Services Charges
Service charges have been aligned with market conditions and ensure that we continue to maintain the same high standards of service you have come to expect from us. The schedule also takes into account prevailing trends in the local banking industry and allows for the rising cost of providing efficient banking services and transactions on a sustainable basis to all our valued customers.
Please note that all special rates agreed with the Bank on an individual basis remain unchanged unless the Bank sends a specific notification advising revisions if any.
Current Account
| Item | Rates for Mashreq Al Islami |
| Minimum monthly average credit balance requirement | AED 20,000 OR USD 5,000 equivalent for foreign currency |
| Monthly charges, if the above average balance is not met | AED 200/-, or USD 50/- |
| Closing of account within 12 months of opening | AED 300/- (within 6 months of opening) |
| Cash handling charges (for AED 1,000,000 or more ) | 0.01% of cash value or AED 100 whichever is higher |
| Valid Trade License not provided in 30 days after expiry | AED 150/- |
| Valid Trade License not provided in 60 days after expiry | AED 250/- |
| Valid Trade License not provided every 30 days thereafter | AED 150/- |
| Under Formation Letter (Long Form) | AED 500/- |
| Under formation Letter (Short Form) | AED 300/- |
| A/C Closure Certificate | AED 150/- |
| Transaction charges/teller charges( Towards cheque debit and deposit, cash deposit, account to account transfer) | First 10 transaction free. Also, for every 7K over 20K avg Bal.one additional free transaction per month. |
Fixed Deposits
| Item | Rates for Mashreq Al Islami |
| Rate and tenure | Period 7 days to 1 year. (For details please refer Mashreq Al Islami website www.mashreqalislami.com |
| Premature withdrawal of fixed deposit | Bank Sheet rate or as per agreement with customer for completed tenure. |
Financing Facility
| Item | Rates for Mashreq Al Islami |
| Setup charges for annual facility renewal and/or new facility | 1% (flat) of total facilities min AED 5,000/- |
| Amendment charges (other than fixed period financing) | 1% (flat) of total facilities min AED 5,000/- |
| Administative fee on financing | 0.5% p.a. on undrawn financing amount charged quarterly |
Cheque Book Issuance
| Item | Rates for Mashreq Al Islami |
| Standard Cheque Book issuance charges | AED 1/- per leaf |
| Customised cheques | At Cost |
Post Date Cheques (PDC)
| Item | Rates for Mashreq Al Islami |
| Extension of due date | AED 10/- |
| Custodial service per cheque | AED 25/- |
| Outstanding PDC report | AED 50/- |
| Replacement / premature withdrawal per cheque | AED 25/- |
Outward Clearing / Inter-City / Clean Collections
| Item | Rates for Mashreq Al Islami |
| Inter-city clearing (IBCI)/ (ICCS) | Within the same Emirate : (Free) Other Emirates AED 5/- |
| Special clearing | AED 200/- same Emirates and AED 250/- for different Emirate. |
| Collection within UAE | AED 50/- |
| Collection outside UAE | All currencies AED 100 or 0.125% of cheque amount whichever is greater plus correspondent chgs. |
| Foreign Currency Cheques/Drafts Purchased | AED 100/- |
Cheques Returned Unpaid
| Item | Rates for Mashreq Al Islami |
| Inward clearing / transfer | AED 300/- |
| Outward local clearing | AED 50/- ( Deposited to self-account) |
| FCY Collection within UAE | AED 50/- |
| FCY Collection outside UAE | AED 100/- |
Miscellaneous Charges (Related to Cheques)
| Item | Rates for Mashreq Al Islami |
| Request for photocopy of cheque - less than 6 months old | AED 50/- |
| More than six months old | AED 150/- |
| Ad Hoc Request for Statement | AED 100/- for less than 6 months old and AED 200 for over 6 months old |
| Stop Payment of Cheque | AED 200/- |
Inward Remittances
| Item | Rates for Mashreq Al Islami |
| Credit into Mashreqbank A/C | LCY free if credited to beneficiary of MB a/c & US$ 5.5 equivalent for FCY. |
| Credit account with other banks | AED 100 |
| Paid by PO/DD | AED 50 |
