Key Fact Statements (KFS)

AL MARYAH COMMUNITY BANK LLC

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 TypeDescriptionApplicabilityInterest Component & FrequencyBasis of Interest CalculationInterest RateDebit CardCheque Book
CurrentTransactional account for everyday banking needs which can be used for making deposits including salary transfers, withdrawals, payments, and fund transfersUAE Resident – Salaried or non-salaried individuals holding a valid Emirates ID and passportNon- Interest BearingNot applicableNilYesYes
Cheque leaves issuance based on UAE Central Bank guidelines
SavingsInterest-bearing account for saving funds which is not required for immediate use, where you can also receive and send money, with no cheque facilityUAE Resident – for Salaried or non-salaried individuals holding a valid Emirates ID and passportMonthly Interest BearingDaily closing balance0.25% Below AED 100,000
0.50% Between AED 100,000 – AED199,999
0.75% Above AED 200,000
YesNo
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.
Product Information:

 

Services & Prices FeesGoldPlatinumDiamond
Account Opening FeeFreeFreeFree
Monthly Relationship BalanceFreeFree 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)AED0AED0AED0
Early Account Closure Fee (within first 6 months)AED105AED105AED105
Monthly Service FeesFreeAED105AED210
Cheque book request1st cheque book Free Then AED 1.05 per leaf or AED 10.5 for 10 leaf cheque book1st cheque book Free Then AED 1.05 per leaf or AED 26.25 for 25 leaf cheque bookFree Cheque book Issuance
Cheque ReturnedAED105AED105AED105
Prices are in AED and inclusive of Value Added Tax (VAT).
*For prevailing interest rate, 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 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 allows you to cancel the product within 5 business days of signing the application and bank will not proceed until this period expires unless you wave this right. A notice to the bank must be given in case of cancellation.
  • 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:

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 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.
  • According to the instructions of the UAE Central Bank, your Bank account will be closed and added to the blacklist in case 4 cheques are returned unpaid due to insufficient balance within a period of one year.
  • 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 detailsAccount for minors opened by the parents/legal guardians to digitize children allowance
EligibilityIndividual UAE resident can open “Eyalna” saving accounts for minors only
Minor Maximum Age18 years old
Account currencyAED
Minimum required deposit amountNo minimum amount required
Debit CardYes
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 frequencyMonthly
Partial or early withdrawal penaltyNil
Note: Applicable rate is the standard saving account interest rate applicable on the date the saving deposit was booked, for the period the withdrawn amount is maintained.
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 rate, 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 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 allows you to cancel the product within 5 business days of signing the application and bank will not proceed until this period expires unless you wave this right. A notice to the bank must be given in case of cancellation.
  • 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.

RAHA Loan

This product is a personal loan, helps to consolidate all debts in one loan. KFS provides you with key product features, indicative information about the interest, fees, and charges of this product.
Product Information:

 

Product Name & DescriptionRaha Debt Takeover, personal loan for individual’s resident in UAE mainly to consolidate all debts in
one loan
Product detailsInstallment loan facility
Loan currencyAED (United Arab Emirates Dirham)
Minimum SalaryMinimum AED 10,000 p.m. for UAE Nationals.
Minimum AED 15,000 p.m. for Expats
AgeMinimum 21 years
Maximum 60 expatriates / 70 years UAE Nationals
Loan periodMin. 1year (12 months) and Max. 4 years (48 months)
Interest rate (fixed)Starting from 6.99% to 9.99% per annum
Annualized Percentage Rate (APR)Starting from 7.56% to 10.80% per annum
(APR is a reference rate which includes applicable interest,
fees, and charges of the product)
Loan repaymentEquated Monthly Instalment (EMI) and fixed for the entire loan period.
Loan processing fee1% of the loan amount (Min. AED 525 & Max. AED 2,625)
Late payment fee2% of the delayed amount. (Min. AED 52.5 & Max. AED 210) per month
Early settlement1% of outstanding principal amount or AED 10,000 + VAT whichever is lower
Deferment payment feeAED 105
Loan reschedule feeAED 262.5
Note: The rates provided above are indicative and individual rates applicable to your personal loan will
be provided upon application and may vary.
All fees & charges mentioned are inclusive of 5% Value Added Tax (with the exclusion of interest &
currency conversion charges).
* For prevailing interest rate, 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 60-day prior notice to you
  • The processing of your application leading to the disbursal of the loan may take up to 10 business days from the time Bank receives complete and accurate information and documentation. In case your loan is being taken over from another institution, the processing time may extend depending on receipt of all documentation from the other institution
  • All interest charges applicable are calculated from the date of loan disbursal
  • 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 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 bank will not proceed until this period expires unless you wave this right. A notice to the bank must be given in case of cancellation
  • 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:

This is an example. Specific rates at time of facilities may vary and shall be advised accordingly.

Loan amount => AED 100,000
APR => 7.56%

Based on fixed interest rate of 6.99% per annum (equivalent flat rate of 4.04% per annum) & processing fee of 1%.

