Schedule of Charges
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Schedule of Charges

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Current Account

  Current Account Current Gold
Initial Deposit AED 3,000 or equivalent in the case of a foreign currency account AUM *
Monthly Minimum average balance requirement (or equivalent in other currencies) AED 3,000 AUM*
Membership Fee** N/A AED 1050 per quarter
Fall below fee AED 26.25 per month or equivalent in the case of a foreign currency account N/A
No of free transactions - other than ATM & Online 6 per month Unlimited
Additional transaction fee AED 10.50 N/A
Account closure charges (if closed within 1 year of opening) AED 105 N/A
Account Balance Letter AED 52.50
No Liability Certificate
Turnaround time 7 working days		 AED 63
Liability Letter
Turnaround time 7 working days		 AED 63
Reference Letter AED 52.50

* Maintain a monthly salary transfer of AED 50,000 and/or monthly average relationship balance of AED 300,000 in deposits or investments and/or a home finance relationship balance of AED 2,500,000. T&C apply.

**To be charged only if the minimum balance criteria of Mashreq Al Islami Gold is not met.

Savings Account

  Savings Account Easy Saver
Initial Deposit AED 3,000 AED 500
Monthly Minimum average balance requirement (or equivalent in other currencies) AED 3,000 N/A
Fall below fee AED 26.25 per month N/A
No of free transactions - other than ATM & Online 6 per month Unlimited online transactions
Additional transaction fee AED 10.50 N/A
Account closure charges (if closed within 1 year of opening) AED 105 AED 105
Account Balance Letter AED 52.50 AED 52.50
No Liability Certificate
Turnaround time 7 working days		 AED 63 AED 63
Liability Letter
Turnaround time 7 working days		 AED 63 AED 63
Reference Letter AED 52.50 AED 52.50

Bank Statements
  All Other Accounts   MashreqGold
Regular Statement Free Quarterly Free Monthly
Additional Statement AED 26.25 Free

Term Deposits

Description Term Investment A/c (Mudarabah) Wakala
Minimum Amount AED 10,000 AED 100,000
Maximum Amount No limit No limit
Tenor 1 month to 1 year 1 month to 1 year
Premature Withdrawal Rate Rate of last completed tenor Rate of last completed tenor
Partial Withdrawal Not allowed Not allowed
Profit Rate As disclosed by Bank every quarter As per Wakala Contract

Cheques

  All other Account holders Mashreq Gold
Additional Cheque book request (First Cheque book complimentary)   AED 1 per leaf Free
Local Cheque Clearing - Normal   Free Free
Special Clearing   AED 215.25  AED 215.25 
Foreign Currency Cheque collection   AED 52.50* AED 52.50*
Stop payment (per instrument/cheque)   AED 52.50 AED 52.50
Cheque returned - Drawn on own account   AED 105 AED 105
PDC custodial service   AED 5.25 per cheque AED 5.25 per cheque
Request for copy of Old Cheques/ Documents < = 1 year AED 10.50 AED 10.50
> 1 year AED 21 AED 21
*Plus Clearing/ Drawee bank charges and courier charges, if any.

Remittance

  All other Account holders Mashreq Gold
Drafts / PO
Issuance Branch AED 36.75 AED 36.75
Electronic* AED 21 AED 21
Cancellation   Free Free
Wire Transfer
Outward Branch
International AED 78.75** AED 78.75**
Domestic AED 5.25** AED 5.25**
Electronic*
International AED 26.25** AED 26.25**
Domestic
Transfers through IPI AED 0.5  AED 0.5 
Transfers through UAEFTS AED 0.5 ** AED 0.5 **
Recall of TT Funds/ TT Return/ Investigation of TT Status   AED 52.50 AED 52.50
SWIFT copy charges   AED 15.75 AED 15.75
Inward Remittance (AED or Foreign Currency)   Free Free
*Transactions originating from Online and Mobile Banking
**Plus beneficiary bank and intermediary bank charges

Processing Fees for Foreign currency withdrawal & deposit to customers

Minimum of AED 50 or the fees below, whichever is higher:
Type of Transaction Personal Banking Mashreq Gold Private Banking
Same Currency FCY Withdrawal / Deposit of Cash <= AED 1,000,000 Eqvt 1.00% 1.00% 1.00%
Same Currency FCY Withdrawal / Deposit of Cash > AED 1,000,000 Eqvt 1.50% 1.50% 1.50%
Cross Currency FCY Withdrawal / Deposit Waived Waived Waived

Standing Instruction Order

  All other Account holders Mashreq Gold
Set-up Charges AED 52.50 AED 52.50
Amendment Charges No charge No charge
Account to Account Transfer (within Mashreq UAE) Free Free
SI not effected due to insufficient funds AED 26.25 AED 26.25
Fund transfer through DD or PO or Wire Transfer Please refer to "Remittance Charges" section

Mashreqonline/Mashreq Mobile Banking - Retail

  All other Account holders Mashreq Gold
Access and Usage Fee Free Free
Bill Payment Fee Free Free
Enquiries and Online Statements Fee* Free Free
Mobile Alerts Fee Free Free

