NEO Groups is a community-based deposit offering. You can create or join groups as easily as on WhatsApp or Telegram. Members can open a 1-year term deposit and earn higher interest on your term deposits when other group members deposit more.

Creating a group on Mashreq Mobile App is as easy as creating one on WhatsApp or Telegram. You can login to Mashreq Mobile App, click on ‘NEO Groups’ and click on ‘Create a group’. You can add members to the group by clicking on ‘Invite’ and sending the invite to your friends and family.

Upon becoming a member of a group (i.e., by creating or joining a group), you can open the group on Mashreq Mobile App and click on ‘Invite’ button. You can send the invite to your friends / family through any of your messaging apps (including WhatsApp, Telegram, Message etc.,). Alternately, you can share the group-code with your friends.

You can join a NEO Group based on invite-only. Upon receiving an invite from your friend, you can join by following one of the below steps: a. Choose ‘Join the group’ on Mashreq Mobile App and enter the ‘group code’ received in the invite b. Click on the unique link received from your friend to view and join the group

As a member of a group, you can perform the below actions during the ‘Open period’ (refer below, for more details): a. Add funds and open a deposit (this is not a joint account. Your funds will be placed in an individual account created for you) b. Send invites to add more members to the group c. Leave the group and withdraw your funds d. View the activity of group members (joining the group, leaving the group, addition of funds, change in interest rate, etc.) Creator of the group has the same rights as that of remaining members of the group.

Members are allowed to join and opt to make a deposit during the group’s ‘Open period’ only. ‘Open period’ is defined as ‘30 days from the date of group creation or until the total deposits reach AED 150,000, whichever is earlier’. Group activity cannot be viewed post the ‘Open period’ Example: Group ‘Football’ is created on 01 Nov 2022. Customers can join this group and opt to open a deposit until 30 Nov 2022 only (i.e., 30-day period). In case, 4 members join and deposit collectively a total amount of AED 150,000 by 20 Nov 2022, then the group will not allow new deposits and new members to join post 20 Nov 2022.

Open period of 30 days is provided for each group, to allow members to invite, add new members and open deposits. During the open period, your funds are placed in a new temporary account (NEO Group Account) created for you. Temporary account is a savings account with 0% interest. At the end of the ‘Open period’, temporary savings account is closed, and a NEO Group Deposit (1-year term deposit) is created for you, at the group’s interest rate decided based on deposits made by all group members.

No, this is not a joint account with group members. Each member gets an individual term deposit account upon making a deposit. Each member’s term deposit is booked at the same interest rate as that of the group’s interest rate.

Interest rate for your deposit is decided basis the interest rate grid available here, based on the Total of deposits of all group members at the end of ‘Open period’. Below is an example:

Total deposits* (AED)	Interest rate on your 1-year term deposit**
5,000 to 9,999	2.50%
10,000 to 24,999	3.00%
25,000 to 49,999	3.50%
50,000 to 99,999	4.00%
100,000 to 150,000	4.50%

* Total of all deposits made by the group members during the ‘Open period’ ** Above interest rate is applicable on each member’s term deposit account Group ‘Football’ is created on 01 Nov 2022 by Ahmed. Ahmed opts to deposit AED 10,000 on 2 Nov 2022. Bruce joins the group on 03 Nov 2022 and opts to open a deposit of AED 30,000 on 05 Nov 2022. Catherine joins the group and opts to open a deposit of AED 40,000 on 10 Nov 2022. Dan joined the group on 15th Nov 2022 but hasn’t deposited. Considering that total of all members’ deposits is AED 80,000, group members are eligible for an interest rate of 4.00% (basis the above grid). On 30 Nov 2022 (i.e., end of ‘Open period’), each of the 3 members (Ahmed, Bruce, Catherine) who have deposited will get the individual Term-deposits booked at 4.00%. Below are the details of deposits of each customer:

Customer	Date of adding funds	Deposit amount	Interest rate %	Interest earned over 1 year tenure	Deposit booking date
Ahmed	02 Nov 2022	10,000	4.00%	400	30 Nov 2022
Bruce	05 Nov 2022	30,000	4.00%	1,200	30 Nov 2022
Catherine	10 Nov 2022	40,000	4.00%	1,600	30 Nov 2022
Dan	N/A	0	N/A	N/A	N/A

Note: During 01-Nov to 30-Nov, customer’s funds will be placed in a temporary savings account created. Temporary savings account earns 0% interest. On 30th Nov, temporary savings account is closed, and the funds are transferred to a 1-year Term Deposit.

