Mashreq NEO BIZ: Business Banking Guide
Pakistan's first Islamic business banking app — who can open an account, what it costs, and how it's different from the personal Mashreq NEO app.
- CNIC + Active NTN Required
- ~10-Minute Application
- Shari'ah-Compliant
- Who It's For
- Sole proprietors, self-employed
- Account Types
- 2 (Islamic Current, Islamic Savings)
- Eligibility
- CNIC + active NTN on FBR ATL
- Application Time
- ~10 minutes in-app
- Verification SLA
- Up to 2–5 working days
- Minimum Balance
- None stated
- Fund Transfers
- Free (1LINK IBFT & RAAST)
- App
- Separate NEO BIZ app
Last verified: 3 Sep 2026 — figures on this page can change; re-check against mashreq.com/en/pk/neobiz before relying on them.
Mashreq NEO BIZ is a separate business banking product from the personal Mashreq NEO app most people know Mashreq for — it has its own app, its own eligibility rules, its own Schedule of Charges, and is built specifically for sole proprietors and self-employed individuals rather than salaried individuals or large companies. If you've searched "Mashreq business account" or "Mashreq for freelancers," this is the product you're looking for, not the personal NEO account.
One thing worth knowing before you apply: Mashreq's own disclosures describe NEO BIZ as having launched in pilot phase in November 2025, with full-scale commercial rollout targeted for mid-2026. As of the Bank's Q1 2026 filing, NEO BIZ had onboarded over 200 customers with modest deposit volumes — meaning it's a newer, smaller-scale product than the personal NEO app, which had already moved past its own pilot stage by that point. If you're applying now, confirm in-app that NEO BIZ is out of pilot and taking on new customers at full scale in your city.
Who Can Open a NEO BIZ Account?
Mashreq states eligibility is limited to Pakistani sole proprietors and self-employed individuals who hold a valid CNIC and an active National Tax Number (NTN) listed on the FBR's Active Taxpayer List (ATL). In practice, this means you need to already be a registered taxpayer before you apply — NEO BIZ isn't a way to open a business account without first being on the FBR's active list. It's built for single-owner businesses and independent professionals, not partnerships, private limited companies, or larger registered entities.
Account Types
Mashreq NEO BIZ Islamic Current Account
Shari'ah-compliant day-to-day transaction account for receiving payments from clients and paying suppliers, with a free debit card and unlimited free fund transfers advertised by Mashreq.
Mashreq NEO BIZ Islamic Savings Account
Shari'ah-compliant account that pays monthly profit (by the 5th working day of the following month per Mashreq's FAQ) while still giving ready access to funds and the same digital banking features.
Account list and features confirmed from Mashreq's official NEO BIZ product page and FAQ (mashreq.com/en/pk/neobiz).
How Opening Works
Mashreq states the NEO BIZ application itself takes about 10 minutes inside the app. However, unlike the roughly 5-minute personal account opening, business accounts commonly require additional verification — Mashreq's own FAQ states this can take up to 2 working days for self-employed individuals and up to 5 working days for sole proprietors before the account is fully active. Budget for the longer timeline rather than expecting an instant business account the way the personal NEO product works.
What's Free, and What Isn't
Mashreq's own marketing bundles several free features into NEO BIZ: unlimited free fund transfers (1LINK IBFT and RAAST) and free bill payments. The debit card is not free, though — Mashreq's own NEO BIZ Schedule of Charges states a flat PKR 2,500 issuance, annual, and replacement charge for both the Mastercard and PayPak debit card, applied uniformly across all NEO BIZ accounts rather than varying by account type:
| Charge | Islamic Current Account | Islamic Savings Account |
|---|---|---|
| Debit card issuance / annual / replacement | PKR 2,500 | PKR 2,500 |
| Non-Mashreq ATM withdrawal (in Pakistan) | PKR 35 | PKR 35 |
| ATM receipt | PKR 5 | PKR 4.67 |
| Cheque book issuance | PKR 50/leaf | Not available |
| Fall-below-minimum fee | PKR 200 | See KFS |
| Account closure | Free | Free |
Debit card charge confirmed against Mashreq's own official NEO BIZ Schedule of Charges disclosure, which states the PKR 2,500 issuance/annual/replacement figure applies "for all accounts." Other line items sourced from the same document, effective 1 Jul–31 Dec 2026.
NEO BIZ vs. the Personal Mashreq NEO App
| Mashreq NEO (Personal) | Mashreq NEO BIZ | |
|---|---|---|
| Who it's for | Individuals, salaried or otherwise | Sole proprietors, self-employed |
| App | Mashreq Pakistan app | Separate NEO BIZ app |
| Eligibility document | CNIC | CNIC + active NTN on FBR ATL |
| Typical opening time | ~5 minutes | ~10 minutes to apply; up to 2–5 working days to activate |
| Account types | Current, Current Profit, Savings (Islamic & conventional) | Islamic Current, Islamic Savings only |
How to Verify the Latest Information
Banking facts change — new fee schedules, updated rates, or a revised process can go live between our reviews. Before relying on anything above for a real business decision, cross-check it against mashreq.com/en/pk/neobiz, the primary source this page draws from.
FAQs
Who can open a Mashreq NEO BIZ account?
Any Pakistani sole proprietor or self-employed individual with a valid CNIC and an active NTN listed on the FBR Active Taxpayer List (ATL) can open an account.
How long does it take to open a NEO BIZ account?
Mashreq states the application itself takes about 10 minutes in-app, though additional verification can take up to 2 working days for self-employed individuals and up to 5 working days for sole proprietors.
Is NEO BIZ the same app as the personal Mashreq NEO app?
No. NEO BIZ is a separate, business-branded app from the personal Mashreq NEO app, though both are issued by the same bank and regulated by the State Bank of Pakistan.
Is the NEO BIZ debit card free?
No. Mashreq's official NEO BIZ Schedule of Charges lists a flat PKR 2,500 issuance, annual, and replacement charge for both the Mastercard and PayPak debit card, applied the same way across all NEO BIZ accounts — confirm the current figure in-app before applying.
Good For
- Sole proprietors who need a dedicated business account, not a personal one
- Self-employed professionals invoicing clients directly
- Businesses already active on the FBR taxpayer list
- Anyone comparing NEO BIZ against the personal NEO account before choosing
Ready to open a Mashreq NEO BIZ account?
Download the NEO BIZ app and verify current terms before you apply.
Similar Banks
More on Mashreq
Bank Overview
Ownership, licensing, and key facts.
Account Opening
Every personal Mashreq NEO account type.
Mashreq NEO App
Mobile app features and account opening.
ATM Card Charges
Free withdrawals and debit card fees.
Helpline & Complaints
Contact numbers and escalation path.
Careers
How Mashreq Pakistan hires.
For independent verification, see State Bank of Pakistan, Mashreq NEO BIZ, Federal Board of Revenue.