Standard Chartered Bank Account

Bank Accounts in the UAE

Average Rating / 5 (ratings )
bank accounts

T&C Apply

Open bank account instantly with zero maintenance fees

Cancel
Cancel
Cancel
By Clicking on "View Quotes", I declare that I am a resident of UAE and holding a valid Visa and agree to the website Privacy Policy and Terms of Use.

Standard Chartered Bank is one of the leading and best-functioning banks in the UAE. The bank offers multiple banking products like bank accounts, fixed deposits and other investment options to help its customers earn interest on their savings. 

Standard Chartered Bank offers bank accounts with attractive interest rates and unique features and benefits to help account holders manage their finances with great ease. Let us go ahead and learn about the types of Standard Chartered Bank Accounts in detail.

Features and Benefits of Standard Chartered Bank Accounts

Here are a few common features and benefits that Standard Chartered Bank Accounts offer for the account holders.

1. Minimum Balance Requirement

Standard Chartered Bank Account comes with low minimum balance requirements for the account holders. Most of the bank accounts need no minimum balance to be maintained.

2. Minimum Initial Balance

The account holders need to make minimum initial deposits depending upon the eligibility criteria to open certain Standard Chartered Bank Accounts. 

3. Monthly Fee

With a Standard Chartered Bank Account, the account holders maintaining minimum monthly balance need not pay any monthly fee. However, if they fail to meet the minimum monthly balance requirements, they need to pay a monthly fee of AED 25 per month.

4. Convenient Withdrawals

Standard Chartered Bank Account offers convenient withdrawal options such as debit cards and chequebooks for the account holders. 

5. Local Bill Payments

Standard Chartered Bank Account enables account holders to make bill payments for the majority of utility providers including Etisalat, DU and DEWA using online banking portals.

6. E-Statements

Standard Chartered Bank Account holders get monthly e-statements delivered to their registered email addresses. With these statements, they can keep a close track of their finances and manage them in a better way.

7. SMS Alerts

Standard Chartered Bank Account offers an SMS notification facility for the account holders. With this service, they get notified of every financial activity taking place in their bank account. 

8. Online Banking Services

The account holders can easily access their Standard Chartered Bank Account details through online banking services. In addition, they can also make quick transfers and request other banking services such as getting a new chequebook, replacing a debit card, setting up standing instructions and more. 

9. Mobile Banking Services

Standard Chartered Bank Account can also be accessed using the Standard Chartered mobile app. The account holders can simply download the app from their preferred app store, register themselves on it and log in to their account. This way, they can have all the banking products and services right at their fingertips.

10. Attractive Interest Rates

Standard Chartered Bank Account offers attractive interest rates on balance maintained by the account holders. 

11. Available in Multiple Currencies

The account holders can open and operate most Standard Chartered Bank Accounts in multiple currencies, including AED, USD and more.

12. Internationally Recognised Debit Card

Standard Chartered Bank Account offers an internationally recognised contactless debit card for the account holders. With this debit card, the account holders can make easy ATM withdrawals and shop around at millions of retail outlets worldwide.

13. Credit Card Bill Payments

Standard Chartered Bank Account enables account holders to make other banks’ credit card bill payments easily through online and mobile banking services.

14. Full-time Help and Support

Standard Chartered Bank Account offers 24/7 help and support for the account holders. The account holders can reach out to the help and support team anytime to find answers to their queries.

Types of Standard Chartered Bank Accounts

Here are the different types of Standard Chartered Bank Accounts.

Savings Accounts

Standard Chartered Bank offers four types of savings accounts for the customers.

1. XtraSaver Account

Standard Chartered Bank XtraSaver Account is one of the best savings accounts in the UAE. The bank account comes with various unique benefits and features such as multiple currencies option, online banking and more with an attractive interest rate of up to 0.60 per cent for the account holders on making up to three monthly debit transactions. There will be no interest for the account holders who exceed the debit transactions limit for a specific month. The bank also offers a contactless debit card to enable cardholders to make payments easily at millions of retail outlets in the UAE.

With Standard Chartered Bank XtraSaver Account, the account holders can log in to their online banking portal or mobile app to access their bank account details in just a few clicks. And not just that! The account holders can make easy cash withdrawals, pay local bills, check their e-statements and more using online banking.

