Current and Saving Account – CASA 
Current and Saving account from Mbank are for your transactional and savings requirements. This KFS provides you with key product features, indicative information about the interest, fees, and charges of this product.
| Account Type | Description | Applicability | Interest Component & Frequency | Basis of Interest Calculation | Interest Rate | Debit Card | Cheque Book |
|---|---|---|---|---|---|---|---|
| Current | Transactional account for everyday banking needs which can be used for making deposits including salary transfers, withdrawals, payments, and fund transfers | UAE Resident – Salaried or non-salaried individuals holding a valid Emirates ID and passport | Non- Interest Bearing | Not applicable | Nil | Yes | Yes Cheque leaves issuance based on UAE Central Bank guidelines |
| Savings | Transactional account for everyday banking needs which can be used for making deposits including salary transfers, withdrawals, payments, and fund transfers | UAE Resident – Salaried or non-salaried individuals holding a valid Emirates ID and passport | Monthly Interest Bearing | Daily closing balance | 0.25% Below AED 100,000 0.50% Between AED 100,000 – AED199,999 0.75% Above AED 200,000 | Yes | No |
| Smart Account | Transactional account for everyday banking needs which can be used for making deposits including salary transfers, withdrawals, payments, and fund transfers | UAE Resident – Salaried individuals who earn less than AED 3,000 per month, holding a valid Emirates ID and passport | Non- Interest Bearing | Not applicable | NIL | YES | Not applicable |
| E-Statement of your account will be sent monthly to the registered email address specified by you at the time of the account opening. The Statement of Account can also be obtained through Mbank App or Call Centre at 600571111. You may be able to apply to open a Joint Account with a maximum of one other person. Joint Accounts are made available at our absolute discretion. Please visit https://www.mbank.ae/terms-conditions/ for applicable T&C’s. | |||||||
Product Information:
| Main Fees & Charges Schedule | Gold | Platinum | Diamond |
|---|---|---|---|
| Account Opening Fee | Free | Free | Free |
| Monthly Relationship Balance | Free | Free if Min. Salary of AED 20K or Avg. Balance of AED 10K or spending of AED 5k per month (Monthly fee of AED 105 if above criteria is not met | Free if Min. Salary of AED 50K or Avg. Balance of AED 30K or spending of AED 10k per month (Monthly fee of AED 210 if above criteria is not met |
| Early Account Closure Fee (within 5 working days) | AED0 | AED0 | AED0 |
| Early Account Closure Fee (within first 6 months) | AED105 | AED105 | AED105 |
| Monthly Service Fees | Free | AED105 | AED210 |
| Cheque book request | 1st cheque book Free Then AED 1.05 per leaf or AED 10.5 for 10 leaf cheque book | 1st cheque book Free Then AED 1.05 per leaf or AED 26.25 for 25 leaf cheque book | Free Cheque book Issuance |
| Cheque return due to insufficient funds | AED105 | AED105 | AED105 |
| First Debit Card issued | Free | Free | Free |
| Debit Card Replacement | AED26.25 | AED26.25 | Free |
| Cash Withdrawal (through ALMARYAH BANK ATM in UAE) | Free | Free | Free |
| Cash Withdrawal (through other bank ATM in UAE) | 3 free withdrawals per month (additional withdrawals hold a fee of 2.1 AED) | 3 free withdrawals per month (additional withdrawals hold a fee of 2.1 AED) | 3 free withdrawals per month (additional withdrawals hold a fee of 2.1 AED) |
| Prices are in AED and inclusive of Value Added Tax (VAT). *For the complete list of Fees and Charges, please refer to the our Schedule of Fees at https://www.mbank.ae/fees-charges/ | |||
Additional Information:
- The Bank reserves the right to amend its Terms and Conditions, with a 60-day prior notice to you.
- The Bank’s Terms and Conditions (including any relevant applications and documents) shall be read and implemented in line with this KFS. https://www.mbank.ae/terms-conditions/
- Cooling-off Period: The Cooling-off period grants you the option to cancel the Account Opening Application within 5 Business Days following the account’s opening date. During this time, you can decide to cancel your application or close your account, and the Bank will not charge any Account Closure fees unless you choose to waive this right. If you wish to cancel, you must notify the Bank.
