iifl-logo-icon 1

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

Mashreq NEO ties up with Federal Bank to facilitate NR account opening for Indians in UAE

12 Apr 2022 , 12:06 PM

Mashreq NEO, a full-service digital bank from Mashreq Bank, announced a strategic partnership with Federal Bank, a leading financial institution in India to enable Mashreq Neo’s Indian customers open a Non-Resident account with Federal Bank in India, instantly via the Neo app.

The new initiative leverages the Open Banking construct to simplify the customer onboarding journey and deliver real-time account opening experience for customers. The partnership between two leading banks is set to offer unmatched speed, convenience, and secure banking. In addition to seamless account opening, customers will soon be able to view the balance in their NR accounts with Federal Bank on 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: “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. We are extremely pleased to partner with Federal Bank and offer this innovative NRI service, which we think will delight our customers. It will be our constant endeavour to build on this offering and introduce more customer centric innovations in the future.”

Shalini Warrier, Executive Director, Federal Bank commenting on the partnership said, “We are delighted to announce this strategic tie-up with Mashreq Bank, a leading Bank in UAE. Through this, we will be able to deliver the best of banking services to the Indian diaspora in the UAE.  Federal Bank has a significant market share in the Non-Resident Indian 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”.

Related Tags

  • Federal Bank
  • Fernando Morillo
  • Mashreq Bank
  • Mashreq NEO
  • Non-Resident Indian
  • NR Account
  • NRI
sidebar mobile


Read More
Knowledge Centerplus

Logo IIFL Customer Care Number
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

Knowledge Centerplus

Follow us on


2024, IIFL Securities Ltd. All Rights Reserved

  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.


Get better recommendations & make better investments

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp