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Mashreq Neo Bank Accounts

One of the oldest banks in the UAE, Mashreq bank was founded in 1967. With over 50 years of banking experience, Mashreq is one of the most innovative when it comes to bringing solutions to the market. Mashreq has been a leader in the consumer finance segment and has been launching various digital initiatives in the UAE. Mashreq also has a presence in Europe, Asia, Africa and the USA.

Mashreq Neo was launched in 2017 with cutting edge technology transforming the digital banking landscape of UAE. Mashreq aims to extend this seamless digital experience to the millennials on the go.

Mashreq Neo is a digital bank that exists entirely on your phone. One can perform all banking activities such as opening an account instantly, checking balances, statements, and transaction history, making payments, transferring money locally and internationally, trading stocks, and so much more. It is a complete digital bank.

Now let’s take a look at the ways Mashreq Neo makes digital banking smarter and seamless.

MASHREQ Neo Biz

MASHREQ Neo Biz

Mashreq Neo Bank Accounts

MINIMUM SALARY

AED 0.00

MINIMUM BALANCE

AED 0.00

MINIMUM DEPOSIT

AED 5000.00

  • Cheque Book
  • Debit Card
  • Mobile Banking App
  • Special Currency Transfer Rate
  • Mobile banking on the go setup account in 20 minutes
  • Exclusive preferential rates on partners like Zoho books
  • No minimum balance on Lite and Trader Pro
  • 10 free funds transfers per month

Transaction Charges in UAE

ATM 0.00

Non-Bank ATM 0.00

Transaction Charges Abroad

ATM0.00

Non-Bank ATM0.00

Interest/Return

Nil

Minimum Balance

AED 0.00

Minimum Deposit

AED 5000.00

Monthly Min Balance Fee

AED 0.00

Features

  • 24/7 secure online banking
    24/7 cash and cheque deposits
    Mobile banking - Convenience on the go

    Customer can avail all the below facilities

  • Statements
  • Letters and Bank certificates
  • Copy of Outward Remittance
  • Demand Draft & Pay order issuance
  • Request - stop payment pay order/DD
  • Cancellation of DD/PO
  • Paid by PO/DD
  • TT returned due to discrepancy
  • Funds Transfer Amendment / Cancellation
  • Auto - fax of OTT/ITT advices (monthly charge) AED 100 AED 100 AED 100
  • Standing Orders
  • Request - calling back funds remitted against standing instructions
  • Copy of standing order instruction application
  • Standing order cancellation or suspension
  • Post Dated Cheques (PDC)
  • Extension of due date
  • Custodial Service per cheque Outstanding PDC report
  • Replacement/premature withdrawal per cheque
  • Miscellaneous Charges (related to Cheques)
  • Request for photocopy / details of cheques-less than 6 months
  • More than 6 months old
  • Stop Payment per Cheque
  • Partial Cheque Payment
  • WPS Payroll Service 
  • Non WPS Payroll
  • To Mashreq Bank account
  • To Other Bank account
  • Outward Clearing/Inter-City/Clean Collection
  • Inter-city Clearing (IBCI)
  • Special Clearing
  • Collection within UAE
  • Collection outside UAE
  • Foreign currency Cheque/Drafts Purchased
  • Cheque Returned unpaid
  • Inward Clearing/Book Transfer
  • Outward Clearing/Inter-City/Clean Collection
  • Processing Fees for Foreign Currency Sale to Customers
  • Minimun of AED 50 or the fees below, whichever is higher
  • Type of transaction NeoBiz
  • ame Currency FCY Withdrawal/Deposit of Cash 
  • Cross Currency FCY Withdrawal/Deposit

Joining Offers

50% off on MindCloud
10% discount on lexycom legal services
7.5% discount on makemytrip
10% cashback on Booking.com

MASHREQ Neo Smart

MASHREQ Neo Smart

Mashreq Neo Bank Accounts

MINIMUM SALARY

AED 5000.00

MINIMUM BALANCE

AED 3000.00

MINIMUM DEPOSIT

AED 0.00

  • Cheque Book
  • Credit Card
  • Debit Card
  • Mobile Banking App
  • Special Currency Transfer Rate
  • Send money instantly to 30+ countries
  • International transfers to India and Pakistan free
  • Earn upto AED 2500 cashback on salary transfer
  • Earn 1.1% on deposit
  • With Mashreqpay earn 5% cashback

