Standard Chartered Bank Account

Standard Chartered Bank, one of the leading banking groups in UAE, has several branches across the Emirates and offers different types of bank accounts. Standard Chartered bank accounts come up with attractive interest rates and distinctive features that assist account holders in handling their finances efficiently. You can get three types of bank accounts with this bank, with some of those accounts offering services without requiring any minimum balance. Several other benefits are offered with Standard Chartered Bank accounts as well, including minimum initial balance, 24 by-7 phone banking, low monthly fees, internationally recognised debit card, and more.read more

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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.

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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.

Features and Benefits of Standard Chartered Bank Accounts

To start with, here are a few benefits that you can enjoy by opening a Standard Chartered Bank account in the UAE -

  • You can pay your DEWA, Etisalat and Du bills using the online banking portal
  • Avail of e-statements to keep a track of income and expenditure
  • Conveniently withdraw funds from the bank account using an ATM card, debit card, or chequebook
  • Receive instant SMS alerts about each debit and credit done on your account for additional transparency
  • Multiple banking ways include online banking, SMS banking, mobile banking, branch visit, and phone banking
  • You can open and operate Standard Chartered Bank accounts in major currencies like AED, USD, GBP, and more
  • You receive an internationally recognised debit card for free that can even be used for contactless transactions
  • You can pay your credit card bills via online or mobile banking 
  • The Standard Chartered Bank accounts provide competitive interest and profit rates on the balance maintained

SC Debit Card

Types Standard Chartered Bank Accounts

Here are the different types of Standard Chartered Bank Accounts.

  1. Standard Chartered Savings Account
  2. Standard Chartered Current Account
  3. Standard Chartered Fixed Deposit

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 Savings Account

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 -

XtraSaver Account

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. 

Saadiq XtraSaver Account

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.

Savings Account

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.  

Saadiq Savings Account

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. 

Open SC Bank Account

Standard Chartered Current Account

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 -

Current Account

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.

Saadiq Current Account

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.

Standard Chartered Fixed Deposit

Given below are the major types of Standard Chartered fixed deposits -

Fixed Deposit

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.

Saadiq Term Account

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.

Modes of Banking for Standard Chartered Bank Accounts

Listed below are the modes of banking that you can use to operate your Standard Chartered Bank account -

Online Banking

You can use online banking to operate your account and perform any of the following activities -

  • Pay utility bills
  • Fund transfer
  • Avail of loan services
  • Change profile information
  • Make investments
  • Access account information
  • Access credit card details
  • Pay credit card bills
  • Open new accounts

Mobile Banking

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 -

  • Getting access to account information without the need to log in
  • Paying your credit card bills even while travelling
  • Viewing recent transactions 
  • Receiving banking alerts

SMS Banking

With SMS banking, you can avail of any of the following services -

  • Account balance enquiry
  • Enquire about the last five transactions from the account
  • Last five transactions using the credit card
  • Request cheque book
  • Credit card outstanding balance

In-Person Banking 

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.

Eligibility Criteria to Apply for 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 -

Savings Account

Account Name Eligibility Criteria  
XtraSaver Account 
  • Nationality - UAE Nationals, Residents, and Non-residents
  • Minimum Age - 18 years
Apply Now
Saadiq XtraSaver Account 
  • Nationality - UAE Nationals, Residents, and Non-residents
  • Minimum Age - 18 years
Apply Now
Savings Account
  • Nationality - UAE Nationals, Residents, and Non-residents
  • Minimum Age - 18 years
Apply Now
Saadiq Savings Account 
  • Nationality - UAE Nationals, Residents, and Non-residents
  • Minimum Age - 18 years
Apply Now

Current Account

Current Account Name  Eligibility Criteria  
Current Account
  • Nationality of the Applicant - UAE nationals and Residents
  • Minimum Age - 21 years
Apply Now
Saadiq Current Account
  • Nationality of the Applicant - UAE nationals and Residents
  • Minimum Age - 21 years
Apply Now

Fixed Deposit

Account Name Eligibility Criteria  
Fixed Deposit
  • Nationality - UAE Nationals, Residents, and Non-residents
  • Minimum Age - 18 years
Apply Now
Saadiq Term Account 
  • Nationality - UAE Nationals, Residents, and Non-residents
  • Minimum Age - 18 years
Apply Now

Documents Required to Apply for Standard Chartered Bank Account 

Listed below are the documents required to apply for Standard Chartered Bank accounts -

Savings Account

Account Name Documents Required
XtraSaver Account  For Residents and UAE Nationals 
  • A copy of passport
  • A copy of Emirates ID
  • A copy of resident visa (for residents only)
For Non-Residents 
  • A copy of passport
  • Bank Statements
  • Address Proof or Rental Agreement 
Saadiq XtraSaver Account  For Residents and UAE Nationals 
  • A copy of passport
  • A copy of Emirates ID
  • A copy of resident visa (for residents only)
For Non-Residents
  • A copy of passport
  • Bank Statements
  • Address Proof or Rental Agreement 
Savings Account For Residents and UAE Nationals 
  • A copy of passport
  • A copy of Emirates ID
  • A copy of resident visa (for residents only)
For Non-Residents 
  • A copy of passport
  • Bank Statements
  • Address Proof or Rental Agreement 
Saadiq Savings Account  For Residents and UAE Nationals 
  • A copy of passport
  • A copy of Emirates ID
  • A copy of resident visa (for residents only)
For Non-Residents 
  • A copy of passport
  • Bank Statements
  • Address Proof or Rental Agreement 

Current Account

Current Account Name  Documents Required
Current Account
  • A copy of your passport
  • Emirates ID
  • Resident Visa copy (for residents)
Saadiq Current Account
  • A copy of your passport
  • Emirates ID
  • Resident Visa copy (for residents)

Fixed Deposit

Account Name Documents Required
Fixed Deposit For Residents and UAE Nationals 
  • A copy of passport
  • A copy of Emirates ID
  • A copy of resident visa (for residents only)
For Non-Residents 
  • A copy of passport
  • Bank Statements
  • Address Proof or Rental Agreement 
Saadiq Term Account  For Residents and UAE Nationals 
  • A copy of passport
  • A copy of Emirates ID
  • A copy of resident visa (for residents only)
For Non-Residents 
  • A copy of passport
  • Bank Statements
  • Address Proof or Rental Agreement 

How to Open a Standard Chartered Bank Account?

You can open a Standard Chartered Bank Account in any of the following ways -

Policybazaar UAE

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.

Online 

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. 

Bank Branch

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. 

How to Close a Standard Chartered Bank Account?

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 - 

Standard Chartered Bank Account FAQs

Do Standard Chartered Bank accounts accept multiple currencies?

Yes, most Standard Chartered Bank accounts accept major foreign currencies like USD, EUR, GBP, and more.

What is the minimum amount you need to deposit to open a Fixed Deposit?

You would have to make an initial investment of at least AED 25,000 to open a fixed deposit account.

Are there any charges for setting up standing instructions for your Standard Chartered Bank account?

Yes, you would need to pay AED 52.5 per instruction to set up standing instructions for your account.

Can non-residents apply to open a Standard Chartered Bank account?

Non-residents can open savings accounts and fixed deposits with Standard Chartered Bank.

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