2. Saadiq XtraSaver Account

Saadiq XtraSaver Account is a Shariah-compliant bank account offered by Standard Chartered Bank. The bank account has been approved by an independent Shariah Supervisory Committee in the UAE. With Standard Chartered Bank Saadiq XtraSaver Account, the account holders can easily access their finances both online and offline. The features and benefits of the bank account include e-statements, debit cards, online banking, mobile banking, full-time available helpline and much more.

The bank account offers an attractive interest rate of 0.25 per cent for the first two months on the balance maintained by the account holders. And from two months onwards, the account holders can earn up to 0.60 per cent interest on making up to three monthly debit transactions. There will be no interest for the account holders who exceed the debit transactions limit for a specific month.

3. Savings Account

Standard Chartered Bank Savings Account is a bank account with easy access to funds and attractive returns on savings. The best part about this bank account is that there is no transaction limit when it comes to earning interest on the savings account. Standard Chartered Bank Savings Account is also available in multiple currencies including AED and USD. 

With Standard Chartered Bank Savings Account, the account holders can set up standing transactions to make recurring payments on time. The other benefits include depositing cash at the cash machines available at the bank’s ATM, SMS alerts, e-statements, full-time available help and support, online banking services, mobile banking services and much more.

4. Saadiq Savings Account

Standard Chartered Bank Saadiq Savings Account is a Shariah-compliant version of Standard Chartered Bank Savings Account as it is based on Mudaraba and follows Islamic law and principles. The bank account comes with a minimum initial deposit requirement of AED 10,000 and a minimum average balance requirement of AED 3,000. The account holders who fail to maintain the minimum average balance need to pay a fall below fee of AED 26.25 per month.

The members of Standard Chartered Bank Saadiq Savings Account can access their finances using online banking or mobile banking services. They get a full range of services such as standing instructions facility, debit cards, 24/7 help and support and much more. With this Standard Chartered Bank Account, the interest gets calculated monthly and credited to the bank accounts on a half-yearly basis.

Current Accounts

Standard Chartered Bank offers two types of current accounts for the customers.

1. Current Account

Standard Chartered Bank Current Account comes with a minimum monthly balance requirement of AED 3,000. The account holders who fail to maintain this balance need to pay a fall below fee of AED 26.25 per month. The best part about this Standard Chartered Bank Account is that it enables account holders to make unlimited deposits and withdrawals. Despite making unlimited transactions, the account holders are still eligible to earn interest on their savings. The bank account is available in multiple currencies, including AED and USD. 

The members of this Standard Chartered Bank Account get a free internationally recognised debit card that they can use to make easy withdrawals from Standard Chartered and other banks’ ATMs. They can also use this debit card to make purchases at millions of retail stores in the world.

2. Saadiq Current Account

Saadiq Current Account is another Shariah-compliant bank account offered by Standard Chartered Bank. The bank account enables account holders to gather funds to pay for Shariah approved purposes. Saadiq Current Bank Account comes with various valuable features and benefits such as transaction convenience, multiple currencies option, standing instructions facility and much more to enable account holders to get the best out of their finances.

The account holders can access the details of this bank account by simply logging into online and mobile banking portals. Standard Chartered Bank Saadiq Current Account allows account holders to make unlimited transactions and still gain higher returns. 

Fixed Deposits

Standard Chartered Bank offers two types of fixed deposits for its customers.

1. Fixed Deposit

Standard Chartered Bank Fixed Deposit comes with a minimum deposit requirement of AED 25,000. With these fixed deposits, the account holders get plenty of benefits and features such as flexible tenures, low minimum deposit requirement, automatic renewal, etc. The account holders can open and operate the fixed deposit account in their preferred currency. 

The best part about the fixed deposit is that the investors can withdraw their interest amount if they are in need of funds. Standard Chartered Bank Fixed Deposit offer higher returns with attractive interest rates for the account holders. The account holders can choose from a flexible tenure of 1 to 12 months based on their financial preferences.