- You can request to close your account through Mbank app. or by calling our customer services. The bank will acknowledge your request within two business days
- You can contact the Bank for any enquiries, assistance, or complaints at any of its branches or by calling our customer services on 600 57 1111
How to Calculate Interest on Saving Account (For illustrative Purpose only):
Original deposit amount => AED 150,000
Interest rate => 0.5% per annum
Monthly interest amount = (150,000*0.5%*30)/365 = AED 61.64
Warnings !!:
- In the event of your failure to meet our terms and conditions before and during your relationship with us, there will be consequences which may include but not limited to restriction, blockage, or closure of your Current/Saving, Deposit and/ or linked account(s).
- The Bank may apply any credit balance which is held in your name in any account and/or at any branch of the Bank towards any obligations or amounts due.
- You are required to provide updated documents, duly verified to the bank. Not updating these documents might result in the application of the applicable charges, transactions being restricted, the account being blocked, or the account being closed.
- Failure by the Customer to abide by the applicable Laws or breach any of the Mbank Consumer Banking Terms and Conditions, shall impact operation of the Account/Account services and could also lead to freezing, suspension or closure of the Account.
- Your Account must be sufficiently funded to cover pending payment/s as returned cheque/s may result in charge/s, and/or a negative report to the Credit Bureau/closure of the Current Account(s).
- The Bank will close the Customer’s Account(s) if there are no transactions in the Account(s) for 180 days from the date of account opening. The Customer must return to the Bank the cheque book relating to the closed account.
“Eyalna” Minor Saving Account
This product is a Minors Saving Account, that a father/guardian is responsible and accountable, provides you with an interest on the saving funds placed with us which is used by your children to spend online and in stores. This KFS provides you with key product features, indicative information about the interest, fees, and charges of this product.
Product Information:
| Product Name & Description | “Eyalna” Minor Saving Account |
| Product details | Account for minors opened by the Father/Legal guardians to digitize children allowance |
| Eligibility | Individual UAE resident can open “Eyalna” saving accounts for minors only |
| Minor Maximum Age | 18 years old |
| Account currency | AED |
| Minimum required deposit amount | No minimum amount required |
| Debit Card | Yes |
| Interest Rate (Fixed) | 0.25% Below AED 100,000 0.50% Between AED 100,000 – AED199,999 0.75% Above AED 200,000 |
| Interest payment frequency | Monthly |
| E-Statement of your account will be sent monthly to the registered email address specified by you at the time of the account opening. The Statement of Account can also be obtained through Mbank App or Call Centre at 600571111 *For the complete list of Fees and Charges, please refer to the our Schedule of Fees at https://www.mbank.ae/fees-charges/ | |
Additional Information:
- The Bank reserves the right to amend its Terms and Conditions, with a 60-day prior notice to you.
- The Bank’s Terms and Conditions (including any relevant applications and documents) shall be read and implemented in line with this KFS. https://www.mbank.ae/terms-conditions/
- The Cooling-off period grants you the option to cancel the Account Opening Application within 5 Business Days following the account’s opening date. During this time, you can decide to cancel your application or close your account, and the Bank will not charge any Account Closure fees unless you choose to waive this right. If you wish to cancel, you must notify the Bank.
- You can contact the Bank for any enquiries, assistance, or complaints at any of its branches or by calling our customer services on 600 57 1111
How to Calculate Interest on Saving Account:
Original deposit amount => AED 50,000
Interest rate => 0.25% per annum
Period => 1 month
Monthly interest amount => (50,000*0.25%*30)/365 = AED 10.27
Warnings !!:
- In the event of your failure to meet our terms and conditions before and during your relationship with us, there will be consequences which may include but not limited to restriction, blockage, or closure of your Saving Deposit and/ or linked account(s).
- The Bank may apply any credit balance which is held in your name in any account and/or at any branch of the Bank towards any obligations or amounts due.
- You are required to provide updated documents duly verified to the bank. Not updating these documents might result in the application of the applicable charges, transactions being restricted, the account being blocked, or the account being closed.
- Failure by the Customer to abide by the applicable Laws or breach any of the Mbank Consumer Banking Terms and Conditions, shall impact operation of the Account/Account services and could also lead to freezing, suspension or closure of the Account.
We have created this Key Facts Statement to give you an overview of the key information relevant to the Credit Facility we will provide to you and to highlight some of the important points contained in our contract with you.