Loan period => 48 month (4 years)
Total interest amount = 100,000*4.04%*4 = AED 16,160
Total repayment amount = 100,000 + 16,160= AED 116,160
Equated monthly payment (EMI)= 116,160/48 = AED 2,420
Outstanding principal amount= AED50,000
Early settlement fee 1.05% = AED525

Warnings !!:

  • When you miss repayments, this could affect your credit score and limit your ability to access loan/financing in the future
  • If you do not meet the monthly repayments on your loan, your account will go into arrears and incur late payment fee
  • Any other accounts you have with the Bank may be used to set off against amounts owed under your Elite Finance loan
  • When you refinance your loan or avail installment deferments, it may take longer to pay off than your previous loan. It may also result in paying more interest

“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 & DescriptionZiyada, Overdraft for individual residents in UAE
Product detailsA credit limit linked to your current account
Overdraft currencyAED (United Arab Emirates Dirham)
Maximum limit amountUp to 2 Multiples of Salary
AgeMinimum 21 years
Maximum 60 years for expatriates & 70 years for UAE Nationals
Minimum SalaryAED 1,500
Overdraft periodValid 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 feeAED 210 per annum
Penalty interest rate2% 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 prevailing interest rate, fees & charges visit our website 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 & DescriptionGen α Saving Deposit Account
Product detailsAccount for minors opened by the parents/legal guardians to start saving for their children
EligibilityIndividual UAE residents can open saving deposit accounts for minors only
Account currencyAED
Minimum required deposit amountAED 1,000
Available tenors6 Months
Interest rate (Fixed)%1.5 per annum
Interest payment frequencyTwice per month
Partial or early withdrawal penaltyMinus %2 of the applicable interest rate. No interest will be paid if the interest of the completed tenure of the deposit is %2 or less
Note: Applicable rate is the standard deposit interest rate applicable on the date the saving deposit was booked, for the period the withdrawn amount is maintained.

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 websitehttps://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/
  • 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. A notice to the bank must be given
    in case of cancellation.
  • 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:

Original deposit amount => AED 5,000
Interest rate => 15% 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 are 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.

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 & DescriptionIPO Leverage, boost customer equity subscription
Product detailsFacility for all Mbank customers (Individuals & corporate) given to maximize customer share allocation
EligibilityIndividual/corporate UAE residents benefit from IPO Leverage
Leverage amount currencyAED
Minimum required deposit amountAED 5,000 (depending on each IPO prospectus)
Maximum financeUp to 5 times the customer’s equity subscription amount
IPO Leverage periodUntil the refund date
IPO Leverage feeUp 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 prevailing interest rates, fees & charges visit our websitehttps://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 & DescriptionFixed Deposits for UAE residents salaried or non-salaried individuals
Product detailsCash deposit product made for a fixed duration of time that is agreed between the Bank and the Customer
Account CurrencyAED (United Arab Emirates Dirham)
Minimum Required Deposit AmountAED 5,000
Available TenorsUpon Maturity, Monthly, Quarterly, Half Yearly & Yearly Recurring Deposit: 60 months
Interest Rate (Fixed)Rate fixed until the maturity date

Please contact the Mbank call center for the latest rates

Interest Calculation MethodologyActual/360
Interest Payment FrequencyUpon maturity
Account Opening FeeFree
Partial Withdrawal or Early Redemption Fee1% 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.
E-statement of your deposit 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.
Prices are inclusive of Value Added Tax (VAT)
*For prevailing interest rates, fees & charges visit our websitehttps://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
How to Calculate Interest:

Original deposit amount => AED 150,000
Interest rate => 3.22% per annum
Period => 3.22% per annum

Interest amount = (150,000*3.22%*365/2)/360 = AED 2,448.54
Maturity amount = 150,000 + 2,448.54= AED152,449.54

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 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 TypesPlatinumWorld EliteSadara
Annual Fees (AED)525.001,575.005,250.00
Free for the first year and renewal fee waived if last 12 months spent is equal or greater than AED 48KFree 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 amountYou 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.

  • 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.
  • If you do not pay the statement balance, in full on or before the payment due date, we may charge, without prior notice, a finance charge even if you have paid the minimum payment due in full
  • Interest charges will be applicable on the Total Amount Due as noted in the previous month’s Statement of Account as well as on all new transactions (from the respective transaction date) till such time as the total outstanding amounts are paid in full including all
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.

  • Interest Charges are always applicable on all Cash Advance transactions and the fees and charges are applicable thereon from the date of the Cash Advance transaction until the date of repayment in full.
Cash Advance Fee3% of the cash advance amount or AED 150.00 whichever is higher will be charged for each Cash Advance transaction + 5% Vat
Cash advance limit50 % of the credit limit60 % of the credit limit80 % of the credit limit
Grace periodUp 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 FeeAED 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 FeeAED 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 FeeAED 78.75
International Transaction fee2.49% currency conversion fee is charged to the Card Account for all transactions incurred outside UAE. All such transactions are converted to AED at the Bank’s prevailing exchange rate on the date the amount was posted to the Card Account rather than the date the Card was used. This fee is charged on all foreign currency transactions on the Credit Card. This fee is charged in addition to the standard processing fee charged by MasterCard International and is applicable to transactions performed outside UAE
Returned cheque / Direct Debit feeAED 105.00
E-statement feesFree
Physical Statement feeAED 52.50
Sales voucher copyAED 15.25
Dispute Verification ChargeAED 210.00
For the prevailing interest rates, fees & charges visit our websitehttps://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).

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