Mashreq Neo partners with India’s Federal Bank to launch end-to-end digital account opening
Mashreq Neo is collaborating with India’s Federal Bank to facilitate end-to-end digital Non-Resident Indian Account opening for its customers in the UAE. The two partners will offer a first-of-its-kind holistic banking experience that will enable Mashreq’s NRI customers to bank digitally not only in the UAE but also in their home country. Mashreq and Federal Bank aim to turn NRI Account opening, which normally requires an in-person meeting and extensive documentation, into a hassle-free journey that can be completed within a few minutes.
In April 2022, the two banks launched a strategic partnership that allowed Indian customers of Mashreq Neo in the UAE to open a NRI Account with Federal Bank. Initially, they offered a semi-digital experience. A representative of Federal Bank would visit customers to perform Know Your Customer due diligence and activate the account. Applicants needed to present their original passport and Permanent Account Number card, in addition to signing the paperwork.
The joint value proposition has now been enhanced through host-to-host integration, resulting in a fully digital, seamless and paperless process with video verification capabilities and real-time account activation. Mashreq customers can now open a Federal Bank NRI Account simply by logging into their Mashreq Neo app and completing all the formalities online. Here, they can also view the balance of their UAE and Indian accounts, conduct free money transfers to their NRI Account using the Quick Remit feature, and enjoy competitive interest rates on their savings offered by Federal Bank.
To be eligible to open an NRI Account with Federal Bank, Indian nationals residing in the UAE need to meet several criteria. They must be active Mashreq Neo customers with up-to-date KYC details as well as a valid Emirates ID, Pan Card and Indian passport.
Radu Topliceanu, Executive Vice President, Head of Neo and Personal Banking, Mashreq, said: “Last year, Mashreq Neo became the first to introduce NRI Account opening in partnership with an Indian bank, and now we are taking our proposition fully digital. Together with Federal Bank, we aim to promote a unified banking experience that meets the everyday needs of NRIs in the UAE and provides them with unprecedented convenience.”
Shalini Warrier, Executive Director, of Federal Bank, said: “In the journey to delight customers with best-in-class digital experiences, Federal Bank is proud to be associated with Mashreq Bank to offer an end-to-end digital account opening experience. Our partnership with Mashreq Bank is yet another example of our commitment to the Indian diaspora in UAE”.
