Having a savings account is essential once you start earning, as such a bank account can help you in securing your capital along with attractive interest rates.
Bank Accounts in the UAE
Open bank account instantly with zero maintenance fees
Standard Chartered Bank is an established international bank that offers a wide variety of banking products such as bank accounts, loan facilities, credit cards, investment options, and more.
Owing to its global repute and quality of services, Standard Chartered Bank accounts can certainly be considered if you are looking for some of the best bank accounts in the UAE. The bank offers three major types of bank accounts -
As an applicant, you can easily open any of these Standard Chartered Bank accounts with minimal documentation requirements. To know more about these types of accounts and what eligibility criteria and documentation you would have to cover, let’s go through the following sections.
To start with, here are a few benefits that you can enjoy by opening a Standard Chartered Bank account in the UAE -
Here are the different types of Standard Chartered Bank Accounts.
Several varieties of accounts can be found under the three major types discussed earlier. Described below are the salient features of Standard Chartered Bank accounts -
Standard Chartered Bank offers both conventional and Islamic bank accounts, with the following being the examples of the types of bank accounts that SC offers -
This is a zero-balance account that enables you to earn high returns on the balance that you maintain in the account, as you can earn 2% per annum interest on the monthly balance. You can open this account with a deposit of at least AED 3,000 and have 24/7 access to the funds. This Standard Chartered Bank account can be opened and operated in USD and AED.
Every month, you can make 3 debit transactions - if you perform more than three, the return will be 0% for that month. You can withdraw cash from an extensive ATM list that the bank provides.
This is a Shariah-compliant zero-balance account that offers 2% per annum profit on the monthly balance that you maintain on average. You can open this account with a minimum deposit of AED 3,000. When you open this account, you receive a complimentary, internationally-recognised debit card that can provide you access to funds 24/7.
The Standard Chartered Bank account allows you to make up to 3 debit transactions per month. You can access this account via phone banking, online banking or by using the SC Mobile application.
With this Standard Chartered Bank account, you can get instant access to your funds and earn a high return on the average monthly balance that you maintain. Remarkably, this account can be operated in major currencies of the world, which allows you to earn the potential benefit of currency appreciation
When you open this Standard Chartered Bank account, you receive a complimentary, internationally-recognised debit card. This card gives you 24/7 access to the funds for cash withdrawals from ATMs and online purchases or shopping at retail outlets.
This is a Shariah-compliant savings account that offers 24/7 access to your funds and can be opened by depositing a minimum amount of AED 10,000. To earn high profits, you should have an average monthly balance of at least AED 3,000. You can use the account to deposit cash at any of the bank’s Cash Deposit Machines or set up standing instructions for your convenience.
With this Standard Chartered Bank account, you can effortlessly pay off your utility bills and credit card bills via online or mobile banking. To stay up-to-date with the debits and credits in the account, you can activate the instant SMS alert service and be aware of any fraudulent transactions.
Standard Chartered Bank also allows users to open either a conventional or a Shariah-compliant current account. Go through the section below to know more about the types of current accounts available with Standard Chartered Bank -
This Standard Chartered Bank account enables you to get quick access to your funds and perform unlimited transactions in all the major currencies of the world. This account has no limits on the number of withdrawals and deposits. You also receive your first chequebook for free upon the opening of the account. The list doesn’t end here, as you also receive a complimentary, globally-recognised debit card to perform transactions anywhere in the world.
You can use the funds in this Standard Chartered Bank account to pay off utility bills and credit card bills via online banking or mobile banking. This current account can be operated in multiple currencies and gives you the benefit of currency appreciation.
This is a Shariah-compliant Standard Chartered Bank account where the funds are divided and used for only Shariah-approved transactions. You can operate this account online in multiple currencies at your convenience. You can open the Saadiq current account with an initial deposit of AED 10,000 and would need to maintain an available balance of AED 3,000.
When you open this Standard Chartered Bank account, you receive a complimentary debit card that is recognised internationally as well as the first free chequebook to get instant access to funds whenever required. With this bank account, you can also create standing instructions and deposit cash at any of the bank’s Cash Deposit Machines.
