Standard Chartered Saadiq Current Account

Standard Chartered Bank, as a prominent bank in the UAE, has a product portfolio consisting of various banking and financial products like bank accounts, credit cards, home finance, mortgages, and so forth. You would find Standard Chartered Bank suitable if you are looking for current bank accounts as well, with the leading options for the same by the bank including the current account and Saadiq current account.

In this article, we would focus on the latter account, i.e. Saadiq current account. We will discuss the benefits, key features, eligibility criteria, documents required, application process, and all the other aspects of this account.

Features and Benefits of Standard Chartered Saadiq Current Account

Given below are the key benefits and features of Standard Chartered Saadiq current account – 

Islamic Account

Standard Chartered Saadiq current account is based on Islamic principles and adheres to the Shariah rules for finance.

Available in Multi-Currencies

With Saadiq Chartered current account, you can deposit and withdraw cash in multiple currencies. Consequently, the need to open numerous foreign accounts is easily eliminated with this account.

No Limits on Deposits or Withdrawals

There is no limit to transactions in a Saadiq current account, meaning that you can withdraw or deposit funds an unlimited number of times.

Profit Rate

The Saadiq current account is a non-interest bearing one, meaning that the Standard Chartered Bank would pay a 0% profit on the amount in your account.

Free Cheque Book

You will get a free chequebook if your Standard Chartered Saadiq current account is an AED-denominated one.

International Debit Card

Saadiq current account gives a free international debit card that can be pretty convenient when travelling abroad. With this debit card, you can access ATMs anywhere in the world and conveniently complete online transactions. 

Round-the-Clock Service

Saadiq current account allows you to access your funds 24/7. You can easily set up standing instructions and deposit funds at cash deposit machines.

Get eStatements with Unmatched Security

eStatements are simply quarterly electronic versions of your Saadiq current bank account paper statement. This account provides the email eStatement service for free, through which you can get the eStatement directly to your registered email address in an encrypted PDF format. These statements are password protected, with the breakdown of the password being indicated in the eStatement mail such that only you, as the account holder, can know it.

Pay Bills Easily

Through your Standard Chartered Saadiq current account, you can get access to central utility providers like Etisalat, DEWA, SEWA, ADCC, AADC, or DU via online banking so that you can pay all your bills on time with a few clicks.

Real-Time Notifications

Account holders registered with the SMS banking service will be automatically notified after every transaction, including cash withdrawals, cash deposits, salary credits, bounced cheques, account balances, or fund transfers via SMS. 

Banking Online

One of the remarkable benefits of Saadiq current account is that you can manage your account with the Standard Chartered mobile and online banking platform. You can transfer funds, view your balance, pay bills, change your debit card PIN, create a nickname for your account, and do much more with online banking. The Standard Chartered mobile banking application is available on Android, iPhone, and iPad devices.

Pay Any Card

With this Standard Chartered current account, you can pay your credit card bills of any bank in the UAE via mobile or online banking. 

High Withdrawal Limits

Saadiq current account holders get the benefit of high withdrawal limits from an extensive network of ATMs or UAE switch ATMs. 

SC Debit Card

Eligibility Criteria for Standard Chartered Saadiq Current Account

To open a Standard Chartered Saadiq current account, the following conditions should be met by you – 

  • Nationality: UAE nationals and expatriates can apply for Saadiq current account
  • Age Limit: You must be above the age of 21 years to be eligible for the account

Documents Required to Apply for Standard Chartered Saadiq Current Account

As an applicant, you would be only required to submit your passport, residence visa, and Emirates ID for the Standard Chartered Saadiq current account application process.

Fees and Charges Associated with Standard Chartered Saadiq Current Account

Tabled below are the charges associated with Standard Chartered Saadiq current account – 

Service Charges
Minimum initial deposit AED 10,000
Minimum average monthly balance AED 3,000
Monthly service charges Nil
Fall-below fee  (If you fail to maintain an average monthly balance, the fall-below fee is applicable) AED 26.25

Note: The fees stated above include a 5% value-added tax (VAT), where applicable, and are subject to change per the bank's choice.

Terms and Conditions of Standard Chartered Saadiq Current Account

  1. No profit is payable to Saadiq current account users
  2. You can get a free chequebook after your Saadiq current account is opened. In case you require an additional chequebook, you would be required to fill out the application form or request the same through any other mode.
  3. While writing cheques, keep the following points in mind – 
  • Use issued cheques only
  • Use non-erasable ink or a ballpoint pen to fill in cheques
  • Write the words and figures of the amount clearly
  • It is advisable not to pre-sign a blank cheque
  • Use the word ‘only’ after the amount is stated in words
  • Prevent using fluids in cheque
  • If you send a cheque through the post, make it an 'order' cheque by deleting the word 'bearer' and crossing it with two parallel lines. In case you do not delete the word 'bearer' sending it through the post, the bank will not accept the cheque.

Open SC Bank Account

How to Apply for Standard Chartered Saadiq Current Account?

You can apply for Standard Chartered Saadiq current account in the following ways – 

Online Mode

  • Policybazaar UAE - You can simply head to policybazaar.ae to apply for Saadiq current account in a few taps of your device and seamlessly finish the whole application procedure. Go to the banking section of our website and fill out the lead form to get to the quotes pages. Choose the Saadiq current account and fill out the form with all requisite details. You would be contacted by the concerned executive to help you set up your account.
  • Official Website - Another option for you is to visit the official website of Standard Chartered Bank and navigate to ‘Saadiq current account’ under the section of the current account. You can tap on the 'Apply Now’ option at the top of the page to be redirected to the new page. Here, you will be required to fill out the lead form with details such as your full name, residential city, mobile number, email address, and so on. After the submission of this form, a bank representative will connect with you and guide you through the process.
  • Mobile Application - You can also download the new version of the Standard Chartered mobile bank application and apply for the account. Likewise, the bank personnel will contact you and help you set up Saadiq's current account.

Offline Mode

While the online and phone banking options simplify banking to a great extent, you can always turn to the offline mode and visit Standard Chartered Bank to submit the Saadiq account opening request. You can have a one-on-one conversation with the concerned bank personnel and start with the account opening process.

How to Close the Standard Chartered Saadiq Current Account?

To close your Standard Chartered Saadiq current account, you have the option of visiting the bank and submitting a request for the same. As an alternative, you can call the bank’s customer care centre on 600 5222 88 and follow the prompt instructions. 

For a few more details regarding the Standard Chartered Saadiq current account, refer to the FAQ section below.

Frequently Asked Questions (FAQs)

What is the minimum balance to be maintained in Standard Chartered Saadiq current account?

You would be required to maintain an average AED 3,000 monthly balance in Standard Chartered Saadiq current account.

What is the interest rate on Standard Chartered Saadiq current account?

Standard Chartered bank does not offer profit rates on Saadiq current accounts, as they are non-interest-bearing accounts.

What happens if I don't maintain a minimum balance in Standard Chartered Saadiq current bank account?

If you fail to maintain the minimum monthly balance on Saadiq current account, you are liable to pay charges as per the fees schedule.

How much do I have to deposit in Standard Chartered Saadiq current account to activate it?

You are required to deposit AED 10,000 as an initial deposit in Standard Chartered Saadiq current account.

How can I apply for the Standard Chartered Saadiq current account?

You can apply for a Standard Chartered Saadiq current account via Policybazaar.ae. Other options include visiting the official website or one of its branches near you.

What do I get with Standard Chartered Saadiq current account?

You will get a free chequebook, an international debit card, SMS alerts, and eStatements with the Standard Chartered Saadiq current account.

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