2. Saadiq Term Account

Standard Chartered Bank Saadiq Term Account is a fixed deposit account approved by Shariah Supervisory Committee. The term account follows Islamic law and principles and encourages account holders to save more for Shariah approved purposes. Standard Chartered Bank Saadiq Term Account comes with flexible tenure and higher interest rates to help account holders get the best out of their savings. 

The account holders need to deposit a minimum of AED 25,000 to open this fixed deposit account. The best part is that the account holders can access their fixed deposit details anytime using internet banking services.

Eligibility Criteria to Open a Standard Chartered Bank Account

Here are the eligibility criteria for opening a Standard Chartered Bank Account.

Standard Chartered Bank Accounts Types of Accounts Eligibility Criteria
Standard Chartered Bank Savings Accounts XtraSaver Account
  • The applicant must be 18 years old or above.
  • All UAE nationals, residents and non-residents are eligible for opening this account.
Saadiq XtraSaver Account
  • A minimum initial deposit of AED 3,000 is required.
  • The applicant must be 18 years old or above.
  • All UAE nationals, residents and non-residents are eligible for opening this account.
Savings Account
  • A minimum initial deposit of AED 10,000 is required.
  • The applicant must be 18 years old or above.
  • All UAE nationals, residents and non-residents are eligible for opening this account.
Saadiq Savings Account
  • A minimum initial deposit of AED 10,000 is required.
  • The applicant must be 18 years old or above.
  • All UAE nationals, residents and non-residents are eligible for opening this account.
Standard Chartered Bank Current Accounts Current Account
  • A minimum initial deposit of AED 10,000 is required.
  • The applicant must be 21 years old or above.
  • All UAE nationals and residents are eligible for opening this account.
Saadiq Current Account
  • A minimum initial deposit of AED 10,000 is required.
  • The applicant must be 21 years old or above.
  • All UAE nationals and residents are eligible for opening this account.
Standard Chartered Bank Fixed Deposits Fixed Deposit
  • The applicant must be 18 years old or above.
  • All UAE nationals, residents and non-residents are eligible for opening this account.
Saadiq Term Account
  • The applicant must be 18 years old or above.
  • All UAE nationals, residents and non-residents are eligible for opening this account.
see more

Documents Required for Opening a Standard Chartered Bank Account

Here are the documents required for opening a Standard Chartered Bank Account.

Standard Chartered Bank Accounts Types of Accounts Documents Required
Standard Chartered Bank Savings Accounts XtraSaver Account For Residents-
  • A Valid Passport – Original and a copy
  • Residency Visa Page - Original and a copy
  • Emirates ID – Original and a copy
For Non-Residents-
  • A Valid Passport– Original and a copy
  • Utility Bills for address verification
  • Bank Statement from the previous bank in their country of origin
Saadiq XtraSaver Account For Residents-
  • A Valid Passport – Original and a copy
  • Residency Visa Page - Original and a copy
  • Emirates ID – Original and a copy
For Non-Residents-
  • A Valid Passport – Original and a copy
  • Utility Bills for address verification
  • Bank Statement from the previous bank in their country of origin
Savings Account For Residents-
  • A Valid Passport – Original and a copy
  • Residency Visa Page - Original and a copy
  • Emirates ID – Original and a copy
For Non-Residents-
  • A Valid Passport – Original and a copy
  • Utility Bills for address verification
  • Bank Statement from the previous bank in their country of origin
Saadiq Savings Account For Residents-
  • A Valid Passport – Original and a copy
  • Residency Visa Page - Original and a copy
  • Emirates ID – Original and a copy
For Non-Residents-
  • A Valid Passport – Original and a copy
  • Utility Bills for address verification
  • Bank Statement from the previous bank in their country of origin
Standard Chartered Bank Current Accounts Current Account
  • A Valid Passport – Original and a copy
  • Residency Visa Page - Original and a copy
  • Emirates ID – Original and a copy
Saadiq Current Account
  • A Valid Passport – Original and a copy
  • Residency Visa Page - Original and a copy
  • Emirates ID – Original and a copy
Standard Chartered Bank Fixed Deposits Fixed Deposit For Residents-
  • A Valid Passport – Original and a copy
  • Residency Visa Page - Original and a copy
  • Emirates ID – Original and a copy
For Non-Residents-
  • A Valid Passport – Original and a copy
  • Utility Bills for address verification
  • Bank Statement from the previous bank in their country of origin
Saadiq Term Account For Residents-
  • A Valid Passport – Original and a copy
  • Residency Visa Page - Original and a copy
  • Emirates ID – Original and a copy
For Non-Residents-
  • A Valid Passport – Original and a copy
  • Utility Bills for address verification
  • Bank Statement from the previous bank in their country of origin
see more

How to Apply to Open a Standard Chartered Bank Account?