UAEDDS PAYING BANK Charges

Description Charges
Lodgment of Direct Debit Authority Request 200
Direct Debit Authority Amendment 200
Direct Debit Authority Cancellation 200
Processing of Stop Payment Requests 200
DDR Return Due to insufficient funds 100

Bill Payment

Bill Payment All other account holders Mashreq Gold
Utility (DEWA, SEWA, ADDC), Phone (Etisalat, Du) and Salik Branch Not available Not available
Electronic* Free Free
Non-Mashreq credit card Payments** Branch Not available Not available
Electronic* AED 10 AED 10
*Transactions originating from Internet Banking, Mobile Banking, SMS Banking and ATM

Debit Card

  All other Account holders Mashreq Gold/Private Banking*
Debit Card (initial)   Free Free
Supplementary Card    Free Free
(including Supplementary Card for Joint Accountholder)
Debit Card Replacement Charge (inclusive of VAT)   AED 26.25 Free
Debit Card Currency Conversion Fee***   ~ 2.00% ~ 2.00%
Cash Withdrawal Mashreq ATM's (in UAE) Free Free
Other banks ATM (in UAE) AED 2.00 Free
Other banks ATM (in GCC) AED 6.00 Free
Other banks ATM (Internationally) (inclusive of VAT) AED 21.00 Free
Balance Inquiry transactions Mashreq ATM's (in UAE) Free Free
Other banks ATM (in UAE) AED 1.00 AED 1.00
Other banks ATM (in GCC) AED 3.00 AED 3.00
Other banks ATM (Internationally) (inclusive of VAT) AED 3.15 AED 3.15
Declined transactions Mashreq ATM's (in UAE) Free Free
Other banks ATM (in UAE) AED 1.00 AED 1.00
Other banks ATM (in GCC) AED 3.00 AED 3.00
Other banks ATM (Internationally) (inclusive of VAT) AED 3.15 AED 3.15
Retrieval of sales slip   AED 25 AED 25
International Transaction Fee (DCC)   1.25% 1.25%
*Applicable only to Mashreq Gold & Private Banking Platinum Debit card members 
*** Excludes processing fee charged by the Association.

Finance

With effect from January 2019 all fees & charges mentioned below are inclusive of 5% Value Added Tax unless stated not applicable in the bank SOCs as per taxation regulations

Finance Personal Finance Car Finance
Profit Rate for Expatriate
(VAT not applicable)		 3.45% to 19.61%
(Equivalent Reducing rate 6.49% to 31.99%) 		3.45% to 5.50%
(Equivalent Reducing rate 6.49% to 10.01%)
Profit Rate for Emirati
(VAT not applicable)		 3.18% to 7.19%
(Equivalent Reducing rate 5.99% to 12.99%) 		3.45% to 5.50%
(Equivalent Reducing rate 6.49% to 10.01%)
Processing Fee 1.05% of the finance amount 1.05% of the finance amount
Processing Fee for Additional Finance 1.05% of the finance amount N/A
For Expatriates - Life (Takaful) Insurance charges for Finance up to 48 months (60 months for Armed Forces)
w.e.f 16th Oct`20		 0.29% of the finance amount N/A
For Emiratis - Life (Takaful) Insurance charges
w.e.f 16th Oct`20		 0.01764% of the outstanding finance amount per month** N/A
For Emiratis – Life (Takaful) Insurance charges
w.e.f 01st August 2021		 0.01911% of the outstanding finance amount per month** N/A
Property (Takaful) Insurance charges N/A N/A
Postponement Fee AED 105 per postponement AED 105 per postponement
Late Payment Fee (Charity) 2% of the delayed amount 2% of the delayed amount
Minimum AED 52.50 AED 52.50
Maximum AED 210 AED 210
Pre-termination Compensation*
Through other Banks
1.05% of settled amount or AED 10,500,
whichever is lower
1.05% of settled amount or AED 10,500,
whichever is lower
Additional Finance Facility 1.05% of settled amount or AED 10,500,
whichever is lower
NA
Through own Sources 1.05% of settled amount or AED 10,500,
whichever is lower
 1.05% of settled amount or AED 10,500,
whichever is lower
Partial Settlement from all sources including EOSB 1.05% of settled amount or AED 10,500, whichever is lower 1.05% of settled amount or AED 10,500, whichever is lower
Temporary/Permanent Release / Clearance Letter
Turnaround time 7 working days		 N/A Nil
Liability Letter addressed to other Bank
Turnaround time 7 working days		 AED 63 AED 63
Change of Number Plate N/A NIL (security deposit of AED 200 for individuals & AED 500 for companies)
Change of due date on standing instruction Nil AED 26.25
Change of PDC / Recovery Account Nil Nil
Finance rescheduling fee AED 262.50 AED 262.50
Finance cancelation fee AED 105 AED 105
Trade Fee AED 525 N/A
Other (finance copy, Issuing redemption statement, audit confirmation etc) AED 26.25 Nil

(*) Pre-termination fee is not applicable (full/ Partial settlement) to Armed Forces staff chooses to prepay the facility.