Transaction Charges in UAE

ATM 0.00

Non-Bank ATM 2.00

Transaction Charges Abroad

ATM20.00

Non-Bank ATM20.00

Interest/Return

1.10 %

Minimum Balance

AED 3000.00

Minimum Deposit

AED 0.00

Monthly Min Balance Fee

AED 25.00

Features

Quick Remit:
Free transfers to India, Pakistan, instant transfer and 24/7 available

Instant loan:
Designed as an exclusive benefit for customers who use Neo as their Salary account. Mashreq Neo customers can now fast track their wish list with Neo Instant loans. To find your eligibility , Click on the menu button and then the loans button, post you log in to your Neo app.

Mashreq Millionaire:
Purchase Mashreq Millionaire Certificates to participate in our monthly and quarterly lucky draws. Each certificate is valued at only AED 1,000. The more you purchase, the better your chances of qualifying for all prizes, including the grand prize of AED 1,000,000!

Pay Bills
Etisalat, Du, DEWA, SEWA, Salik, school fees, international mobile connections and 100 other partners. Let us know and we will handle everything for you. No extra cost.

Joining Offers

Early Bird Cashback Offer for AED 350.
AED 35 - Purchase 3 Mashreq Millionaires Certificates +
AED 65 - Debit Card Spends AED 3000 +
AED 75 - Quick Remit of AED 3000 +
AED 75 - Motor Insurance AED 100 - Term Life or Critical Insurance Plan

Reward/Deposit Features

Cashback on purchases:

With MashreqPay get 5% cashback on all your spends each month. Simply tap your smartphone on the POS terminal during checkout to make contactless, cashless & secure payments in a jiffy. This service works at all NFC enabled Terminals in UAE and abroad across all android devices.

•Register your Mashreq Credit or Debit Card on MashreqPay and make 1 transaction to get your Joining Bonus of AED 25 guaranteed cashback.

•You are eligible for a 2% cashback of up to AED 50 for the first 10 transactions and an additional 5% cashback of up to AED 50 for more than 10 transactions in a calendar month.

•Opt in for free coupons from your favorite stores. You will get the coupons for redemption once you reach the required spends.

APPLY NOW

on Mashreq Neo Bank Accounts site

Mashreq Neo Salary

Mashreq Neo Salary

Mashreq Neo Bank Accounts

MINIMUM SALARY

AED 5000.00

MINIMUM BALANCE

AED 3000.00

MINIMUM DEPOSIT

AED 3000.00

  • Cheque Book
  • Credit Card
  • Debit Card
  • Mobile Banking App
  • Special Currency Transfer Rate
  • Upto AED 2500 cashback on salary transfer
  • Earn Salaam points on your debit card spend
  • Zero Account Maintenance fee with salary transfer
  • Fast and Easy remittance
  • First check book free

Transaction Charges in UAE

ATM 0.00

Non-Bank ATM 0.00

Transaction Charges Abroad

ATM0.00

Non-Bank ATM0.00

Interest/Return

Nil

Minimum Balance

AED 3000.00

Minimum Deposit

AED 3000.00

Monthly Min Balance Fee

AED 10.00

Features

  • Earn upto AED 2500 cashback with salary transfer as joining offer
  • AED 350 Early Bird Cashback (Cashback on Debiit card, Quick Remit, Insurance etc. transactions done within first 90 days
  • Monthly average balance of AED 3,000 or Debit card spends of AED 1,000 per month 
  • Minimum income of AED 5000 onlyAccess to global stock exchanges
  • Fast & easy remittances
  • Free first cheque book, 1AED per leaf from second check book onwards
  • Enjoy 1% p.a interest through MaxSaver
  • Invest in gold and foreign currencies

Joining Offers

AED 350 Early Bird Cashback (Cashback on Debiit card, Quick Remit, Insurance etc. transactions done within first 90 days