| Credit in to Mashreq A/C from Vostro A/C | AED 25 |
Outward Remittances
| Item | Rates for Mashreq Al Islami |
| Draft / pay order issuance | AED 25/- |
| Request - stop payment pay order/demand draft | AED 100/- |
| Request - issuance of duplicate pay order/demand draft | AED 25/- |
| Telex transfer - UAE | AED 55/- |
| Telex Transfer - outside UAE | AED 100/- |
| Additional cost for Telex Transfers with charges "OUR" instructions | USD 50 (or its equivalent in other currencies) |
| Additional Telex, if any | No charge for MT 202. |
| Responding/raising inquiries on behalf of customer | AED 50/- |
| Cancellation of remittance instructions ( funds already remitted) | AED 100/- |
| Cancellation of DD/PO ( Original instrument presented) | AED 50/- |
| Copy of outward remittance transmitted | less than 6 months ago 50/-
more than 6 months ago 150/- |
| TT return due to discrepancy per transaction | AED 50 |
Standing Order Instructions
| Item | Rates for Mashreq Al Islami |
| Setup / amendment | Set up : AED 100
Amendment : AED 50 |
| Execution - SWIFT / Instruments | AED 20/- plus standard transfer charges |
| Execution - Account To Account Transfer | Free |
| Insufficient funds to execute | Waived but after 3 failed attempts the SO is automatically cancelled |
| Request - calling back funds remitted against standing instructions | AED 200/- |
| Copy of standing order instruction application | for less than 6 months 50/-
for over 6 months 150/- |
| Standing order cancellation or suspension | AED 20/- (per instance) |
Imports - Letters of Credit (LCs)
| Item | Rates for Mashreq Al Islami |
| Issuance commission on Sight LC | 1/6% pm (min.3 months) min. AED 500/- |
| Issuance commission on Usance LC | 1/6% pm (min.3 months) min. AED 500/- |
| Revolving LC documentation handling charges | 1/4% min. AED 1000/- |
| Amendments to LCs (other than in value or expiry date) | AED 200/- |
| Extension &/or enhancement in LC value | AED 200/- plus Standard LC Charges |
| Cancellation | AED 250/- |
| Acceptance commission (LC expiry to draft maturity) | 1/6% pm min. AED 500/- |
| Handling charges for discrepant documents | AED 200/- per presentation |
| Settlement of open account transactions (against Trust Receipt) | Flat AED 250 for TR values < = AED 2 MM, and Flat AED 500 for all TR values > AED 2MM, with a min of AED 250 |
| Bills not settled within agreed time frame | Min 2% penal rate over and above the agreed profit rate - to be paid to charity |
| Issuance of Shipping Guarantee (with margin) | AED 100/- |
| Issuance of Shipping Guarantee/ Customs Duty Guarantee (without margin) | 1/8% of Invoice value for Guarantees redeemed in 1 month. Additional 1/4% for every additional quarter over 1 month that the Guarantee remains outstanding. Min AED 100 |
Inward Documentary Bills for Collection (IDBC)
| Item | Rates for Mashreq Al Islami |
| Documentary collection handling commission | 1/8%, min. AED 250/- |
| Documents delivered free of payment (where authorised by Presenter) | 1/4%, min. AED 250/- |
| Avalisation of drafts | 1/8% pm (min.3 months) min. AED 250/- |
| Documents transferred to local banks | AED 250/- |
| Amendments to bills for collection | AED 100/- |
| Admin. fees on documents held unpaid after one month of sight or due date | AED 100/- p.m. |
| Documents returned unpaid | AED 150/- |
Exports - Letters of Credit (LCs)
| Item | Rates for Mashreq Al Islami |
| Pre advice of LC | AED 150/ |
| Advising of LC | AED 300/- |
| LC Confirmation | As per arrangement subject to min AED 500/- |
| Advising LC amendments | AED 150/- |
| Transfer of LC | 1/4%, min. AED 500/- |
| Documents processing/negotiation commission | 1/8%, min. AED 750/- |
| Commission on documents forwarded to nominated banks for negotiation | AED 250/- |
| Discrepancy handling charges | USD100/- per set of docs. |
| Assignment of proceeds under (Export) LCs | Flat charge of AED 750/- |
| Claiming of re-imbursement charges under Export LC | AED 120/- |
