New Flexicash from Mashreqbank provides liquidity

FlexiCash provides up to the equivalent of two months salary in cash instantly at the low rate of 1.59 per cent per month, only for the actual numbers of days the overdraft is used.

For convenience, the cash can be withdrawn from any ATM or by issuing a cheque or cheques for the entire amount.

Described as a lifestyle product, the overdraft can be availed by any employee of the 3,000 plus UAE companies that are already pre-approved by Mashreqbank. People who want to make use of the facility will need to open a current account with Mashreqbank and provide a salary transfer letter from their employer.

"FlexiCash is another value-added service from Mashreqbank that is designed to help people get through a liquidity crunch. For customers who qualify, the service is available at any time as a backup in case of unforeseen contingencies, hence the slogan: 'It's always there for you'," said Steven Pinto, Head of Retail Banking Group, Mashreqbank.