Standard Chartered Bank Savings Account

Standard Chartered Bank (SC) is a leading global bank that set its foot in the UAE in 1958 by opening its first branch in Sharjah. Since then, the bank has expanded into several branches across different Emirates in the UAE and now offers a wide range of conventional and Islamic banking products including SC savings accounts.

Given below are the main types of Standard Chartered Bank savings accounts -

1. XtraSaver Account
2. Saadiq XtraSaver Account
3. Savings Account
4. Saadiq Savings Account

This write-up will shed some light on the features and benefits of SC savings accounts, their eligibility criteria, fees, and documents required to open one such account. 

Features of SC Savings Account

To begin with, let’s check out the top features and benefits of different types of Standard Chartered Bank savings accounts -

XtraSaver Account

This is a Zero Balance Savings Account from Standard Chartered Bank. With this SC savings account, available in AED and USD currencies, you can enjoy a high-interest rate of 2% per annum. 

The following are the main features and benefits of this Standard Chartered savings account -

• You can open an SC saving account with a deposit of at least AED 3,000
• Contactless Debit Card - When you open a Standard Chartered Bank savings account, you get a complimentary contactless debit card. You can easily use this card for fund withdrawals from ATMs, online shopping, or shopping at retail outlets. 
• Account Available in AED and USD Currencies - This Standard Chartered Bank savings account gives you the flexibility to save in AED and USD currencies and receive higher returns on savings.
• Conveniently Access the Account - You can withdraw funds from the ATM or access funds in the SC savings account via mobile banking, online banking, and phone banking.
• Pay Your Utility Bills - You can use the funds in your Standard Chartered savings account to pay your bills for DEWA, Du, and Etisalat via online banking. 
• Avail of eStatements - Rather than receiving conventional bank statements via mail, you can easily opt to receive eStatements with the SC savings account. This way, you can conveniently keep a check on your expenses and transactions. 
• Instant Alerts - You can get immediate SMS notifications whenever you perform any transaction using the debit or credit card linked to the SC savings account.
• Banking on the Go - You can use your Standard Chartered Bank savings account conveniently using the online platform or the mobile banking application. The SC Mobile app is compatible with iOS and Android operating systems.
• Convenient Fund Withdrawal - In case you urgently require cash access, you can easily withdraw cash from any of the ATMs in the bank’s extensive network.

Saadiq XtraSaver Account

Saadiq XtraSaver Account is a Shariah-compliant zero-balance savings account. With this Standard Chartered Bank savings account, you can expect a profit rate of up to 2% per annum (this amount will be calculated on your median monthly balance). 

Check out the benefits of the Saadiq XtraSaver Account below –

• You can open this SC savings account with a deposit as low as AED 3,000
• Internationally Recognised Debit Card - When you open this Standard Chartered Bank savings account, you get a complimentary contactless debit card that you can for fund withdrawals from ATMs, online shopping, or shopping at retail outlets. 
• Account Available in AED and USD Currencies - This Standard Chartered Bank savings account gives you the flexibility to save in AED and USD currencies and receive high returns on savings
• Conveniently Access the Account - You can withdraw funds from the ATM or access funds in the SC Savings account via mobile banking, online banking, and phone banking. Moreover, you can make up to 3 withdrawals per month.
• Since the product complies with the Shariah rules, the transactions can be made as approved by the Shariah committee

Savings Account

This is a conventional Standard Chartered Bank savings account that provides you with immediate access to your funds as well as high returns on savings. Here are the major features and benefits of Standard Chartered Savings Account –

• Earn Interest – You can perform unlimited transactions and still receive competitive returns on your Standard Chartered savings account.
• Multiple Currencies - You can conduct transactions in a wide range of currencies and avail yourself of the potential benefits from their appreciation
• Conveniently Access the Account - You can withdraw funds from the ATM or access funds in the SC Savings account via mobile banking, online banking, and phone banking 
• Pay Your Utility Bills - You can use the Standard Chartered savings account funds to conveniently pay your bills for DEWA, Du, and Etisalat using online banking
• Avail of eStatements - This SC savings account offers you the option to receive eStatements. This feature can be highly beneficial, as you can easily monitor your transactions and expenses without requiring any paper. 
• Instant Alerts - You get immediate SMS notifications whenever any transaction is completed using your debit or credit card linked to the SC savings account.
• Banking on the Go - This Standard Chartered Bank savings account allows you the option of conveniently using the online platform or the mobile banking application for seamless transactions. The SC Mobile app is compatible with iOS and Android operating systems.
• Convenient Fund Withdrawal - You can easily withdraw cash from any of the ATMs in the bank’s extensive network.
• Pay off Your Credit Card Bill - You can even pay your credit card bills conveniently using this Standard Chartered Bank savings account, with the transaction being free of any costs

Saadiq Savings Account

Standard Chartered’s Saadiq Savings Account is a Shariah-compliant account where all the funds are divided and used only for Shariah-approved transactions. You can use the funds in this Standard Chartered Bank Savings account to make transactions in multiple currencies in a Shariah-approved manner. 

