Minimum age
18 years
Mashreq Step Up Deposit
Mashreq Step Up Deposit is an 18-month AED deposit from AED 10,000 with a rate that rises every month. Interest is paid once, at maturity. Branch only.
An existing account with Mashreq is required, such as Mashreq NEO Current Account.
At a glance
Key facts
Minimum DepositAED 10,000
Tenures18 months
Interest PayoutAt maturity
Account access
No debit card included.
Available to active Mashreq Current or Savings Account holders; open through a branch.
In-app opening is not available.
An existing account with the bank is required.
The Step Up Deposit is a variant of Mashreq's fixed deposit with one fixed term of 18 months. You place AED 10,000 or more, in AED only, and leave it. What makes it different is the rate: it is not one number for the whole term. It starts low in the first month and steps up every month until the eighteenth. Interest builds up month by month and is paid in one amount when the deposit matures. It is for customers who already hold an active Mashreq current or savings account, and it is booked through a branch. For a single flat rate and a choice of terms, see the Mashreq Fixed Deposit.
Who can open it
Minors
A child under 18 can apply together with a guardian.
Fees and balance
There is no fall-below fee and no separate account fee on a Step Up Deposit. The cost only appears if you break it. You cannot take out part of the money, so leaving early means withdrawing everything. Mashreq then pays the interest that applied to the months the deposit actually ran, with the rate reduced by half a percentage point. Because the early months carry the lowest rates in the schedule, a deposit broken in its first months has earned very little before that reduction is taken.
Minimum deposit
AED 10,000
Fall-below fee
Free
Interest
Interest is paid at maturity. The stepped schedule runs for 18 months: 0.05%, 0.10%, 0.15%, 0.20%, 0.25%, 0.30%, 0.35%, 0.40%, 0.45%, 0.50%, 0.55%, 0.60%, 0.70%, 0.80%, 0.90%, 1.00%, 1.50% and 2.00% for months 1–18 respectively. Total cumulative interest at maturity is 0.90%. Early withdrawal reduces the applicable accrued interest rate by 0.50 percentage points. No partial withdrawal is permitted.
Available deposit tenures
- 18 months
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
How your interest is worked out
Each month of the term has its own yearly rate, and that rate applies to your deposit for that month only. The highest rate in the schedule, the one Mashreq quotes as the headline, is paid for the final month alone. Your return over the full 18 months is the blend of all eighteen monthly rates, which Mashreq states as one cumulative figure. Both the month-by-month schedule and that cumulative figure are shown in the rate details on this page. Read the cumulative figure when you compare this deposit with others, not the final month's rate. Nothing is paid out during the term. If you give no instruction at maturity, the deposit renews automatically.
How to open
Before you apply
1.Available to active Mashreq Current or Savings Account holders; open through a branch.
2.In-app opening is not available.
3.An existing account with the bank is required.
4.Minimum deposit: AED 10,000.
5.No debit card included.
Application steps
1.Hold an active Mashreq Current or Savings Account.
2.Visit a Mashreq branch with your valid passport and Emirates ID. Non-residents bring the last two months' bank statement from their country of residence in place of the Emirates ID.
3.Fill in the application form.
4.Place AED 10,000 or more for the fixed 18-month term.
Good to know
Good option for
Existing Mashreq customers with AED 10,000 or more they can leave untouched for a full 18 months and who are comfortable booking in a branch.
Consider another account if
You want to book online, need income during the term, or may need the money within 18 months. The Unfixed Deposit lets you take out part of your money early.
Frequently asked questions
Get answers to common questions about the Mashreq Step Up Deposit