APPLY NOW

on Mashreq Neo Bank Accounts site

Mashreq Neo Saving

Mashreq Neo Saving

Mashreq Neo Bank Accounts

MINIMUM SALARY

AED 0.00

MINIMUM BALANCE

AED 3000.00

MINIMUM DEPOSIT

AED 3000.00

  • Credit Card
  • Debit Card
  • Mobile Banking App
  • Special Currency Transfer Rate
  • Free platinum debit card
  • Fast & easy remittances to 30+ countries
  • Apply for a Gold Investment Account for free
  • Get travel, dining and lifestyle benefits
  • Earn interest of 0.15% per annum

Transaction Charges in UAE

ATM 0.00

Non-Bank ATM 0.00

Transaction Charges Abroad

ATM0.00

Non-Bank ATM0.00

Interest/Return

Nil

Minimum Balance

AED 3000.00

Minimum Deposit

AED 3000.00

Monthly Min Balance Fee

AED 25.00

Features

  • 0.15% p.a. (for AED currency only)
  • Monthly average balance of AED 3,000 required
  • AED 25 + VAT per month (In case minimum balance requirement or required debit card spends is not achieved)
  • Does not need employment or a salary transfer
  • Minimum age requriement is 18 years
  • Utility Bill Payments (DEWA, SEWA, ADDC, Etisalat, DU and SALIK
  • Non Mashreq Credit Card Payment will be charged AED 10
  • AED 1 for domestic transfers
APPLY NOW

on Mashreq Neo Bank Accounts site

Product Joining offer Requirements Features Additional Information
Neo Smart (Current Account) AED 350 early bird cashback AED 2500 Salary transfer cashback Valid Emirates ID 18 years and above Minimum monthly salary of AED 5,000 or annual turnover of AED 60,000 Access to global stock exchanges Fast & easy remittances Free first cheque book 1% p.a interest through Max Saver Invest in gold and foreign currencies Free Debit Card. Earn salaam points on spend.
Neo Salary (Current Account) AED 350 early bird cashback AED 2500 Salary transfer cashback Valid Emirates ID 18 years and above Minimum monthly salary of AED 5,000 or annual turnover of AED 60,000 Access to global stock exchanges Fast & easy remittances Free first cheque book 1% p.a interest through Max Saver Invest in gold and foreign currencies Free Debit Card. Earn salaam points on spend.
Neo Savings
Valid Emirates ID 18 years and above Student or housewife visa holder 0.15% interest rate per annum. Free Platinum Debit Card delivered within 48 hours Fast & easy remittances to 30+ countries Apply for a Gold Investment Account for free Get travel, dining and lifestyle benefits
Neo NXT For children between 12 to 18 years
Parent should be an existing Mashreq customer Kid should be between 12 and 18 years of age Kid should have a valid Emirates ID Digital Bank Account For Children ( 12 to 18 years) Zero Fee account Free Debit card Dedicated App access for Children
Neo NRI Account Welcome offer of 1000 Login to Mashreq Neo App Click on the tab ’Open NRI Account’ Provide the required information and submit Get your account number in few minutes A representative will visit you to complete the account activation process Free money transfers Real time tracking of account activation View your account balance in AED and INR on one screen (coming soon) Federal reward points on an initial remittance of INR 5000 or above within 30 days of account activation An additional 1000 Federal reward points on first debit card spend of INR 5000 or above within 45 days of debit card activation. Each Federal reward point is valued at INR 0.25
Neo Cashback Credit Card Welcome Cashback Enjoy cashback of up to AED 500 on making a minimum spends of AED 1,500 monthly for the first four months on your Neo Cashback Credit Card. Active Mashreq Neo Account Salary AED 5,000+ Age 21+ AECB Good credit score and Debt Burden Ratio below 50% Free for life Enjoy unlimited cashback 5% cashback on dining spends in UAE 2% cashback on international spends 1% cashback on other local spends* *Earn 0.33% cashback for govt. payments, utilities, education, charity, fuel, rental and telecom spends. Interest rates 3.33% p.m. for the first 6 months. Up to 3.69% p.m. thereafter Monthly Minimum Payment 5% of your monthly statement balance Pay Protect Insurance 0.99% of your monthly statement balance
Neo Biz Lite For start ups No Minimum Balance AED 200 monthly maintenance fee 2 months free trial account 10 free funds transfers in a month

Neo Biz Prime
AED 50000 monthly balance required No monthly maintenance fees AED 200 fall below fee 12 free funds transfer a month

Below are some of the features of Mashreq Neo accounts

Account Opening

  • Mashreq Neo is a completely digitized bank account which requires no paperwork and takes less than 5 minutes to open a bank account
  • All you need is a valid Emirates ID
  • Mashreq Neo uses facial recognition technology in the application process
  • Customers can open Current, Savings, NRI or NXT accounts through the mobile app.