Please note that a new term deposit account will be booked in your name only and will not be combined with the deposits of other group members. When you join a group and add funds to a Neo Group, the deposit will not be booked immediately. The deposit will be booked only on the ‘30th day from the date of group creation’ or upon total deposits of members reaching AED 150,000, whichever is earlier. Till such time, the funds will be parked in a temporary savings account.

Interest is paid on the value of deposit and is credited after the completion of the 1-year tenure. The interest rate you receive is fixed for the term of the deposit. No interest will be paid in case of premature withdrawal of the deposit. Example: Deposit is booked for an amount of AED 30,000 on 30 Nov 2022, with the interest rate as 3.00% for a tenure of 1 year (365 days). Interest amount of AED 900 (as per below) will be credited to customer’s Current/Savings Account along with the deposit amount of AED 30,000 on the maturity date of 30 Nov 2023. AED 30,000 x 3.00% x 1 year = AED 900

You will need the below to be able to participate: a. You should have an active current or savings account with Mashreq NEO b. You should deposit a minimum of AED 5,000 and maximum of AED 100,000 c. You should utilise only the ‘New funds’ (refer below, for more details) to open the deposit d. Group needs at least 2 members to make a deposit to earn higher interest rates NEO Groups is not applicable for Mashreq Al Islami, Mashreq Gold, Private Banking, Business Banking and Corporate and Investment Banking Group (CIBG) customers of Mashreq.

Only ‘New funds’ can be utilised in NEO Groups. ‘New funds’ are calculated as ‘sum of credits received in current or savings account till date from ’30 days before the Group-Creation-date’ Example: Group is created on 01 Nov 2022. If the customer is depositing on 15th Nov 2022, New funds is the sum of all credits in the customer’s current/savings account since 01 Oct 2022 till 15th Nov 2022.

Yes, you will earn AED 200 bonus for every successful referral. To earn a referral bonus, • you should have an active MashreqNEO Account. • You should create a NEO Group via the Mashreq Mobile App and request your friends and family members to join and add funds to the group. • Your friend is new to Mashreq NEO • Your friend opens a new current or savings account with Mashreq NEO • Your friend should join your group and open a deposit of at least AED 5,000 • You should open a deposit of at least AED 5,000 in the group Group creator can earn a maximum bonus of AED 10,000 in a group and a maximum bonus of AED 25,000 in a calendar year. AED 200 will be credited to your account with-in 90 days from the date of new Mashreq account creation by your friend. In case the referred customer opens multiple NEO Group Deposits through multiple groups, referral bonus will be awarded only to the creator of the group, where the deposit is created first.

Only the creator of the group is eligible for the referral bonus, for the members who have opened a new current or savings account with Mashreq NEO during the group’s ‘Open period’. Remaining members of the group are NOT eligible for the referral bonus. Creator of the group should open a NEO Group Deposit of at least AED 5,000, to be eligible for the referral bonus. To earn a referral bonus, you should have an active Mashreq NEO account. Moreover, you should create a NEO group via the Mashreq Mobile App, and request your friends or family members to join and deposit money in the group.

Tenure of the deposit is 1 year (i.e., 365 days). Upon completion of the 1-year tenure, deposit matures, and you will receive the amount you have deposited along with interest in your current or savings account.

Minimum of 2 and maximum of 50 members can be a part of one NEO Group. In case there is only 1 member who makes a deposit in the group, the member receives only the base rate as interest rate as mentioned here, irrespective of the deposit amount.

Yes, you can leave the group anytime during the ‘Open period’ by logging to Mashreq Mobile App. Your funds (if any) in the group will be credited back to your current or savings account.

You can login to Mashreq Mobile App, click on ‘view all products’, open the deposit and choose ‘Redeem’ for pre-mature withdrawal. Important note: if you withdraw from your deposit prematurely (i.e., before completion of 1-year tenure), you will not receive the interest on the deposit. If you withdraw the term deposit prematurely, there will not be any change in the interest rates of remaining group members’ deposits.

No, you cannot make partial withdrawals from a term deposit account.

You will receive notifications on email, SMS or mobile app notifications. You can also view the real-time activity of the group members by logging in to Mashreq Mobile App.

You have the option to display your name to other group members, by providing the consent for the same while joining/creating a group. If you do not provide the consent, your name will be anonymised. Example of anonymous name is ‘Member1001’.

NEO Group Deposit is available only in AED.