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.
If you live in Dubai and are looking for smart banking options, you want to align with Dubai’s fast-paced lifestyle and ever-evolving technology. You seek to open a bank account with excellent banking services. In this case, the Mashreq NEO account is ready to help you with your busy lifestyle.
Mashreq NEO account is an online-based banking account designed with convenience and control in mind. This account allows you to manage your banking with just a few taps, saving you time even in the hustle and bustle of the city.
In this article, we will cover the key features, benefits, and the process of opening this savings account through your smartphone. So, stay with us until the end.
Mashreq NEO Savings Account Overview
Before opening Mashreq NEO Savings Account, you can see the overview given here. Here you are given the complete details of this account which are as follows:
| Feature | Description |
|---|---|
| Interest Rate | 0.15% per year, credited every 6 months (subject to change) |
| Minimum Balance | No minimum balance required |
| Monthly Fee | No monthly fee |
| Account Opening | Opens in 2 minutes with Emirates ID |
| Debit Card | Free Platinum Visa Debit Card |
| Salary Transfer Cashback | Up to AED 3,500 for transferring your salary (depends on deposit) |
| Early Bird Cashback | Up to AED 5,000 cashback on transactions within the first 90 days |
| Other Cashback Offers | Up to AED 200 for shopping with 5% cashback, Up to AED 300 for international money transfers, Up to AED 1,000 referral bonus |
| Global Accessibility | Access funds through over 1.8 million ATMs in 200+ countries |
| Eligibility | Minimum monthly income of AED 5,000, Valid Emirates ID, 18 years or older |
Mashreq NEO Savings Account Benefits
Mashreq NEO Savings Account comes with many benefits. After opening this account, all these benefits are given to the customer which are as follows:
- Interest: You earn 0.15% interest every year (annually) on your savings balance. This interest is credited to your account twice a year (every 6 months). However, keep in mind that the interest rate can change over time.
- Free Debit Card: You get a free Visa debit card when you open the account. This card allows you to easily access your money at ATMs or make purchases in stores worldwide.
- Salary Transfer Cashback (up to AED 3,500): If you transfer your salary to your NEO Savings Account, you can get a bonus of up to AED 3,500. The amount of cashback you receive depends on how much your monthly salary is.
- Global Accessibility: You can access your money anywhere in the world through over 1.8 million ATMs in more than 200 countries.
Mashreq NEO Savings Account Eligibility
To open a Mashreq NEO Savings Account, the following eligibility conditions have to be followed. If you follow the conditions given here, then you will be able to easily open your savings in this bank.
| Category | Requirement |
|---|---|
| Minimum Age | 18 years old and above |
| Residency | Valid Emirates ID (UAE Resident or UAE National) |
| Minimum Income | AED 5,000 per month |
Mashreq NEO Savings Account necessary documents
To open a Mashreq NEO Savings Account, you need to provide the following documents:
1. Valid Emirates ID : This is the primary requirement. You will need to scan your Emirates ID during the application process.
2. Personal Details: Basic personal information such as your name, address, and contact information will need to be entered.
3. Selfie: You will be asked to take a selfie for identity verification purposes.
The process is simple and can be completed in just a few minutes using the Mashreq Mobile app or their website and Mashreq branch.
How to Apply for a Mashreq NEO Savings Account
Mashreq NEO Savings Account can be opened in just 5 minutes by submitting your documents through an online website, mobile application or by visiting your nearest branch. The process of opening the account is given below:
1. Online Application
Mashreq NEO Savings Account can be opened online through its official website. Below mentioned process can be followed to open the account:
1. Visit the Mashreq NEO Website :
- First of all, open the official website of Mashreq NEO Savings Account on your mobile.
- After the website opens, click on the “Apply Now” button.
- Enter Email Id And Mobile Number
- On the next page you have to enter your mobile number and your email ID again and then click on the Next button.
- After this a 6 digit OTP will be sent to your mobile number, enter that OTP.
- Upload EMIRATES ID
- On the next page you have to upload the front side and back side of your Emirates ID and then click on the Next button.
- Now enter the name as per your passport and click on Next button.
- Upload a Selfie
- Now you have to give permission to the camera and then you have to take a selfie.
- Work Details
- In the next step you have to add work information where you have to select Employee Type, Company Name, Monthly Salary, Business Industry etc.
- After this, you have to select Mashreq NEO Savings Account from your account type.
- Now the daily transaction of the debit card available in this account will be told here.
- Enter Tax Details
- Now here you have to fill in the tax details where you will be asked whether you pay tax in the USA.
- Apart from this, you have to select the country in which you pay tax.
- Enter Current Residential Address
In the next level, you will have to enter your current address details where you will have to fill in other details like your Apartment, Village, Landmark, City, Emirates etc.
- Create Login Credentials
After this, you have to enter your user ID and password here and then click on the Next button.
- Account is Activated
As soon as you enter your details, your account is created successfully here. Here you have to fill in information like iban number, Account Number etc.