Please read this Key Facts Statement together with the Credit Agreement and the Personal Lending General Terms and Conditions carefully to make you understand your rights and obligations. If you are unsure of anything, or if you have any question, please contact us on 600 57 1111 or at [email protected]
PRODUCT INFORMATION
Product type:
This product is a fixed-rate personal loan that is repayable in instalments. It is a salary transfer loan meaning that it must be repaid from your Salary Account.
Duration:
Maximum 48 months
If we vary the date for repayment of the Instalments at your request, or you receive a Payment Holiday, then the duration of this Credit Agreement may change.
KEY FEES AND CHARGES
Interest rate:
Starting from 6.99% interest rate per annum
Interest at the interest rate above is calculated on a daily basis on the balance of the loan that remains outstanding, commencing on the day we advance the loan to you until the balance is repaid in full.
At the beginning of the loan we work out the total interest amount you will pay over the whole period of your loan using the reducing balance method, and we then add this to your outstanding loan amount in order to calculate your monthly Instalments so that we can make your Instalments equal during the term of the loan. This reducing balance method means that the amount of interest that you pay, as a proportion of your monthly Instalment, will decrease over the terms of the loan as the loan balance reduces.
We will not charge any interest on the interest you have accrued under your loan.
Administration fee:
1% of the loan amount + 5% VAT of the loan amount, not exceeding AED 2500 + VAT
Late payment fee:
If you fail to pay any Instalment by its due date, we will apply a default charge of 2% of the overdue amount, subject to a minimum amount default charge of AED 50 and a maximum default charge of AED 200. This will be charged on a monthly basis for as long as the account remains in arrears. If we have to enforce the Credit Facility Terms against you, you may also have to pay our reasonable costs and expenses, including the fees of any lawyers or collection agencies.
ADDITIONAL IMPORTANT INFORMATION
Repayments:
The first repayment will be payable as agreed in the Personal Loans contract between the bank and you. Subsequent installments to be made on the same day of each consecutive month
Cooling-off period:
If you decide that you do not wish to obtain credit from us, you may terminate the Credit Agreement with us within five (5) complete Business Days of the date of the Credit Agreement. This is known as your “cooling-off period”.
Salary transfer:
As your loan is a salary transfer loan, you will be required to provide us with a salary transfer letter from your employer in the form required by us. We may also require additional steps to be taken in certain circumstances.
Insurance:
We may arrange life and disability insurance cover for you for the term of your Credit Facility, under which we are named as the beneficiary. Any such life and disability insurance will be subject to separate terms and conditions that we will provide to you.
Missing payments:
If you fail to pay the monthly Instalments, it may have serious consequences. You will have to pay additional fees and may have to repay what you owe early. Your credit records may be affected, making it harder or more expensive for you to obtain credit in the future. We may also take legal proceedings against you to recover what you owe
Changes to the Credit Facility Terms:
We can make changes to the Credit Facility Terms, including the interest rates, fees, and charges. You will be given at least sixty (60) calendar days’ notice before such changes are implemented. Where we are unable to give you advance notice or are not required to do so under the Credit Facility Terms, we will let you know of the change as soon as possible after it is made.
If you do not wish to accept the updated Credit Facility Terms, you must terminate and repay your loan in full, together with any charges and accrued interest.
Early repayment:
At any time before the final Instalment is due you may pay off some or all of what you owe. You must give us notice in writing if you wish to repay some or all of what you owe early.
You may be required to pay an Early Settlement Fee if you pay off what you owe early. The Early Settlement Fee is calculated as 1% of the outstanding balance of your loan, up to a maximum amount of AED 10,000. For example, if you have AED 80,000 outstanding on the balance of your loan, your Early Settlement Fee will be AED 800.
Complaints:
If you have a complaint, please contact us to let us know and we will try to resolve it. You can make a complaint either verbally or in writing via the contact details set out in the Personal Lending General Terms and Conditions.
Termination:
If a Termination Event occurs, we can terminate the loan and demand immediate repayment of the outstanding sums due under it. A list of Termination Events is provided in the Personal Lending General Terms and Conditions.
We can also take any and all action and exercise such rights and remedies as are provided for in the Credit Facility Terms or as are otherwise available to us under applicable laws.
