Mashreq Neo – Best Digital Bank in UAE

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Mashreq Bank is one of the UAE’s premier financial institutions, with over 50 years of expertise. It is one of the UAE’s oldest and largest banks, having been founded in 1967. The bank has received various prizes and distinctions over the years. Mashreq Bank was named the Most Innovative Bank in the Middle East in 2020. It provides customer-friendly financial services through a variety of banking services and products. Mashreq Neo, a dedicated digital kiosk, was launched by the bank to give a complete digital banking experience. Mashreq Neo puts rapid and dependable banking at your fingertips with its user-friendly UI and fully featured digital account.

With lenient qualifying conditions and a simple application process, the digital account can be opened quickly. You also get a slew of features and benefits, like free international money transfers to a number of countries, no minimum balance requirement, and much more. The following article explains the benefits of having a Mashreq Neo Digital Bank Account.

Benefits of Mashreq Neo Digital Bank Account

Mashreq Neo provides a next-generation banking experience, with all services available at your fingertips. To access the financial services, simply download the Mashreq Neo mobile app and start using it. The following are some of the advantages of having a Mashreq Neo digital account:

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  • A completely digitized bank account that requires no paperwork right from opening the account to using the banking services.
  • You can open the account instantly with zero paperwork; all you need is an Emirates ID.
  • As an account holder, you can choose various savings and current accounts as per your banking needs.
  • With your current account, you can choose whether to transfer your salary or not.
  • Avail of an internationally accepted Visa Platinum debit card to access your funds conveniently.
  • Get all your queries resolved through Mashreq Neo mobile application. With a Neo account, you don’t need to visit the bank branch and can resolve your issues from the comfort of your home.
  • 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 each and 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.

Mashreq Neo Digital Bank Joining Offers

Mashreq Neo provides users with a slew of advantages when they sign up for the service. The joining offers from Mashreq Neo for new clients are listed below.

  • As a new Mashreq Neo customer, you enjoy a cashback of up to AED 2500 as a welcome bonus.
  • To earn the welcome bonus, you need to maintain a minimum balance of AED 3,000.
  • Spend AED 1,000 on the Mashreq Neo debit card and earn AED 25 welcome bonus every month.
  • On making a payment in the first 90 days, you can earn up to AED 350 cashback.
  • When you transfer money up to AED 3,000 outside of UAE using Quick Remit, you earn AED 75 cashback.
  • While buying a term life insurance or critical illness cover using Mashreq Neo, you get up to AED 100 cashback.
  • When you start a savings account using Mashreq Neo Max saver, you get an attractive interest rate of 1.1%.
  • Purchase car insurance using Mashreq Neo and earn cashback of AED 75.

Mashreq Neo Digital Bank Account Features

Following are the features of the Mashreq Neo digital bank account.

  • 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 bank 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.

The Benefits of having a 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. Plus, 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. You can also always use the debit card to pay your funds online.

Mashreq Neo Digital Bank Account Eligibility Criteria

Customers must ensure that they meet the Mashreq Neo digital account eligibility requirements before applying. The following are the essential requirements for applying a 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

Because the Mashreq Neo bank account is only available to UAE nationals and residents, all you need to register on the Neo mobile app is your Emirates ID. Entrepreneurs and small firms will find the documentation to be identical.

How to Apply for the Mashreq Neo Digital Account?

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

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