Given below are the major features and benefits of the Saadiq Savings Account -

• Besides an initial deposit of at least AED 10,000, the bank also requires you to maintain a monthly balance of AED 3,000 on average in the Saadiq Savings account 
• Earn Attractive Profits - This Standard Chartered savings account enables you to earn high profits on your savings, with the profits being computed on the mean monthly available balance in your account. Thus, the more you save, the more profit you earn.
• Multiple Currencies - With the Saadiq Savings account, you can perform transactions in major global currencies online 
• Complimentary Debit Card - When you open this Standard Chartered Bank Savings account, you receive a free debit card that is internationally recognised. Using this card, you can access the bank account funds through ATM withdrawals and make online as well as retail outlet purchases.
• Wide Range of Services - You can access your funds from anywhere and at any time. When you open a Saadiq Savings account, you can make cash deposits at the bank’s cash deposit machines and more.
• Pay your Utility Bills - You can use this Shariah-compliant Savings account to pay your utility bills like Etisalat, SEWA, and Du bills via online or mobile banking. 
• Request for eStatements - eStatements make for a great option over conventional physical statements via mail, with this SC Savings account allowing you to opt for the former. This can help you frequently check your expenditures, transactions, and more. As an added benefit, eStatements are a greener choice. 
• Receive Immediate Alerts - If you perform any transaction on your debit or credit card linked to this Saadiq Savings account, you will immediately receive a notification on your phone about the amount debited or credited to the account.
• Banking-on-the-go - You can conveniently use your Standard Chartered savings account using the online platform or the mobile banking application of the bank. The SC Mobile app is iOS and Android compatible.
• Pay off Your Credit Card Bill - You can easily pay your credit card bills using this Shariah-compliant bank account. The transaction for the same is free of any cost.

Fees Associated with Standard Chartered Savings Account

Tabled below are the key charges associated with Standard Chartered Bank savings accounts -

Note - All the charges are inclusive of 5% VAT and are further subject to change at the bank’s discretion

Eligibility Criteria to Open a Standard Chartered Savings Account

To open any of the SC savings accounts discussed earlier, you would be required to fulfil the respective eligibility criteria as stated below in the table -

Documents Required to Open a Standard Chartered Bank Savings Account

Keep these documents prepared when applying for a Standard Chartered Bank savings account -

How to Open an SC Savings Account?

You can apply for a Standard Chartered Bank savings account via any of the following modes - 

Policybazaar UAE

To reduce the hassle of excessive documentation and long queues, you can simply apply for a Standard Chartered bank savings account on Policybazaar UAE. Our website is easy to navigate and allows you to compare the best options in one place. 

To start the process, fill in the lead form on the section for bank accounts on policybazaar.ae, after which you will be directed to the quotes page. Here, you can choose from the various Standard Chartered bank savings accounts available. Click on the Apply button for your preferred plan to initiate the process. The entire application procedure is short, precise, and requires minimal documentation.

Note - If you want to apply for the SC savings account via the bank, read the following sections.

Online Banking

To apply for a Standard Chartered savings account online, click on the Apply Now tab on the savings account’s page. When filling in the application form, provide all the (correct) information requested by the bank. After this, you would be asked to upload your documents as per the bank’s guidelines. In case the bank finds any loopholes in the documents, it may ask for some additional documents as well.

In-Branch Visitation

You can visit your nearest Standard Chartered branch with all the essential documents in case you wish to apply offline. Once you reach the bank, obtain the application form and fill it in accurately. To prove your credentials, affix a photocopy of the documents and submit the form. You will be informed about the further process by the bank executives.

How to Close an SC Savings Account?

If you want to close your Standard Chartered bank savings account, you can visit your nearest bank branch and connect with the designated executive. You can also connect with the bank for this purpose by calling on 600 5222 88. If you are abroad and need to close your savings account, you would be required to dial +971 600 5222 88. 

If you have additional queries about Standard Chartered Bank savings accounts, read the following FAQ section.

SC Savings Account Frequently Asked Questions