Set-off:
We have a right of set-off over your Account and any other products and facilities we provide to you. This means that if you owe us money, we can take funds from any Account you hold with us to reduce the amount you owe to us.
We may also exercise our right of set-off in respect of any sums we owe to you. For example, if we owe money to you, we can use our right of set-off to reduce the amount of any outstanding debt that you owe us.
“Ziyada” Overdraft
This product is an overdraft facility, provides you with immediate cash to fulfil your needs. KFS provides you with key product features, indicative information about the interest, fees, and charges of this product.
Product Information:
| Product Name & Description | Ziyada, Overdraft for individual residents in UAE |
| Product details | A credit limit linked to your current account |
| Overdraft currency | AED (United Arab Emirates Dirham) |
| Maximum limit amount | Up to 2 Multiples of Salary |
| Age | Minimum 21 years Maximum 60 years for expatriates & 70 years for UAE Nationals |
| Minimum Salary | AED 1,500 |
| Overdraft period | Valid for 1year (12 months) |
| Interest rate (fixed) | 15% per annum (Interest is only charged for the period when the Overdraft facility is used) |
| Annualized Percentage Rate (APR) | Starting from 15% (APR is a reference rate which includes applicable interest, fees, and charges of the product) |
| Overdraft processing fee | AED 210 per annum |
| Penalty interest rate | 2% over the agreed rate on past due amounts minimum of AED 52.5 & Maximum of AED 210 |
| Note: The rates provided above are indicative and individual rates applicable to your “Ziyada” overdraft will be provided upon application and may vary. E-Statement of your account will be sent monthly to the registered email address specified by you at the time of the account opening. *For the complete list of Fees and Charges, please refer to the our Schedule of Fees at https://www.mbank.ae/fees-charges/. | |
Additional Information:
- The Bank reserves the right to amend its Terms & Conditions, with a 60-day prior notice to you
- The processing of your application leading to the overdraft limit setup may take up to 10 business days from the time Bank receives complete and accurate information and documentation.
- All interest charges applicable are calculated from the date of loan disbursal.
- The Bank’s Terms and Conditions (including all related applications and documents) must be read and performed in accordance with this KFS. https://www.mbank.ae/terms-conditions/
- The cooling-off period allows you to cancel the product within 5 business days of signing the application and the bank will not proceed until this period expires unless you wave this right. Notice to the bank must be given in case of cancellation.
- Website, Email, SMS, Mobile Banking App or any other means of communication as deemed appropriate by Mbank.
- You can contact the Bank for any enquiries, assistance, or complaints at any of its branches or by calling our customer services on 600 57 1111
Representative Example:
Utilized amount => AED 10,000
Interest rate => 15% per annum
Utilized period => 10 days.
Total interest amount = 10,000*(15%/365) *10 = AED 41.09
Warnings !!:
- If your account continues to remain in overdrawn status due to insufficient credits to the account, your credit score will be affected. It may also limit your ability to access loan/financing in the future.
- In case you fail to fulfil your obligations as per the Terms and Conditions, before and during your relationship with us, there will be consequences including, but not limited to penalties
- The overdraft facility may be withdrawn by the Bank at any time, and you must repay the Bank all outstanding on your account upon demand.
- Any other accounts you have with the Bank may be used to set off against amounts owed under your “Ziyada” overdraft.
Gen α Saving Deposit Account
This product, a Saving Deposit Account, provides you with returns on the funds placed with us for a specific period. This KFS provides you with key product features, and indicative information about the interest, fees, and charges of this product.
Product Information:
| Product Name & Description | Gen α Saving Deposit Account |
| Product details | Account for minors opened by the Father/Legal guardians to start saving for their children |
| Eligibility | Individual UAE residents can open saving deposit accounts for minors only |
| Account currency | AED |
| Minimum required deposit amount | AED 1,000 |
| Available tenors | 6 Months |
| Interest rate (Fixed) | %1.5 per annum |
| Interest payment frequency | Twice per month |
| Partial or early withdrawal penalty | Partial withdrawal or early redemption of the Saving Deposit Account will result in lower interest or no interest being paid to you on the amount withdrawn. |
E-Statement of your account will be sent monthly to the registered email address specified by you at the time of the account opening. The Statement of Account can also be obtained through Mbank App or Call Centre at 600571111. | |
| *For prevailing interest rates, fees & charges visit our website | https://www.mbank.ae/fees-charges/ |
Additional Information:
- The Bank reserves the right to amend its Terms and Conditions, with a -60day prior notice to you.
