Dubai: Mashreq NEO and India’s Federal Bank have entered into an agreement that allows the former’s Indian customers to open a non-resident account with the Indian lender.
The account opening can be done instantly via the Neo app, the banks announced on Monday.
In addition to the seamless account opening, customers will be able to view the balance in their NR accounts with Federal Bank on the Mashreq Neo App and make instant remittances to India via its Quick Remit facility.
Speaking about the initiative, Fernando Morillo – Group Head of Retail Banking at Mashreq, said: “The UAE is home to over three million NRIs and they also make up a significant proportion of the Neo franchise. It is a key priority for us to offer our customers superior experience while fulfilling their banking needs.”
Shalini Warrier, Executive Director, Federal Bank said the lender will be “able to deliver the best of banking services to the Indian diaspora in the UAE” with this new agreement.
“Federal Bank has a significant market share in the NRI business and in the inward remittances business. With this partnership, the best of all that we have on offer will be available to the customers of Mashreq Neo.”
Mashreq Neo is a full-service digital bank from Mashreq Bank.
Federal Bank is an Indian private sector bank with a network of 1,291 banking outlets and 1,882 ATMs/recyclers spread across the country. The bank’s total business mix (deposits + advances) stood at Rs3.16 trillion as on December 31, 2021. The bank has representative offices at Dubai and Abu Dhabi.