**Monthly (Takaful) insurance rate for Emirati finance is based on a group policy and is subject to change from time to time

With effect from 19th June`18, all fees & charges mentioned below are subject to additional 5% Value Added Tax (except the fee & charges where stated explicitly they are exclusive of VAT

Finance Home Finance
Profit Rate for Expatriate
(VAT not applicable)		 Profit Rates linked to EIBOR
Profit Rate for Emirati
(VAT not applicable)		 Profit Rates linked to EIBOR
Processing Fee 1.05% of the Finance Amount for Residential Financing
Processing Fee for Additional Finance 1.05% of the additional amount/Subject to offer
Life (Takaful) Insurance charges
(VAT not applicable)		 0.35% p.a. of the finance amount/Subject to offer
Property (Takaful) Insurance charges (Service Agency Agreement) Up to 0.063% per annum of the property value /Subject to offer
Postponement Fee N/A
Late Payment Fee (Payable to Charity) AED 735
Pre-termination Compensation
(Residential)		 Lower of
  1. Fee as per offer letter
  2. 1% of the repayment amount.
  3. AED 10K.
Pre-termination Compensation
(Commercial)
Through other Banks
3.15% of outstanding for first 5 years and 2.10% post 5 years.
Additional Finance Facility NIL
Through own Sources

In case of settlement via Own funds/Sale of property

  • 3.15%% of settlement amount during Fixed rate period.
  • 2.10% of settlement amount within first 5 years post fixed rate period, thereafter 1.05% of the settlement amount
Partial Settlement from all sources including EOSB

NIL
Re-validation Fee AED 525
Property Evaluation Fee AED 2625
Pre-approval Charges AED 1050
Temporary/Permanent Release / Clearance Letter AED 99.75
Liability Letter addressed to other Bank AED 89.25
Change of PDC / Recovery Account Nil
Issuance of NOC AED 157.5
Non-standard statement production / copy of original documentation AED 105
Request of other letters AED 94.5
Other Certificate AED 78.75

Credit Cards

Credit Cards Mashreq Al Islami Platinum Mashreq Al Islami Solitaire
Principal Annual Fee AED 682.5**** N/A
Monthly Tawarruq Profit rate (VAT not applicable) 3.45%**** 2.45%****
Monthly Tawarruq Profit Rate – Cash Advance (VAT not applicable) 3.75%**** 3.75%****
Cash Advance Fee AED 105 AED 105
Supplementary Annual Fee AED 156.45**** AED 0
Card Replacement Fee (Primary or Supplementary) AED 78.8 AED 78.8
Minimum Payment At least 5% of the outstanding balance or AED 50 At least 5% of the outstanding balance or AED 50
Auto Payment 5% or 100% 5% or 100%
Returned Cheque Fee AED 315 AED 315
Late Payment Penalty (To charity) AED 241.5 AED 241.5
Over Limit Fee AED 292.95 AED 292.95
Additional Copy of Statement AED 15.75 AED 15.75
Foreign Currency Conversion Fee ~2.79% (in addition to the standard processing fee charged by MasterCard or Visa on foreign ccy transactions only) Fee ~2.79% (in addition to the standard processing fee charged by MasterCard or Visa on foreign ccy transactions only)
International Transaction Fee 2.79% 2.79%
Processing Fee for Profit Free EPP Offers 0% 0%
Profit Free EPP (Installment Plan) Cancellation (only applicable for 0% EPP offers) AED 262.5 AED 262.5
Credit Card Payment at Mashreq Branches AED 26.25 AED 26.25
International Card Delivery AED 210 AED 210
Credit Shield (Takaful) Charged at 0.93% of Outstanding Amount Charged at 0.93% of Outstanding Amount
Paper Statement Fee AED 5.25 AED 5.25
Novo Cinema Subscription Fee***** AED 315 AED 315

**** Mashreq Al Islami Platinum Credit Card Fee and Tawarruq Profit Rate changes will be effective 1st November, 2018.
*****Novo Cinema Subscription Fee shall be levied only upon the cardholder's request to activate the Novo Cinema Package in the Credit Card.

Mashreq Prime Rate (MPR)

The Mashreq Prime Rate is a reference rate for Retail lending products.

AED MPR 6.50%

EIBOR Rates

Mashreq Al Islami Ijarah Home Finance and Business Finance is based on the 3-month AED EIBOR plus a fixed margin agreed as per contract.
3 month EIBOR will be fixed on 1st of every calendar quarter.



EIBOR is the Emirates Interbank Offered Rate, which is the rate at which banks lend to each other. EIBOR rates change daily and can be checked on the Central Bank website here.
Rates as published on Central Bank’s website are available on T+2 basis, i.e. Rates published on Central Bank’s website for 1st of a month will be applied on 3rd of the same month.