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Standard Chartered Bank Fixed Deposit Account

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Standard Chartered Bank (SC) is a distinguished international bank that has established its mark in the development of wealth, trade, and investment sectors. The bank established its first branch in Sharjah in 1958 and has gradually expanded across the UAE. 

With respect to the products that help users save and grow their money over time, one of the main products offered by the bank is the Standard Chartered Bank Fixed Deposit Account. The bank offers two types of fixed deposit accounts -

  1. Fixed Deposit
  2. Saadiq Term Account

This write-up would throw light on the fixed deposit accounts in particular, their features and benefits, the eligibility criteria, and the documents required to apply for the same.

Standard Chartered Bank Fixed Deposit Account

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Features and Benefits of Standard Chartered Fixed Deposit Accounts

Let’s first go through the salient features and benefits of Standard Chartered Fixed Deposit Accounts based on the different types of accounts -

Fixed Deposit

There are two main types of Fixed Deposits – Regular Fixed Deposit and Upfront Fixed Deposit. To open a Standard Chartered Bank fixed deposit account, you would be required to make a minimum deposit of AED 25,000 or equivalent in foreign currency. 

Here are the features and benefits of Standard Chartered Fixed Deposits –

  • Instant Cash Withdrawal – When you open this Standard Chartered Fixed Deposit, you can immediately withdraw the interest on the funds once you open an Upfront fixed deposit.
  • Earn High Returns – With this Standard Chartered Bank Fixed Deposit Account, you can earn attractive returns through competitive interest rates.
  • Can be Operated in Multiple Currencies – You can access your regular Standard Chartered Fixed Deposit in multiple foreign currencies, especially GBP and USD.
  • Flexible Tenure – When you apply for this Standard Chartered Bank fixed deposit account, you can open it for 1 to 12 months (for regular fixed deposits) or 6 or 12 months (for upfront fixed deposits).
  • Automatic Renewals – Your regular Standard Chartered Fixed Deposit can be automatically renewed upon maturity, which ensures that your money can keep growing without causing you any inconvenience.
  • Overdraft Facility – With the overdraft feature, you can get instant access to the funds available in your Fixed Deposit.
  • Convenient Banking – You can operate your Standard Chartered Fixed Deposit at any time, from anywhere in the world using any of these banking modes – online banking, SC Mobile banking, cash and cheque deposit machines at any SC branch in the UAE, phone banking, and ATM banking.

Saadiq Term Account

This is a Shariah-compliant Standard Chartered Bank Fixed deposit account where your funds are segregated and used for Shariah-complying transactions only. With a Saadiq Term Account, you can earn attractive profits on the balance while also having a flexible tenure, with the account closing once it matures. 

Discussed below are key the features and benefits of this Standard Chartered Fixed Deposit Account –

  • This account is operated on the principle of Mudaraba. You can open the account with a minimum deposit of AED 25,000 or an amount equivalent in Foreign currency.
  • Earn Attractive Profits – You can earn attractive profits on your Saadiq Term Account which can be credited to your account upon maturity. This feature of the account can help you implement this idea - the more you save, the higher the profits earned.
  • Flexible Tenure – You can open the Standard Chartered Bank fixed deposit account from a minimum tenure of 1 month to a maximum of 12 months.
  • Banking on the Go – You can easily manage your funds by using the SC Mobile banking application. This application is compatible with iOS and Android devices.

If you opt for early withdrawal, you will earn profits on the last completed period according to the rates of each month and the number of days for which the funds were held.

Interest Rates for AED and USD Standard Chartered Fixed Deposits

Tabled below are the interest rates for AED and USD regular Standard Chartered Fixed Deposits on Fresh Funds -

SC Debit Card

Currency 1 Month 3 Months 6 Months 12 Months
AED 0.10% per annum 0.15% per annum 0.25% per annum 0.50% per annum
USD 0.10% per annum 0.15% per annum 0.25% per annum 0.50% per annum

Interest for AED and USD regular Standard Chartered Fixed Deposits on existing funds -

Currency 1 Month 3 Months 6 Months 12 Months
AED 0.10% per annum 0.15% per annum 0.25% per annum 0.50% per annum
USD 0.10% per annum 0.15% per annum 0.25% per annum 0.50% per annum

Note: As the rates can vary with time as well as the user’s profile, you should connect with the bank if you wish to know more about interest rates on Upfront Fixed Deposit and Saadiq Term Account for you.