- The Bank’s Terms and Conditions (including any relevant applications and documents) shall be read and
implemented in line with this KFS. https://www.mbank.ae/terms-conditions/ - Cooling-off Period: The Cooling-off period allows you to cancel the Account Opening Application within 5 Business Days after the account’s opening date. However, for Deposits sensitive to the timing of execution, by signing the Key Facts Statement, you confirm your waiver of this right. This action irrevocably waives the statutory cooling-off period that is normally applicable to the purchase of the Financial Product or Service.
- You can contact the Bank for any inquiries, assistance, or complaints at any of its branches or by calling our customer services on 600 57 1111
How to Calculate Interest on Saving Account (For illustrative Purpose only):
Original deposit amount => AED 5,000
Interest rate => 1.5% per annum
Period => 6 months.
Monthly interest amount = (5,000*1.5%*30)/365 = AED 6.16
Warnings !!:
- Partial withdrawal or early redemption of the Saving Deposit Account will result in lower interest, or no interest being paid to you on
the amount withdrawn. - In the event of your failure to meet our terms and conditions before and during your relationship with us, there will be consequences which may include but not limited to restriction, blockage, or closure of your Current/Saving, Deposit and/ or linked account(s).
- The Bank may apply any credit balance which is held in your name in any account and/or at any branch of the Bank towards any
obligations or amounts due.
IPO Leverage
Various companies go for an initial public offering (IPO), which the company offers publicly to sell a percentage of its shares to a wide range of investors. The purpose of Mbank’s IPO Leverage Product is to boost the customer equity subscription with an additional amount to maximize the share allocation for the customers. This KFS provides you with key product features, and indicative information about the interest, fees, and charges of this product.
Product Information:
| Product Name & Description | IPO Leverage, boost customer equity subscription |
| Product details | Facility for all Mbank customers (Individuals & corporate) given to maximize customer share allocation |
| Eligibility | Individual/corporate UAE residents benefit from IPO Leverage |
| Leverage amount currency | AED |
| Minimum required deposit amount | AED 5,000 (depending on each IPO prospectus) |
| Maximum finance | Up to 5 times the customer’s equity subscription amount |
| IPO Leverage period | Until the refund date |
| IPO Leverage fee | Up to 15 fills per allocated share minimum AED 500 (depending on each IPO prospectus) |
| Note: Leverage notification will be sent to the registered email address specified by you at the time of the account opening. | |
| *For the complete list of Fees and Charges, please refer to the our Schedule of Fees at | https://www.mbank.ae/fees-charges/ |
Representative Example:
Customer subscription amount = AED 500,000
Mbank Leverage (Up to 5x) amount = AED 2,500,000
Total customer subscription amount = AED 3,000,000
Share price = AED 2
Allocated amount = AED 25,000
Allocated number of shares = 12,500 shares
Leverage fee = AED 12,500*15fills = AED 1,875
VAT (5%) = AED 1,875*5% = AED 93.75
Total Subscription amount including leverage fee & VAT => AED 25,000 + AED 1,875 + AED 93.75 = AED 26,968.75
Additional Information:
- The Bank reserves the right to amend/reduce the leverage amount requested in case there is a limitation to subscribe in the IPO without any responsibility on Mbank
- The Bank’s Terms and Conditions (including any relevant applications and documents) shall be read and implemented in line with this KFS. https://www.mbank.ae/terms-conditions/
- The customer must read the terms of the investment services form and the IPO prospectus (copy available on the IPO company’s website or upon request)
- This product provides immediate funds release for IPO subscription. Hence no cooling-off period
- Mbank owes no liability whatsoever to any party for any loss that may suffer because of the IPO subscription in which the investor subscribed through Mbank
- You can contact the Bank for any inquiries, assistance, or complaints at any of its branches or by calling our customer services on 600 57 1111
Warnings !!:
- Market value of the shares may fluctuate after listing and there are some risks associated with that investment accordingly
- Investing in and holding the shares involves financial risk. Investors should carefully review all the information contained in the IPO prospectus and should pay particular attention to the risks associated with the investment
- The Bank may apply any credit balance that is held in your name in any account and/or at any branch of the Bank towards any obligations or amounts due.
