Minimum age
18 years
Mashreq Islamic NEO Plus Current Account
Mashreq Al Islami NEO PLUS Current Account removes the fall-below fee and Mashreq transfer fees with an AED 10,000 salary transfer or AED 50,000 balance.
At a glance
Key facts
Account TypeCurrent
Holding CurrencyAED
Debit CardIncluded
Account access
Debit card included.
Applicants must be at least 18 years old with a valid Emirates ID. NEO PLUS requires monthly average relationship balance of AED 50,000 or monthly salary transfer of AED 10,000; benefits stop after 2 consecutive months without meeting the applicable requirement. The saver rate applies only to NEO PLUS Saver funds.
This is the Mashreq Al Islami Current Account for customers who meet the NEO PLUS conditions. The account works the same way day to day: a Sharia-compliant AED current account with a Visa debit card and cheques, run from the app. What changes is what you pay. You reach NEO PLUS in one of two ways. Either your employer credits a salary of AED 10,000 or more to the current account every month, or you hold a monthly average balance of AED 50,000 or more across your Mashreq accounts. Meet either one and the bank stops charging the fall-below fee, and lists its charges for ATM withdrawals and for local and international transfers at zero.
Who can open it
Residency
UAE resident
Qualifying salary or balance
AED 10,000 salary credited every month, or AED 50,000 monthly average held with Mashreq.
Fees and balance
At NEO PLUS level there is no fall-below fee and no charge for closing the account, including in the first 180 days, when the standard Al Islami current account would charge. The condition you have to keep meeting is the salary or the balance, and the bank gives you some slack. One month below the line costs you nothing. Two consecutive months below it, and the NEO PLUS benefits are discontinued in the month that follows. You are then on standard terms, where a combined daily balance under AED 3,000 across your accounts brings an AED 26.25 monthly fee unless a salary of AED 5,000 or more is transferred.
Fall-below fee
Free
Account closure fee
Free
Benefits
Free Local and International Transfers
The Key Facts Statement lists a charge of zero for local and international money transfers.
Free ATM Withdrawals Worldwide
ATM cash withdrawals in the UAE, the GCC and internationally are listed at a charge of zero.
Free Chequebooks
Chequebooks are free for NEO PLUS customers, not only the first one.
Shariah-compliant
Banking model
How to open
Before you apply
1.Applicants must be at least 18 years old with a valid Emirates ID. NEO PLUS requires monthly average relationship balance of AED 50,000 or monthly salary transfer of AED 10,000; benefits stop after 2 consecutive months without meeting the applicable requirement. The saver rate applies only to NEO PLUS Saver funds.
2.Debit card included.
Good to know
Good option for
Customers who want Sharia-compliant everyday banking and can either move a salary of AED 10,000 or more to the account or keep AED 50,000 with the bank.
Consider another account if
You cannot meet either condition month after month. The standard current account has the lower AED 3,000 balance or AED 5,000 salary test.
Profit is paid on a separate account
The current account itself pays no profit at NEO PLUS level. The expected profit rate tied to NEO PLUS applies only to money you move into the Al Islami NEO PLUS Saver Account, where it is paid monthly.
Frequently asked questions
Get answers to common questions about the Mashreq Islamic NEO Plus Current Account