Eligibility Criteria to Open Standard Chartered Bank Fixed Deposit Account

To apply for a Standard Chartered Bank Fixed Deposit Account, you would be required to ensure the fulfilment of the following eligibility criteria -

Account Name Eligibility Criteria
Fixed Deposit

Nationality - UAE Nationals, Residents, and Non-residents
Minimum Age - 18 years

Saadiq Term Account Nationality - UAE Nationals, Residents, and Non-residents
Minimum Age - 18 years

Documents Required to Open Standard Chartered Bank Fixed Deposit Account

Keep these documents ready before starting the process to open a Standard Chartered 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 a 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 a resident visa (for residents only) 

For Non-Residents         

  • A copy of passport        
  • Bank Statements 
  • Address Proof or Rental Agreement

Open SC Bank Account

How to Apply for Standard Chartered Bank Fixed Deposit Account?

You can apply to open a Standard Chartered Bank Fixed Deposit Account in any of the following ways -

Policybazaar UAE

To easily apply for any of the Standard Chartered Bank fixed deposit accounts online without facing lengthy queues or a tedious application process, you can simply visit Policybazaar UAE. To get started on our site, simply visit policybazaar.ae and head to the section of bank accounts, where you can fill in the lead form with all the required information. 

After this, you will be redirected to the quotes page. Here, you can compare the available options and select any of the Standard Chartered Bank Fixed Deposit Accounts before clicking on the ‘Apply’ tab. Your application will be forwarded to the bank.

Online Banking

Another online option to apply for an SCB fixed deposit account is to visit the official Standard Chartered Bank website. Once you are on the site, select the fixed deposit account you wish to open. On the account’s landing page, click on the “Apply” tab. 

This will take you to the online application form. Provide all the required information here and upload the documents to support the information you have provided. 

Bank Branch

You can visit a nearby Standard Chartered Bank branch to apply for a fixed deposit bank account as well. Make sure that you carry all the essential documents. Get the form from the assigned counter and fill it out accurately. Attach the copies of the required documents to prove your identity and other details and submit them all.

How to Close Standard Chartered Bank Fixed Deposit Account?

If you want to close your Standard Chartered Bank fixed deposit account, you can connect with a customer care executive of the bank on 600 5222 88 (24-hour helpline). If you are abroad and need to close your savings account, you can simply dial +971 600 5222 88. You can also visit the nearest bank branch and connect with the designated executive.

Have a look at the FAQ section below to know what people have been asking about Standard Chartered Bank Fixed Deposit Account - 

Standard Chartered Bank Fixed Deposit Account FAQs

Is there any early withdrawal penalty on the Standard Chartered Fixed Deposit?

Upon early withdrawal, the charges would be 2% on the fixed deposit interest rate.

 

What is the tenure for investing in Standard Chartered Fixed Deposit Accounts?

Standard Chartered Bank provides a flexible tenure from 1 month to 12 months for regular Fixed Deposits and Saadiq Term Accounts, and from 6 months to 12 months for upfront fixed deposits.

Is a non-resident eligible for Standard Chartered Bank fixed deposit account?

Yes, a non-resident individual can apply for any of the fixed deposit accounts. They would be required to provide documents like a passport, address proof, and bank statements to open the account.

What is the best way to increase the returns on your regular Standard Chartered Fixed Deposit?

To achieve higher returns on your regular Fixed Deposit, you need to keep reinvesting the principal or interest and principal whenever the account matures. This can be done by letting your money stay in the deposit for a long term and renewing it on expiry.

In what ways can you operate your Standard Chartered Bank fixed deposit account?

You can easily operate your fixed deposit accounts using any of the following ways –

  1. Online banking
  2. SC mobile banking
  3. ATM banking
  4. Phone banking
  5. Cash and cheque deposit machines at any of the Standard Chartered branches in the UAE

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