Mashreq Bank Unfixed Deposit Account

Ever since its inception in 1967, Mashreq Bank has achieved several milestones with its services and have established a strong global presence. The bank offers tailor-made financial solutions with impeccable benefits. Unfixed Deposit account, being one such solutions, allows premature withdrawals without any charges while providing interest on the remaining funds. The account offers flexible tenure ranging from 6 months to 5 years.

Mashreq Bank Unfixed Deposit account is effective for emergencies, offering easy encasing of funds without levying any charges. Additionally, the account comes with unique features like overdraft facility and better returns. In this article, we are going to know more about the Mashreq Bank Unfixed Deposit account, how to open it, the eligibility criteria, etc.

Features and Benefits of Mashreq Bank Unfixed Deposit 

Mashreq Bank offers numerous benefits and features on its Unfixed Deposits keeping in mind the customers’ requirements. Given below are the some of the key features and benefits of Unfixed Deposit account: 

• Flexible Tenure- The bank offers a flexible tenure starting from six months to five years, allowing customers to choose the term as per their financial needs.
• Partial Withdrawal of Funds - Mashreq Bank offers partial fund withdrawal in multiples of AED 1000 or USD 250 in times of emergencies, while still offering interest on the remaining amount.
• No Pre Encashment Fee - A customer is not liable to pay any charges for premature withdrawals.
• Overdraft Facility - Mashreq Bank Unfixed Deposit offers 95% overdraft limit on the funds in AED and 90% overdraft limit for funds in USD. 
• No Chequebook - Unfixed Deposits do not come with a chequebook facility.
• Initial Deposit -  An individual needs to deposit AED 10,000 or more to open an unfixed deposit account. 
• Currencies Accepted - The bank accepts AED and USD in unfixed deposit accounts.
• Minimum Balance Requirement - An individual needs to maintain a minimum of AED 10,000 or USD 250 for a minimum period of six months to earn interest. 

Interest Rate Offered on Mashreq Bank Unfixed Deposits

The Unfixed Deposit account gives an interest rate of 0.256% without any annual charges. Some of the interest applied on early and partial withdrawal are mentioned below in the table.

What are the Eligibility Criteria to Open Mashreq Bank Unfixed Deposit Account?

Eligibility Criteria for an Unfixed Deposit account are as follows:

• A person above the age of 21 can apply for an unfixed deposit in Mashreq Bank.
• A person who already holds a Mashreq Bank Savings or Current account.
• An investment of AED 10,000 or more for a minimum tenure of 6 months.

Documents Required to Open Mashreq Bank Unfixed Deposit 

 To open an unfixed deposit account, the following documents are mandatory:

• Passport - A non-resident is required to furnish a passport with the address page
• Emirates ID - A valid Emirates ID is required for UAE nationals and residents 
• Application Form - A duly filled application form for opening the Unfixed Deposit account is required. The application form can be filled online using Mashreq Online or Mashreq Mobile.

How to Open an Unfixed Deposit in Mashreq Bank?

Unfixed Deposit is available only for existing customers of Mashreq Bank. The account holders can directly apply and invest in this account using Mashreq Online or Mashreq Mobile as per their ease.

Frequently Asked Questions

Q1: What is the advantage of Unfixed Deposits in Mashreq Bank?

Ans: Unlike fixed deposits, an unfixed deposit allows partial withdrawals in case of emergencies before maturity while still offering the same interest rate on the balance amount.

Q2: What is the tenure of Unfixed Deposits in Mashreq Bank?

Ans: Mashreq Bank offers a flexible investment tenure from six months to five years, allowing the customers to choose the duration according to their convenience.

Q3: What is the overdraft limit of Unfixed Deposit in Mashreq Bank?

Ans: The overdraft limit for an Unfixed Deposit is 95% of the total deposited funds in AED and 90% of total deposits in USD.

Q4: I don’t have any account in Mashreq Bank. Can I open an Unfixed Deposit?

Ans:  No, it is mandatory for a person to hold an active savings or current account in Mashreq Bank in order to apply for an unfixed deposit.

Q5: I am a non-resident of UAE; can I apply for Mashreq Bank unfixed Deposit?

Ans: Yes, you can apply for an unfixed deposit by presenting the passport details or Labour ID, etc. with address proof on it.