Joining Offers

The promotion is open exclusively to Mashreq NEO customers whose Smart or Salary accounts were opened on or after 1 January, 2021 (“customers”) and who transferred first salary to their Mashreq NEO account during the period 7 August 2021 to 31 December 2022 (the ‘ Promotion Period’) Only customers with a net salary greater than AED 5,000 per month are eligible for this promotion

Mashreq Neo offers a cashback up to AED 2,500 for salary transfer accounts. This is available on current accounts such as Neo Smart and Neo Salary

Salary Transfer Amount in AED Cashback Bonus in AED
AED 5,000 to 9,999 200 AED
AED 10,000 to 19,999 1,000 AED
AED 20,000 to 49,000 1,500 AED
AED 50,000 and above 2,500 AED

Mashreq Neo Smart & Salary Customers will get additional cashback of AED 350 on the below activities performed within first 90 days of the account opening

Activity Details Cashback Eligibility Criteria
Quick Remit AED 75 Quick Remit to be AED 3,000 or more
Debit Card AED 65 Debit spends spends to be AED 3,000 or more
Motor Insurance AED 75 Upon purchase of at least 1 Insurance policy through Mashreq Neo app
Term Life or Critical Illness Insurance AED 100 Upon purchase of at least 1 Insurance policy through Mashreq Neo app
Mashreq (Refund of Processing Fee) AED 35 Upon (Refund of Processing fee) purchase of 3 or more Mashreq Millionaire certificates

Benefits

  • International funds transfer
  • Globally accepted Visa Platinum debit card to transact conveniently
  • With a Neo account, you do not need to visit the bank branch and can resolve your issues from the comfort of your home on your mobile app.
  • With the Neo savings account, grow your funds at a competitive interest rate of up to 1.1 percent per annum.
  • Through the Neo digital banking application, you get access to global stock exchanges and the opportunity to invest directly into gold and foreign currency. 
  • Mashreq Neo digital account offers numerous travel, dining and lifestyle benefits. 
  • Without no initial deposit requirement, Mashreq Neo is ideal for students and housewives in the UAE. 
  • Participate in the weekly Mashreq Millionaire draws and get a chance to win up to AED 1 million. 
  • Earn Salaam Points on every transaction you do using Salaam eligible credit and debit cards. Redeem the loyalty points to avail of attractive discounts on various travel, lifestyle and entertainment expenses, including movie tickets at Novo cinemas. 
  • Quick Remit - With a Mashreq Neo digital account, you can transfer funds to over 30 countries and send money to India and Pakistan with a minimal processing fee. The Quick Remit facility sends money to your home country within 24 hours and the service is available round the clock through the Mashreq Neo mobile application. 
  • Convenient Bill Payments - With a Mashreq Neo digital bank account, you can conveniently pay utility bills. Pay DEWA, SEWA, Etisalat, Salik, school fees, etc. with a few simple clicks using the Mashreq Neo mobile application. 
  • Zero Paperwork. Mashreq Neo account is easy to open with almost no paperwork. All you need to do is to register using the Neo mobile application. 
  • Easy Instant Loans - Being a Mashreq Neo digital account holder, you can apply for credits of up to AED 20,000 in less than 2 minutes with minimal documentation. Additionally, you get flexible repayment tenures ranging from 1 to 18 months. 
  • Neo Insurance - With the Neo accounts, you can avail of worldwide Digi-term and critical insurance cover in no time. In addition, you can apply for comprehensive and third-party car insurance online without having to visit the branch. 
  • Different Accounts as per Your Needs - You can choose from various savings and current accounts depending on your financial needs. The current accounts are further sub-classified into salary and non-salary accounts, and you can opt for them as per your requirements. 
  • Global Investment Options - Mashreq Neo provides global investment opportunities such as forex and stock trading, gold investments with competitive pricing and live access to foreign currencies. 
  • Mashreq Millionaire Certificate - When you buy a Mashreq Millionaire Certificate worth AED 1,000, you get a chance to participate in monthly and quarterly draws with the opportunity to win up to 1 million AED. 

