x Abu Dhabi, UAEMonday 24 July 2017

Open a bank account in the time it takes to order a pizza

Plus, offers to guarantee your income for up to a year in the event of job loss and National Bonds expands to Ajman Bank.

Mashreq bank customers can now open a bank account in 30 minutes, as well as receive their ATM card. Rich-Joseph Facun / The National
Mashreq bank customers can now open a bank account in 30 minutes, as well as receive their ATM card. Rich-Joseph Facun / The National

Mashreq promises to set up new clients in 30 minutes

When it comes to opening a bank account, speed is not always at the top of the priority list for banks in the UAE.

Now Mashreq bank, one of the country's leading financial institutions, is trying to change that by promising to open new accounts and issue chip-enabled debit cards and pin numbers in 30 minutes.

The instant banking service, which is available in two branches - Murarabat and Dubai Internet City - will be rolled out to 15 more Mashreq bank branches by the end of the year.

"For today's customers, time is of the essence and Mashreq's endeavour is to provide superior, never-before services that exceed customer expectations," says Nimish Dwivedi, the head of personal banking at Mashreq. "The instant issuance of a bank account and a linked debit card sets a whole new standard, which will impart tremendous benefits to time-crunched customers in terms of convenience and relevance."

The service will initially target branches with a high footfall before rolling out across the bank's network of 54 branches.

For more information, go to www.mashreq.com.

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Union National Bank (UNB) has introduced a current and savings account to help customers secure their future during tough times.

The UNB Smart Account guarantees a customer's income after a job loss because of unforeseen circumstances by continuing to pay their last-drawn salary for up to one year. The account also covers customers against permanent disability and death.

The product - the first of its kind in the UAE - is being launched in partnership with Oman Insurance Company.

"With the increasing number of redundancies, consumers are understandably worried about job security and the impact of a loss of job on their entire family who depend on them," says Ashraf Bibars, UNB's head of retail banking.

"The UNB Smart Account has been designed to allay the concerns of these consumers and provide them with security against job loss and to help them and their family to maintain the same standard of life for up to a year, during which they can look for a new opportunity without any added financial pressure."

Customers applying for the account will also receive financial protection for their family. Go to www.unb.co.ae for details.

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National Bonds, the investment company behind the Sharia-compliant savings scheme, has expanded its network to include Ajman Bank.

Customers can now purchase bonds directly through the bank, giving them the opportunity to win up to 22,250 prizes every month, including Dh1 million.

The partnership will expand the National Bonds network, which includes more than 590 branches.

"It is another step for National Bonds towards spreading the savings culture further in the UAE and across the region," says Mohammed Qasim Al Ali, the chief executive of National Bonds Corporation.

Visit www.nationalbonds.ae for more information.

pf@thenational.ae