2. Mashreq NEO App
You can also open your savings account through Mashreq NEO App. The step by step process given below can be followed to open an account:
1. Download the App: Install the Mashreq NEO app from the App Store or Google Play Store.
2. Follow the Instructions : Open the app and follow the on-screen instructions to apply for a savings account.
3. Scan Emirates ID and Take Selfie : Use the app to scan your Emirates ID and take a selfie for verification.
4. Complete Application : Enter your personal details and submit the application through the app.
Please Note : To open this account you must have a valid Emirates ID. The Mashreq NEO app installed on your smartphone.
3. Mashreq Branch
You can also open your savings account through Mashreq Bank branch. The process of opening this savings account is as follows:
1. Visit a Mashreq Branch : Go to any Mashreq branch in person. You can find the nearest branch using the Mashreq branch locator.
2. Bring Necessary Documents:
- Valid Emirates ID: Ensure you have your Emirates ID with you.
- Additional Documents: Depending on your status, you may also need other documents such as proof of address or income statements.
3. Fill Out Application Form : At the branch, you will be provided with an application form. Complete this form with your personal details.
4. Submit Application : Hand over the completed application form and your documents to the bank representative.
5. Verification Process : The bank representative will verify your documents and process your application.
6. Account Opening Confirmation : Once your application is processed, you will receive confirmation of your new account along with details on how to access it.
Enjoy Early Bird Cashback
Make transactions in the first 90 days and enjoy up to AED 5,000 cashback:
1. Up to AED 3,500 : Transfer your salary and enjoy a bonus.
2. Up to AED 200 : Shop and enjoy 5% cashback by enrolling your Mashreq Debit Card on any digital wallet (Apple Pay, Google Pay, or Samsung Pay).
3. Up to AED 300 : Send AED 3,000 or more with Quick Remit to 40+ countries.
4. Up to AED 1,000: Get a double referral bonus (AED 200) when you refer up to 5 friends to join Mashreq NEO.
Please Note: you complete these actions within the first 90 days to maximize your cashback rewards.
FAQs for Mashreq NEO Account
1. What is the ‘monthly minimum balance’ and ‘fall below fee ?
If the combined minimum average balance on your account falls below AED 3,000 or equivalent in other currencies, you will be charged a “fall below fee”.
2. Does Mashreq NEO have a branch?
With a Mashreq NEO digital account, there is no need to visit a Mashreq branch. However, you can visit a Mashreq ATM/ITM for withdrawing cash and encashing cheques.
3. What is the minimum eligibility criteria for Neo salary transfer cashback?
You need to transfer a monthly salary of at least AED 5,000 to earn NEO salary transfer cashback.
4. How can I start transferring my salary to Mashreq NEO?
Send a letter to your HR to initiate the transfer:
Login to Mashreq Mobile App > tap on More
Transfer your salary now > Email my HR now
Enter ‘HR’s email ID’ > Send email using any email app on your device
5. When and how do I get the salary cashback?
The total salary cashback amount will be based on the first salary deposited in your account and will be credited in equal monthly installments over a period of 6 months into your Mashreq NEO Account. Each installment will be credited within 90 days from the date of the salary transfer in the respective months.
6. What qualifies as a salary transfer to the account?
A salary transfer will only be recognized by Mashreq if it is credited to the account by the customer’s employer registered in the UAE using the correct channel and method recognized by the bank. A remittance, direct transfer, cash, or cheque credit transaction by the employer will not be considered as a salary transfer transaction and will lose the eligibility of any benefits defined under this offer. An erroneous salary transfer description could also result in the non-payment of the cash joining benefit.
7. I am a Mashreq Neo customer but do not currently transfer salary to my Mashreq Neo Account. Will I be eligible for the Mashreq Neo salary cashback?
Yes, you will be eligible for salary cashback under Mashreq NEO if you decide to transfer your salary to the Mashreq NEO Account and receive a continuous salary credit of AED 5,000 or more on a monthly basis in your Mashreq NEO Account.
8. What happens if my salary transfer falls below AED 5,000 in a month after the first salary transfer of AED 5,000?
If the salary transferred is below AED 5,000 in a month, you will not be eligible for cashback in that month. However, in subsequent months, when the salary transferred is above AED 5,000, you will become eligible and will continue to receive salary cashback based on the first salary calculation.
9. What if my salary increases in subsequent months?
If your salary increases, you cannot claim a different cashback value during that month. Salary cashback is calculated based on your first salary transfer.
10. What happens if my salary is not transferred in a given month?
If salary is not transferred in a given month, you will not be eligible for cashback in that month. However, during subsequent months, when salary is transferred (above AED 5,000), you will continue earning cashback based on the first salary calculation.
11. Is there a penalty if salary does not come into my account for 2 months in a row?
If salary is not transferred into the NEO Account for 2 months in a row, within 12 months of the first salary credit, all previous salary cashbacks will be clawed back and the salary cashback amount credited by the bank will be debited from your account.
12. What is the maximum permitted time to take advantage of the benefits of NEO Salary Transfer?
You have a maximum of 7 months from the first month of eligible salary transfer.
Conclusion
Opening a Mashreq NEO Savings Account is a straightforward process that can be done online, through the Mashreq NEO app, or by visiting a Mashreq branch. The key requirements include having a valid Emirates ID and completing identity verification.