Given below are the major types of Standard Chartered fixed deposits -
With this Standard Chartered Bank account, you set up an upfront fixed deposit from where you can withdraw the interest on the funds that you deposit for instant access to cash. To open a fixed deposit account, you would be required to make a minimum deposit of AED 25,000 or equivalent in foreign currency. You can open this account in two flexible tenures - from 1 to 12 months on regular fixed deposits and from 6 to 12 months on upfront fixed deposits.
Note: Once your Standard Chartered fixed deposit matures, it gets renewed automatically.
This is a Shariah-compliant Standard Chartered Bank account where your funds are divided and used for Shariah-complying transactio only. With Saadiq Term Account, you can earn attractive profits on the balance. This Standard Chartered Bank account has flexible tenure and the account closes once it matures.
You can open a Saadiq term account with a minimum deposit of AED 25,000 or equivalent in foreign currency.
Listed below are the modes of banking that you can use to operate your Standard Chartered Bank account -
You can use online banking to operate your account and perform any of the following activities -
With mobile banking, you can gain control over fund management right on your fingertips. You can use your Standard Chartered Bank account via mobile banking application for -
With SMS banking, you can avail of any of the following services -
Besides online and mobile banking, you can always opt for the traditional route and perform offline banking by visiting the nearest branch and making deposits or withdrawing cash from your Standard Chartered Bank account.
To open a Standard Chartered Bank account in the UAE, you would need to meet the eligibility criteria that the bank has laid out. In the following tables, we will discuss the eligibility criteria based on different accounts -
|Account Name||Eligibility Criteria|
|Saadiq XtraSaver Account||
|Saadiq Savings Account||
|Current Account Name||Eligibility Criteria|
|Saadiq Current Account||
|Account Name||Eligibility Criteria|
|Saadiq Term Account||
Listed below are the documents required to apply for Standard Chartered Bank accounts -
|Account Name||Documents Required|
|XtraSaver Account||For Residents and UAE Nationals
|Saadiq XtraSaver Account||For Residents and UAE Nationals
|Savings Account||For Residents and UAE Nationals
|Saadiq Savings Account||For Residents and UAE Nationals
|Current Account Name||Documents Required|
|Saadiq Current Account||
|Account Name||Documents Required|
|Fixed Deposit||For Residents and UAE Nationals
|Saadiq Term Account||For Residents and UAE Nationals
You can open a Standard Chartered Bank Account in any of the following ways -
You can easily apply for any of the Standard Chartered Bank accounts through policybazaar.ae. As a third-party aggregator, Policybazaar UAE brings the best accounts and financial services from the leading providers in the UAE to you in one place. With us, you can open your bank account without having to wait in queues for hours.
To open a bank account using Policybazaar UAE, simply fill in the lead form on policybazaar.ae for bank accounts with all the required information. After this, you will be directed to the quotes page from where you can select any of the Standard Chartered Bank accounts and click on the Apply tab. Your application will be forwarded to the bank.
Visit Standard Chartered Bank’s website and select the account you wish to open. Once on the account’s landing page, click on the “Apply” tab. This will direct you to the online application form, where you can provide all the required information and upload the documents to support your information and submit the application.
You can visit the nearest Standard Chartered Bank branch to apply for a bank account. For this, don’t forget to carry all the essential documents. Once you are at the branch, obtain the application form from the assigned counter and fill it out accurately. Affix the copies of the required documents to prove your identity.
If you want to close your Standard Chartered Bank account, you can connect with a bank’s customer care executive on 600 5222 88 (24-hour helpline). If you are abroad and need to close your savings account, you can dial +971 600 5222 88. You can also visit your nearest bank branch and connect with the designated executive.
Have a look at what people have been asking about Standard Chartered Bank accounts in the FAQs section below -
Yes, most Standard Chartered Bank accounts accept major foreign currencies like USD, EUR, GBP, and more.
You would have to make an initial investment of at least AED 25,000 to open a fixed deposit account.
Yes, you would need to pay AED 52.5 per instruction to set up standing instructions for your account.
Non-residents can open savings accounts and fixed deposits with Standard Chartered Bank.