Mashreq Bank FD
Mashreq Bank offers fixed deposits for varying tenures at competitive interest rates. These deposits enable you to receive higher returns on your savings compared to a normal savings account. With the fixed deposits offered by Mashreq Bank, you can accomplish a number of tasks in life. They come with many added benefits and help you double your savings. However, interest rates offered by the bank on its fixed deposits are subject to change from time to time without giving prior notice to customers.
What is a Fixed Deposit?
A fixed deposit account is a savings instrument offered by banks. Investing in fixed deposits, you can earn a considerable amount of returns. These are high interest yielding term deposits where you can invest for a particular tenure. Compared to normal savings accounts, fixed deposits offer higher returns on your savings. However, you cannot withdraw your fixed deposits before a specific maturity date chosen by you. But, with prior notification to bank and paying a penalty charge, you can withdraw your fixed deposits.
Mashreq Bank Fixed Deposit: Features & Benefits
- Get attractive rates of interest on your fixed deposits.
- Get higher returns on your savings.
- Choice of multiple currencies is available. You can choose from AED, US$, GBP and EURO to invest in FDs.
- Minimum deposit accepted by Mashreq Bank is AED 10000.
- Enjoy flexible tenures of investment. You can invest for a minimum period of 7 days and a maximum period of 5 years.
- Both individuals and institutions can open their fixed deposit accounts with Mashreq Bank.
- Get a secured credit card or an overdraft up to 95% of your fixed deposit by opening an FD account.
- You can withdraw your fixed deposits at any time. However, the bank pays 2% less on early withdrawals than its normal interest payouts.
- Existing Mashreq Bank customers can open their fixed deposit account online via MashreqOnline at their convenience.
Mashreq Bank Fixed Deposit: Eligibility Criteria
- Your minimum investment/savings needs to be equivalent to AED 10000.
- Having a current or savings account with Mashreq Bank is mandatory to open an FD account with the bank.
- A minor can also open a fixed deposit account with Mashreq Bank under the guidance of parents/guardian.
About Mashreq Bank:
Established in 1967, Mashreq Bank is one of the leading financial institutions in UAE. The bank is well known for providing quality banking services to millions of customers and businesses entities. Mashreq Bank has a strong presence in Qatar, Kuwait, Egypt and Bahrain. It has the largest ATM network in the country, and its network is spread to the nook and corners of UAE. Mashreq Bank’s branches are also spread to countries Asia, Africa, Europe and US.
Mashreq Bank also offers the financial products in UAE:
- Mashreq Bank Credit Cards
- Mashreq Bank Personal Loans
- Mashreq Bank Car Loans
- Mashreq Bank Home Loans
Frequently Asked Questions - FAQs
- What is the minimum amount that can be invested in Mashreq Bank’s FD?
- Can a minor apply for a ROD (Revolving Overdraft) with a guardian?
- In what currencies can I invest in FD?
- Can I apply for a FD without opening a Current or Savings account?
- What are interest rates & other fees of the fixed deposit?
- How do I apply for the fixed deposit?
- Will the validity of the term deposit be renewed?
- In the absence of transaction what happens to the account?
- When will the accrued interest be paid?
- What if I want to break my account before maturity?
The minimum amount is equivalent to AED 10,000.
Yes. The bank has provisions for this. A minor can open a fixed deposit account, along with guardian. Call or visit the bank to know more about this product.
FD can be invested in all major currencies such as AED, US$, GBP, Euro.
In order to avail Mashreq Bank’s fixed deposit, you will have to open a current or savings account, for seamless transactions.
The bank offers competitive rates for the fixed deposits. Since the rates are changed as per the bank’s discretion, visit the branch for the latest rates. In case of premature withdrawal of the term deposit, around 2% of the deposit amount will be charged as fees.
You can apply at any of our Mashreq branches in Dubai. You can also call these numbers, in case you need any further assistance call
Dubai - +9714 424 4444
Abu Dhabi - +971 2 627 4737
The validity of the fixed deposit shall automatically be renewed to a similar period, unless otherwise instructed in writing by the account holder on or before expiry. The term deposit will have same terms and conditions at the existing market interest rate or at the rate to be solely and discretionary by the bank.
If there is no transactions in the account for around 5 years, the account will be shifted to ‘Dormant Account’. It will be then treated according to the rules and regulations of the UAE Central Bank.
The accrued interest is generally paid on the principal at the date of maturity.
Settlement or breaking of the deposits before maturity shall be governed by the rules and regulations laid down by the central bank of the United Arab Emirates or by the Bank at its sole discretion and determination.
News about Mashreq Bank Fixed Deposit
Mashreq Pioneers Online Foreign Currency Account in the United Arab Emirates
The international credit rating agency Capital Intelligence affirmed the National Bank of Fujairah’s Financial Strength rating at ‘BBB+’ owing to the bank’s above average asset quality, good capital adequacy, sound profitability and good liquidity. The bank’s long term and short term currency ratings are said to be at ‘A-’ and ‘A2’.The ratings are emphasized by the bank’s excellent management, good financials and support from UAE government. The capital adequacy ratio and total asset ratio still remains to be pretty strong. Rising business value has led to a strong profitability ratio.
11th September 2015