- If your account continues to remain in overdrawn status due to insufficient credits to the account, your credit score will be affected. It may also limit your ability to access loan/financing in the future
Fixed Deposits
Fixed Deposits allow you to receive returns on your deposits made with Mbank for a predetermined amount of time. This KFS provides you with key product features, and indicative information about the interest, fees, and charges of this product.
Product Information:
| Product Name & Description | Fixed Deposits for UAE residents salaried or non-salaried individuals |
| Product details | Cash deposit product made for a fixed duration of time that is agreed between the Bank and the Customer |
| Account Currency | AED (United Arab Emirates Dirham) |
| Minimum Required Deposit Amount | AED 5,000 |
| Available Tenors | Monthly, Quarterly, Half Yearly & Yearly |
| Interest Rate (Fixed) | Applicable rate is fixed on the date the fixed deposit was booked until the maturity date. Please call 600 57 1111 to know the current interest rates |
| Interest Payment Frequency | Upon maturity |
| Account Opening Fee | Free |
| Partial Withdrawal or Early Redemption Fee | 1% per annum less than the applicable interest rate for the actual tenor and will be payable for the actual number of days the Fixed Deposit was maintained plus a fixed charge of AED 105 No interest is paid if the Fixed Deposit is redeemed/withdrawn in less than 30 days |
| Note: The applicable rate is the standard deposit interest rate that was in effect on the date the deposit was booked, for the duration the withdrawn amount is maintained. The Statement of Account can be obtained through Mbank App or Call Centre at 600571111. Prices are inclusive of Value Added Tax (VAT) | |
| *For the complete list of Fees and Charges, please refer to the our Schedule of Fees at | https://www.mbank.ae/fees-charges/ |
Additional Information:
- The Bank reserves the right to amend its Terms and Conditions, with a 60-day prior notice to you.
- The Bank’s Terms and Conditions (including any relevant applications and documents) shall be read and implemented in line with this KFS. https://www.mbank.ae/terms-conditions/
- When you book the Fixed Deposit, you have the option of having the deposit automatically renewed or having the money credited to the connected Bank account upon maturity. If the deposit is renewed, the applicable tenor rate as of the maturity date will be applied.
- You can request to close your account through the Mbank app. The bank will acknowledge your request within two business days
- You can contact the Bank for any inquiries, assistance, or complaints at any of its branches or by calling our customer services on 600 57 1111
- The Cooling-off period allows you to cancel the Account Opening Application within 5 Business Days after the account’s opening date. However, for Deposits sensitive to the timing of execution, by signing the Key Facts Statement, you confirm your waiver of this right. This action irrevocably waives the statutory cooling-off period that is normally applicable to the purchase of the Financial Product or Service.
How to Calculate Interest (For Illustrative purpose only):
Original deposit amount => AED 150,000
Interest rate => 3.22% per annum
Period => 6 Months
Interest amount = (150,000*3.22%*365/2)/360 = AED 2,448.54
Maturity amount = 150,000 + 2,448.54= AED152448.54
Warnings !!:
- In the event of your failure to meet our terms and conditions before and during your relationship with us, there will be consequences which may include but are not limited to restriction, blockage, or closure of your Deposit and/ or linked account(s).
- The Bank may apply any credit balance held in your name in any account and/or at any branch of the Bank towards any obligations or amounts due.
- In case you withdraw part of your Deposit or redeem it early, you will get less interest or no interest on the amount withdrawn.
- If a Fixed Deposit secures any retail credit product, you will not be able to access the deposit funds until the loan/credit product is closed.
- Failure by the Customer to abide by the applicable Laws or breach any of the Mbank Terms and Conditions, shall impact the operation of the Account/Account services and could also lead to freezing, suspension, or closure of the Account.
Credit Cards
A Credit Card lets you borrow funds to pay for your purchases. This KFS provides indicative information about this product's key features, fees, and charges.