Here are the four simple ways of opening a Standard Chartered Bank Account.

1. Online Banking

The existing Standard Chartered Bank Account holders can log in to their online banking account and apply to open their desired Standard Chartered Bank Account in just a few clicks. On the other hand, new applicants can visit the bank’s official website, fill up the online application form and submit the same with all the essential documents such as identity proof, address proof and more.

2. Mobile Banking

The existing Standard Chartered Bank Account holders can also download the Standard Chartered Bank mobile app and apply for opening a Standard Chartered Bank Account. In the mobile app, they can upload the required documents and complete the application process.

3. Bank Branch

The applicants with no internet access can go to one of the bank branches and apply for their preferred bank account. They need to fill the application form carry all the essential documents to submit while visiting the branch.

4. Our Website

The applicants can also visit our website to apply for their desired Standard Chartered Bank Account. Our financial experts will guide the applicants throughout the application process and help them open a bank account without any hassle.

Frequently Asked Questions

Q1: What is the minimum average monthly balance required in the Standard Chartered Current account?

Ans: You need to maintain a minimum average balance in your SC current account to avoid penalties. The minimum average balance you need to maintain every month is AED 3,000. 

Q2: What is the fall below charge for Standard Chartered Current account?

Ans: The bank levies a fall below charge when the account holder does not maintain the minimum average balance in their current account. In case you don’t maintain the average balance, the bank charges AED 26.25 per month. 

Q3. Do I need to deposit a minimum initial amount while opening a current account in Standard Chartered Bank?

Ans: Yes, an individual opening a Standard Chartered current account needs to make an initial deposit of AED 10,000 while opening a current account. 

Q4: Do I need to maintain a minimum balance in my Standard Chartered savings account?

Ans: Most Standard Chartered savings account don’t have minimum balance criteria; however, for a normal savings account, you need to have a minimum balance of AED 3,000. 

Q5: Does Standard Chartered Bank accept multiple currencies in their bank account?

Ans: Yes, the bank accepts multiple foreign currencies, including USD, GBP, EUR, apart from UAE Dirhams. 

Q6: What is the minimum age required to open a Saadiq Current Account in the UAE?

Ans: To open a Saadiq Current account, an individual must be at least 21 years old or above. 

Q7: What is the minimum age required to open a fixed deposit account in the Standard Chartered Bank?

Ans: For opening a fixed deposit account in the Standard chartered bank, you must have attained an age of 18 years or above. 

Q8: Can I apply for a Standard Chartered Bank account online?

Ans: Yes, you can apply for an account in the Standard Chartered Bank through online mode. To apply online, you need to visit the bank’s official website and choose the bank account you require. Subsequently, you need to enter your contact and personal details in the online form and submit it. The bank will contact you for the further application process. 

Q9: What is the minimum deposit required to open a Standard Chartered fixed deposit account?

Ans: To open a fixed deposit account, you need to invest a minimum of AED 25,000. 

Q10: Can a non-resident individual open a Standard Chartered Bank account in the UAE? 

Ans: While numerous bank accounts are available for UAE nationals and residents, a non-resident individual can also apply for a Standard Chartered Bank account in the UAE. 

Q11: What documents do I need to open a Standard Chartered Bank account in the UAE?

Ans: For opening an account in the Standard Chartered Bank, an individual needs to submit the following documents for record and verification. 

  • A valid Passport in original and a copy
  • A valid Emirates ID in original and a copy for UAE nationals and residents
  • Latest utility bill for address proof
  • UAE visa permit with address page for expats
  • Account statement from the previous bank or the bank in their country of origin