Step-up Deposit

A deposit to supercharge your savings

Enjoy high interest rates.

Apply Now

High interest

Month on month

Interest accumulated monthly

Paid on maturity (on the 18th month)

Premature withdrawal charge

Very low

High interest month-on-month

Your Mashreq Step-Up Deposit helps you accumulate healthy savings. Your interest accelerates month-on-month. You receive interest starting from 0.05% per annum in month 1 going up to 2.00% per annum in month 18 on the balance of your deposit. You will receive a cumulative interest of 0.90% at the end of the 18 month tenure.

Interest accumulated monthly

A variant of the Fixed Deposit with rates that accumulates interest on a monthly basis and credits the amount after an 18 month maturity on liquidation.

Enjoy lower premature withdrawal charges

We keep the premature withdrawal charges to the absolute minimum. A penal rate of 0.5% is charged on the interest applicable for the total period for which the deposit has run.

Step-up Deposit

Deposit Amount

AED

Interest on Maturity

-

The tenor is fixed for 18 months.

- In case of a premature withdrawal of funds from the Step-Up Deposit, a penalty rate of 0.5% is applied, i.e. the interest applicable for the total period for which the deposit has run, less the applicable penalty - Terms and conditions apply

Supercharge your savings
Your Mashreq Step-Up Deposit allows you the flexibility and convenience to step-up your savings with higher returns. Supercharge your savings with a maximum of 2% per annum interest rate on your deposit amount.
Existing Mashreq customers can invest
Minimum deposit amount required is AED 10,000
Fixed tenor of 18 months
The deposit is automatically renewed in the absence of maturity instructions.
Free Online, Mobile & Telebanking access
There are several methods to access funds wherever you are in the world.

Eligibility

Minimum investment
AED 10,000
Mashreq Account
Customers who already hold an active Current or Savings Account with Mashreq
Age
Must be 18 years old and above. A minor (below the age of 18) can apply along with a guardian.

You will need

A valid Passport
A valid Emirates ID or last two months bank statement from your country of residence (if you are a non-resident)
And fill in the application form

Are you ready to apply?

Transparency

Terms & Conditions
Key Facts Statement

Still got questions?

The minimum amount required is AED 10,000.

Was this useful?

The Step-Up Deposit can be opened in AED (Dirhams) only

Was this useful?

Month Annual Interest Rate Month Annual Interest Rate
1 0.05% 10 0.50%
2 0.10% 11 0.55%
3 0.15% 12 0.60%
4 0.20% 13 0.70%
5 0.25% 14 0.80%
6 0.30% 15 0.90%
7 0.35% 16 1.00%
8 0.40% 17 1.50%
9 0.45% 18 2.00%
Rates are subject to change

Was this useful?

In case of a premature withdrawal of Step-Up Deposit, a penal rate of 0.5% is charged on the the interest applicable for the total period for which the deposit has run.

Was this useful?

You may also be interested in

Fixed Deposit Account

A flexible Deposit Account that offer attractive rates of interest you would expect and the freedom to draw on your funds at any time.

Flexible time periods ranging from 7 days to 1 year

Easy booking & withdrawal through Mashreq Online or Mashreq Mobile

Withdraw your Fixed Deposit at any time

View Details
Unfixed Deposit Account

A unique account divided into internal units of AED 1,000 allowing freedom to encash units when you need them.

Flexible time periods ranging from 6 months to 5 years

Easy booking through Mashreq Online or Mashreq Mobile

Flexibility of withdrawing partial amount

View Details

Download Mashreq Mobile App

Did you find the information you were looking for on this page?