Credit Card Types:
| Credit Card Types | Platinum | World Elite | Sadara | ||
| Annual Fees (AED) | 525.00 | 1,575.00 | 5,250.00 | ||
| Free for the first year and renewal fee waived if last 12 months spend is equal or greater than AED 48K | Free for the first year. Renewal Fee waived if last 12 months spent is equal or greater than AED 150K | Free for the first year. Renewal Fee waived if last 12 months spent is equal or greater than AED 480K | |||
| Minimum Monthly Payment amount | You must pay the Minimum Payment Due by the Payment Due date each month. The minimum payment is 5% of the closing balance outstanding, or AED 100, whichever is higher. If the closing balance is less than AED 100, it must be paid in full. | ||||
| Annual Interest Percentage Rate for Purchase | 37.8% annual rate i.e., (3.15% per month) when you open your card account, and it may be reviewed from time to time.
| ||||
| Annual Interest Percentage Rate for Cash Advance | 45.48% starting rate i.e., (3.79% per month), to be reviewed from time to time, as per Bank’s discretion.
| ||||
| Cash Advance Fee | 3% of the cash advance amount or AED 150.00 whichever is higher will be charged for each Cash Advance transaction + 5% Vat | ||||
| Cash advance limit | 50 % of the credit limit | 60 % of the credit limit | 80 % of the credit limit | ||
| Grace period | Up to 55 Days for Retail Purchases together with any related fees and charges, and any interest or fees that are not related to a specific balance type. For example, this interest-free period does not apply to Cash Advances, Balance Transfers, Special Promotions, and any interest or fees related to these balance types. | ||||
| Late Payment Fee | AED 241.50 per month will be charged to the Card Account if the Minimum Payment Due is not received, in full, by the Payment Due Date. | ||||
| Over Limit Fee | AED 288.75 per month will be charged to the Card Account if, at any time during the billing cycle, the Current Balance in the Card Account exceeds the Credit Limit assigned. Such a fee will be charged once during each billing cycle. | ||||
| Replacement Card Fee | AED 78.75 | ||||
| International Transaction fee | A currency conversion fee of 2.49% will be applied to the Card Account for all transactions conducted outside the UAE . All such transactions will be converted to AED at the prevailing exchange rate of the Bank on the posting date to the Card Account, not the date of Card usage. This fee is levied on all foreign currency transactions made with the Credit Card, and it is in addition to the standard processing fee imposed by MasterCard International | ||||
| Returned cheque / Direct Debit fee | AED 105.00 | ||||
| E-statement fees | Free | ||||
| Physical Statement fee | AED 52.50 | ||||
| Sales voucher copy | AED 15.25 | ||||
| Dispute Verification Charge | AED 210.00 | ||||
| For the complete list of Fees and Charges, please refer to the our Schedule of Fees at | https://www.mbank.ae/fees-charges/ | ||||
Additional Information:
- The Bank’s Terms and Conditions (including all related applications and documents) must be read and performed in accordance with this KFS. https://www.mbank.ae/terms-conditions/
- Bank may from time to time, and at its sole discretion, change or amend any of the Terms and Conditions pertaining to this product. Such changes will be communicated to you with a 60-day prior notice.
- Bank, without referring to the Customer, may debit the Customer’s accounts with any charges, expenses, or commission payable against the banking services rendered in accordance with the approved and announced banking charges and commissions.
- For full and latest fees & charges and other product details please visit our website.
- There may be circumstances in which you have to pay other fees. You may visit this link to view these other fees: https://www.mbank.ae/fees-charges/
- All interest charges applicable are calculated from the date of card activation.
- Website, Email, SMS, Mobile Banking App, or any other means of communication as deemed appropriate by Mbank.
- You can contact the Bank for any inquiries, assistance, or complaints at any of its branches or by calling our customer services on 600 57 1111
Representative Example :
Utilized amount => AED 10,000
Interest rate => 15% per annum
Utilized period => 10 days
Total interest amount = 10,000*(15%/365) *10 = AED 41.09
Warnings !!:
- If you do not meet the repayments on your credit card, your account will go into arrears and incur late payment fees. This may affect your credit score, which may limit your ability to access financing in the future.
- If you make only the minimum repayment each period, you will pay more in interest, and it will take you longer to pay off your outstanding balance.
- In case you fail to fulfill your obligations as per the product Terms and Conditions, before and during your relationship with us, there will be consequences including, but not limited to penalties.
- You are required to provide the Bank with copies of your updated documents at all times. Not providing these documents might result in charges, transactions being restricted, accounts being blocked, or accounts being closed.
- Any other accounts you have with the Bank may be used to set off against amounts owed under your credit card(s).