Neo NXT allows UAE teens to manage their money independently, while offering their parents visibility on their teens’ expenses. With a Neo NXT account, the teenager gets their own Neo NXT Debit Card, and can also access the Mashreq Neo app through their own login credentials. The teen will be able to request money, send money, save towards goals, complete challenges and more through the Neo app. When the parent logs in to their Neo account, they will be able to see details of the Neo NXT account created by them. Through this, parents will be able to set a monthly/weekly allowance, set controls on how their teen can spend, view the transactions carried out by the teen, receive OTP for all online transactions & money transfers, and set challenges for their teens to earn extra allowance.

The Neo NXT account is accessible from the Neo app. During the application process, the teenager is required to set up their login ID & password. The teen can use these details to log in to the app & access his/her NXT account. The Neo app has been completely customized for Neo NXT account holders, to offer a tailored experience for teenagers.

There is absolutely no fee linked to the Neo NXT account.

To ensure a safe & secure banking experience for teenagers, we have put restrictions on certain transactions: • Monthly limit on money transfers (to Mashreq accounts): AED 5,000 • Monthly limit on money transfers (to non-Mashreq accounts): AED 5,000 • Monthly limit on online debit card spending: AED 5,000 • Monthly limit on offline debit card spending: AED 5,000 • Monthly limit on ATM Cash withdrawal: AED 5,000 Parents can also go to their teen’s account profile, and click on Control Debit Card Usage to further decrease the limits on debit card, enable/disable merchants, etc. Cash deposits are strictly disabled for Neo NXT accounts. However, teens can withdraw cash using their Neo NXT account.

Neo NXT is available via the Mashreq Neo app (Android / iOS / Huawei). It is not available on Mashreq Neo online banking.

A parent can apply for up to 5 Neo NXT accounts. All the Neo NXT accounts that you apply for, from your Neo account, will be visible through your Neo app.

While the parent receives transaction alerts & OTPs for all online transactions/money transfers, parents should also share their teen’s mobile number at the time of opening the account. This is important, as we will be sending periodic notifications, to your teens, that will enable them to bank securely, manage money smartly, etc.