Top Reasons to Choose Mashreq Neo Digital Bank Account

With a full-fledged digital banking service, the Mashreq Neo offers impeccable features and benefits to the customers. If you are looking for a digital bank account in the UAE, you can consider the following reasons to choose Mashreq Neo digital bank account.

Save or Trade as per Your Need - Mashreq Neo offers a range of savings and current accounts that you can choose as per your needs. Mashreq Neo Max saver account offers an interest rate of up to 1.1% to grow your savings, while you can invest in global currencies using your current accounts.

Rewards and Offers - Apart from the joining bonuses, you earn rewards on each and every transaction you do using the Mashreq Neo debit card and Salaam points eligible credit cards. Pay for retail shopping using MashreqPay and earn up to 5% cashback. Additionally, if your salary is transferred into the Mashreq Neo current account, you can earn cashback up to AED 2,500.

Fast, Reliable and Secure - With the changing banking system, Mashreq leaps a step ahead with Neo digital accounts that offer complete reliability, security and lighting fast service at your fingertips.

Single Platform for all Banking Services - With Mashreq Neo mobile application, you can access all the banking services from the comfort of your home. You can conveniently open your bank account, resolve your queries and register complaints using the mobile application.

Quick and Convenient Fund Access - Mashreq Neo comes with a Visa platinum debit card to withdraw funds from ATMs in the UAE. Additionally, you can always use the debit card to pay your funds online.


Eligibility Criteria for the Mashreq Neo Digital Bank Account

Before applying, customers need to make sure they fulfil the eligibility criteria for the Mashreq Neo digital account. Following are the basic eligibility criteria to apply for the Mashreq Neo account.

  • Nationality - An Individual must be a UAE national or resident with a valid Emirates ID
  • Age - Applicant must be at least 18 years old or above
  • Salary Requirements - The individual needs to have a minimum monthly salary of AED 5,000 or above
  • For entrepreneurs and small businesses, the annual turnover of their business must be at least AED 60,000.
  • Documents Required for Mashreq Neo Digital Bank Account

Since the Mashreq Neo bank account is available only to UAE nationals and residents, you only need your Emirates ID to register on the Neo mobile application. The documents are similar for entrepreneurs and small businesses as well.


How to Apply for the Mashreq Neo Digital Account?

To apply for the Mashreq Neo digital account, you need to download the mobile application from App Store or Google Play Store or visit the Mashreq Neo online banking portal and follow the instructions given below -

  • Open the Neo mobile app and tap on ‘New to Neo’
  • Register by entering your personal and contact details
  • Then enter your employment details
  • Follow along with the steps as mentioned
  • Upload your Emirates ID
  • Subsequently, enter your tax details and delivery address
  • Create your login credentials
  • Deposit or transfer funds in your Mashreq Neo account.

FAQs

To open a Mashreq Neo account, you need to have a valid Emirates ID which is only available to UAE nationals and residents. So, you won’t be able to apply for the account.
In order to get a Neo salary account, you need to have a minimum monthly salary of AED 5,000 or above.
No, there is no minimum deposit requirement for the Neo savings account. However, in the current accounts, you need to maintain an average balance of AED 3,000.
Yes, based on the salary transfer amount, you can earn cashback up to AED 2,500 with the Neo salary account. The following table depicts various cashback with the salary transfer account.
Salary Transfer Amount in AED Cashback Bonus in AED
AED 5,000 to 9,999 200 AED
AED 10,000 to 19,999 1,000 AED
AED 20,000 to 49,000 1,500 AED
AED 50,000 and above 2,500 AED
Popular Accounts from Mashreq Neo Bank Minimum Salary Minimum Balance Minimum Deposit
MASHREQ Neo Biz AED 0.00 AED 0.00 AED 5000.00
MASHREQ Neo Smart AED 5000.00 AED 3000.00 AED 0.00
Mashreq Neo Salary AED 5000.00 AED 3000.00 AED 3000.00
Mashreq Neo Saving AED 0.00 AED 3000.00 AED 3000.00