Minimum age
18 years
Mashreq Fixed Deposit
Mashreq Fixed Deposit locks AED 2,500 or more for a set term at a fixed rate, from 2.24% for 1 month to 3.19% for 2 years. No partial withdrawals.
An existing account with Mashreq is required, such as Mashreq NEO Current Account.
At a glance
Key facts
Minimum DepositAED 2,500
TenuresFlexible
Interest PayoutAt maturity, upfront, monthly, quarterly or half-yearly
A Mashreq Fixed Deposit is a lump sum you hand to the bank for a term you choose, at a rate that is agreed on the day and does not move until the term ends. The minimum is AED 2,500. You need an active Mashreq current or savings account first. In Mashreq Online or the Mashreq Mobile App you can book terms from 1 month to 2 years. Shorter and longer terms, from 1 week up to 5 years, exist but are not booked digitally. If you think you will need part of the money back early, compare the Unfixed Deposit, which allows partial withdrawals.
Who can open it
Minors
A child under 18 can apply together with a guardian.
Fees and balance
Minimum deposit
AED 2,500
Interest
Interest is paid at maturity, upfront, monthly, quarterly or half-yearly. Digital deposits run for 1 month–2 years; manual deposits run for 1 week–5 years. No partial withdrawal is permitted. Early withdrawal pays interest 2 percentage points below the applicable rate for the completed period.
Available deposit tenures
| Tenure | Annual rate |
|---|---|
| 1 month | 2.24% |
| 3 months | 1.94% |
| 6 months | 2.29% |
| 9 months | 2.45% |
| 12 months | 2.96% |
| 24 months | 3.19% |
| Tenure | Annual rate |
|---|---|
| 1 month | 2.24% |
| 3 months | 1.94% |
| 6 months | 2.29% |
| 9 months | 2.45% |
| 12 months | 2.96% |
| 24 months | 3.19% |
In plain words
- Annual rate
- The rate is quoted for a full year. Money held for part of a year earns the matching part of it. More on this
- Tenure
- The length of time you agree to leave the deposit in place. You choose it when you open the deposit, and the rate you get depends on the tenure you pick. More on this
- Paid at maturity
- Maturity is the day the term you chose ends. The interest is paid then, together with the amount you deposited. More on this
- Paid upfront
- You receive the interest for the whole term on the day you place the deposit, not when the term ends. More on this
What your money earns here
Tenure
24 months
The amount and the rate stay the same for the whole period, and the interest is paid out, not added to the balance. Try other rates
AED 638
interest over 2 years
3.19%
a year
interest earned over time
These are yearly rates, so a 1 month deposit earns one month's worth of its rate, not the full figure. Once booked, your rate stays the same for the whole term. New deposits can be offered different rates from week to week, so the rate that matters is the one on the day you book.
Benefits
Choice of Interest Payout
Take interest at maturity, upfront, monthly, quarterly or half-yearly.
Deposits in Four Currencies
Book the deposit in AED, USD, EUR or GBP, with a minimum of 2,500 in the chosen currency.
Online Booking
Existing customers book the deposit in Mashreq Online or the Mashreq Mobile App with no paperwork.
How to open
Before you apply
1.Open in the app.
2.An existing account with the bank is required.
3.Minimum deposit: AED 2,500.
Application steps
1.Hold an active Mashreq Current or Savings Account.
2.Sign in to Mashreq Online or the Mashreq Mobile App.
3.Choose Fixed Deposit, then set the amount, the term from 1 month to 2 years and how you want interest paid.
4.Confirm the booking. No paperwork is needed.
Good to know
Good option for
Existing Mashreq customers with at least AED 2,500 they are sure they will not need until a known date, who want the rate fixed for that period.
Consider another account if
You might need the money sooner, or want to add to your savings as you go. A fixed deposit cannot be topped up or partly withdrawn, and the Daily Bonus Account keeps your money available.
Taking the money out early
You can break the deposit before maturity, but only in full. Mashreq then pays interest for the time completed at a rate two percentage points below the rate that applied, and tells you the net amount when you redeem. Its product page adds that no interest is paid at all when the rate for the completed period is two percentage points or less.
What happens at maturity
If the deposit rolls over into a new term, the new term takes the rate offered on that day, which can be very different from the rate you first booked. Mashreq sends a reminder one month before, and you can change the rollover instruction in the Mashreq Mobile App or Online Banking.
Frequently asked questions
Get answers to common questions about the Mashreq Fixed Deposit