable at the time of closing the account. 

For example, if there are any pending charges in your account or you have not followed any of the bank’s rules, the bank may charge you a fee. 

Additionally, if you have money in your account, you will need to transfer them to another account. Keeping all this in mind, it is important to collect all the information before starting the account closure process, so that there are no unexpected issues and you can close your account with ease.

Eligibility conditions for account closure

To close a Mashreq Neo account, it is important to ensure that all dues and pending balances are paid in full. Along with settling all pending transactions, it is important to settle any charges and fees associated with the account.

If there are any active investments or holdings in the account, they need to be sold or transferred to another account. It is also important that there are no outstanding liabilities on the account and the minimum balance requirements are met before closing the account.

To close the account, the required forms and documents have to be submitted as well as any pending loans have to be settled.

This process also includes contacting the customer service of the bank and following their guidelines.

Finally, all the necessary documents like identity proof and account details should be kept ready so that the process can be completed smoothly.

The following qualifying conditions for closing Mashreq Neo account should also be observed: 

1. Settlement of all dues:

    Make full payment of all pending balances in the account.

2. Settlement of incomplete transactions:

   Complete or reconcile any incomplete transactions.

3. Payment of all charges and fees:

   Settle all account related charges and fees.

4. End of Active Investments or Holdings:

    Sell or transfer all investments or holdings in the account.

5. Unresolved Liabilities:

   Make sure there are no unresolved liabilities on the account.

6. Minimum Balance Requirements:

    Meet minimum balance requirements (if applicable) before closing the account.

7. Closure Request Form:

   Submit the required forms and documents to close the account.

8. Settlement of any pending loan:

   If there is any pending loan related to the account, settle it.

9. Customer Service Contact:

   To close the account, contact the customer service of the bank and understand the process.

10. Required Documents:

    Keep all the necessary documents like identity card and account details ready.

Potential Fees and Levies

Mashreq Neo reserves the right to charge a fee for closing your account, depending on the type of your account and the reason for closing. For example, if you close an account within the first six months of opening it, the bank may charge you an early closure fee.

Additionally, before closing the account, Mashreq Neo may deduct any outstanding amount or pending transactions from your account. It is worth noting that these fees and charges may vary depending on your account type and the circumstances of closure.

Therefore, before closing your Mashreq Neo account, it is important to settle all dues and responsibilities and understand the potential charges and fees. Following these basic rules makes the account closing process simple and smooth.

Mashreq Neo Account Closing Process

If you wish to close your Mashreq Neo account, there are three major options available to simplify the process, which you need to follow step-by-step:

1. Contact Customer Service:

The first step is to contact Mashreq Neo customer service. You can express your desire to close the account by calling their helpline or sending a message to their customer support email. Clearly mention your account information and reason for closure.

Customer service representatives will assist you and, if necessary, may ask you for additional information, such as confirmation of the final status of your account.

2. Visit Branch:

Another option is to visit the nearest Mashreq Neo branch and lodge your account closure request. You can locate the nearest branch through their website or mobile app. Visit the branch and inform the customer service representative that you wish to close your account.

They will provide you with all the necessary information related to the process and may ask for additional details, such as confirmation of the integrity of your account and the status of the final transaction.

3. Submit the closure form from Mashreq Neo website or app:

Under the third option, you have to download the account closure form from Mashreq Neo’s website or app. Fill out this form correctly and attach the required documents, such as your identity proof (Emirates I.D. or passport), account statement, and any other relevant documents.

Then, submit these documents to the nearest branch or send it to the customer support email address. This will speed up your account closure request process.

In short, closing a Mashreq Neo account is a straightforward process in which you can contact customer service, visit the branch, or submit the required documents. Following the correct procedure will help you close your account without any inconvenience.

Mashreq Neo Account Closing Process

If you want to close your Mashreq Neo account, follow the following steps to make the process smooth and hassle-free:

1. Gather Required Documents:

• Identity Card: Make sure you have a valid Emirates ID or a valid passport with a residence visa page.
•  Additional Documents: Also collect any other documents asked by Mashreq Neo such as your account statement.

2.  Visit Mashreq branch:

• Use their website or mobile app to locate your nearest Mashreq branch.
• Visit the branch, submit the account closure request along with your documents and inform the bank representative.

3. Fill the closure request form:

•  Fill the account closure request form provided by the bank. Make sure all required fields are filled in correctly.
•  Attach the required documents, such as your Emirates ID or passport and other supporting documents.

4. Complete pending transactions:

• Ensure that all pending transactions, charges, and dues are settled in full.
• Transfer the remaining money to another account if necessary.

5. Understand and pay closure charges:

• Be aware of any charges related to account closure. For example:
• Current/Basic Savings Account: A charge of AED 105 (inclusive of VAT) if closed within 6 months.
• Other account types: AED 105 (VAT included) applies.

6. Get closure confirmation:

• After submitting the closure request and documents, ensure that you receive confirmation from the bank that your account has been successfully closed.
•  Keep a copy of the confirmation for your records.

By following these steps, you can effectively close your Mashreq Neo account.

Keep these things in mind while closing a Mashreq Neo account? 

Closing Mashreq Neo accounts online is a fast and easy process. Here are some important things you should keep in mind:

1. Account closure fee:

While closing a Mashreq Neo account, the bank charges a closure fee of AED 100, which is deducted from your account balance.

2. Other Fees:

Apart from account closure, if there are any outstanding balances or penalties on your account, they may also have to be paid. These fees depend on your account type and your transaction behavior.

3. Early closure fee:

If you close your account before the minimum tenure, the bank may charge early closure charges. This fee can range between AED 100 to AED 500, depending on your account type.

4. Careful Review:

To avoid any unexpected fees, we recommend that you review your account agreement and speak to a Mashreq Neo representative before initiating the account closure process.

This proactive approach will give you complete information about all the charges and fees associated with account closure, so you can complete the process with confidence.

Frequently asked questions (FAQ)

Conclusion 

It can be easy for you to understand and follow the process of closing Mashreq Neo account, provided you follow all the necessary steps correctly. Whether you decide to close the account by contacting customer service, visiting the nearest branch, or filling out an online form, it is important to ensure that all dues, pending transactions, and charges are settled. 

With the right information and required documents, this process can be completed without any hassle. I hope this information will help you in closing Mashreq Neo Account.

If you face any problem in closing this account, you can comment below and you will get a reply within 2 hours.