Standard Chartered Bank Saadiq Term Account

Standard Chartered Bank is a globally-recognised name in the banking industry, with the bank offering a range of banking and investment products in the UAE and around the world. For your banking requirements related to bank accounts, you can certainly select Standard Chartered Bank and choose from savings, current, and fixed accounts to mutual funds and fixed-income securities.

As far as fixed accounts are concerned, the bank offers two major options – fixed deposit and Saadiq term account. One of the remarkable benefits of the Saadiq term account is that profit rates are announced monthly and credited to the account at maturity, which makes it a rather popular choice among UAE residents.

In this article, we will focus on the Saadiq term account and explore its features and benefits, eligibility criteria, application and closure process, and so on.

Features and Benefits of Standard Chartered Saadiq Term Account

Let’s start our discussion by checking out the key features and benefits of the Standard Chartered Saadiq term account – 

• With the Saadiq term account, you can get profit at an assured rate for keeping the funds for a stipulated time frame
• Saadiq term account is a fixed account based on the principle of Mudaraba and adhering to the rules of Shariah
• To keep the account active, you must maintain a deposit of at least AED 25,000 or its equivalent in a foreign currency
• Saadiq term account provides flexible tenure ranging from 1 to 12 months (1 year)
• Profit rates on Standard Chartered Saadiq term account are announced monthly and the profit is credited to the account at maturity. This means the longer you save, the higher the profits you can earn.
• You can easily manage your Saadiq term account online through the Standard Chartered mobile banking platform available for both Android and Apple devices
• In case you withdraw money before the tenure is completed, you will receive profits for the previously completed tenure based on the number of days and the interest rate applicable to the specific month 

Note: This rule applies only if you have kept your money invested for at least 30 days - for withdrawals made before 30 days, only the principal amount is returned without any profit 

Eligibility Criteria for Standard Chartered Saadiq Term Account

If you are interested in applying for the Standard Chartered Saadiq term account, you would be required to qualify the following eligibility criteria – 

• Nationality: UAE nationals, residents, and non-residents are eligible for a Standard Chartered Bank Saadiq term account
• Age: You must be at least 18 years old at the time of applying 

Required Documents for Standard Chartered Saadiq Term Account

After qualifying the eligibility criteria, you must keep the following documents ready to speed up the application process – 

1. Emirates ID, passport, and resident visa – for UAE Residents
2. Passport, bank statement, and address proof – for Non-UAE Residents

How to Apply for a Standard Chartered Saadiq Term Account?

You can apply for a Standard Chartered Saadiq term account via any of the following channels – 

Online Mode

• Policybazaar UAE: You can complete the application procedure for a Standard Chartered Saadiq term account in the most seamless way by visiting us at policybazaar.ae. Once you are on the site, select the 'bank account' option under the ‘Banking Products’ header. You can then fill out the lead form with your personal details to reach the quotes page, where you can apply for a Standard Chartered Saadiq term account after exploring all the options and their features. 

The major benefit of applying for this Standard Chartered bank account via policybazaar.ae is that you can take advantage of our easy-to-navigate website and make extensive comparisons to select the best option for yourself. Moreover, we bring the best bank accounts from the leading providers at excellent terms and conditions. 

• Official Bank Website: You can also apply for a Standard Chartered Saadiq term account via the official website of Standard Chartered Bank. You can tap on the ‘Saadiq term account’ under the fixed account tab. Once the information page appears, click on the 'apply now' option at the top of the page. 

You will be redirected to the new page, where you can fill out the application form. After the successful completion of the application form, bank personnel will contact you and help you with the remaining process.

• Mobile Application: You can also download the Standard Chartered bank application and follow the prompted instructions to apply for the Standard Chartered Saadiq term account.

Offline Mode

As an alternative to the online modes discussed above, you can also visit any of the branches of Standard Chartered Bank and request assistance from a bank representative to apply for the account. 

How to Close the Standard Chartered Saadiq Term Account?

If you want to close your Standard Chartered Saadiq term account, you can visit your nearest branch of Standard Chartered Bank and submit a request for the closure of the account. Alternatively, you can dial the toll-free number 600 5222 88 and follow the instructions to close the account.

Refer to the next section to get a better understanding of Standard Chartered Saadiq term accounts via FAQs - 

Frequently Asked Questions (FAQs)