| Remittance of funds through third bank | AED 180/- |
Outward Documentary Bills for Collection (ODBC)
| Item | Rates for Mashreq Al Islami |
| ODBC documents handling charges | 1/8%, min. AED 250/- |
| Amendments to bills for collection | AED 100/- |
| Documents returned unpaid | AED 100/- |
Issuance of Letters of Guarantee (LG)
| Item | Rates for Mashreq Al Islami |
| Commission on issuance of Contract Finance Guarantees like bid bonds/performance bonds/advance payment guarantees/maintenance/ retention/SBLC and other guarantees | 1/6% pm (min.3 months) min AED 500/-or as per contract |
| Commission on issuance of Auto Renewal Guarantees | 1/5% pm (min. 3 months) min. AED 500/- |
| Open-ended guarantees | 1/5% pm (min. 3 months) min. AED 250/- per quarter (In case of labour guarantees AED 250/- per annum) |
| Commission on guarantees passed on | AED 250/- |
| Amendment of LG (other than extension or enhancement) | AED 250/- |
Service Charges (Islamic Alternate to Factoring)
| Item | Rates for Mashreq Al Islami |
| Service Charges ( ledgering/ collection/ protection services-optional) | 0.25% - 2% of invoice value ( depending on the combination of services selected) |
| Profit on funding for Factoring | As agreed |
| Extension or enhancement in LG value | AED 150/-+standard LG charges |
Other Trade Related Charges
| Item | Rates for Mashreq Al Islami |
| Full text swift/telex charges | AED 300/- |
| Brief text swift/telex charges | AED 150/- |
| Courier Charges | AED 300/- |
| Other swift messages | USD 30/- |
| Request for photocopy of documents | less than 6 months old 50/-
more than 6 months old 150/- |
Certified Postdated cheques
| Item | Rates for Mashreq Al Islami |
| Postdated cheques certified good for payment | 1/10% pm (min.3 months) min AED 250/- |
Penal Charges Rate (To be paid to Charity)
| Item | Rates for Mashreq Al Islami |
| Miscellaneous Charges |
| Minimum profit charges | AED 50/- p.m. |
| Balance/audit confirmation | AED 200/- |
| Trade information | AED 100/- |
| Other certificates | AED 100/- |
| Customs duty receipt | AED 50/- |
| Branch Payroll Salary Transfer |
| WPS Payroll |
| To Mashreq Bank account | AED 1.00 per record
Minimum AED 100 per file (SIF) |
| To other Bank account | AED 5.00 per record
Minimum AED 100 per file (SIF) |
| Non WPS Payroll |
| To Mashreq Bank account | None |
| To other Bank account | AED 10.00 per record
Minimum AED 50 per request |
| Escrow Account Services |
| Account set up charges | AED 10,000 |
| Amendments post agreement signup- Per amendment | AED 500 |
| Engineering Fee - per month | AED 5000 |
| Monthly charges in the construction project (Per Unit) | AED 100 |
| Deal structuring charges | 0.02% of project value |
Mashreqbusinessonline
| Item | Rates for Mashreq Al Islami |
| Setup charges ( one time cost) | AED500/- |
| Electronic signature card (per financial user | AED 400/- |
| Password regeneration | AED 100/- |
| Monthly fee |
| Enquiry Module only | AED 100/- |
| Enquiry & Transaction Module | AED 200/- |
| Premature withdrawal of PDC | AED 15/- |
| Payroll Salary transfer |
| WPS Payroll |
| To Mashreq Bank account | AED 0.65 per record
Minimum AED 50 per file (SIF) |
| To other Bank account | AED 2.00 per record
Minimum AED 50 per file (SIF) |
| Non WPS Payroll |
| To Mashreq Bank account | None |
| To other Bank account | AED 2.00 per record
Minimum AED 50 per file |
| Draft/Pay order issuance | AED 15/- |
| Telex Transfer - UAE | AED 50/- |
| Telex Transfer - Outside UAE | AED 70/- |
General conditions
- All fees and charges listed herein apply only for normal transactions and Mashreq Al Islami customers only.
- Any charges levied by the Correspondent Bank will be recovered where incurred.
- Incidental expenses such as postage, fax, swift. Telex , etc. will be charged where incurred.
- All terms and conditions mentioned here are subject to change without notice.
- Tariff for services not mentioned in this booklet wil be available on request.