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Standard Chartered Saadiq XtraSaver Account

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One of the leading international banks functioning in UAE, Standard Chartered bank has been a part of the robust banking system of the country since 1958. It offers some very attractive saving opportunities and options in the form of high profit-yielding conventional as well as sharia-compliant savings and other accounts. One of these competent accounts is the SCB Saadiq XtraSaver Account, a sharia-compliant account with Islamic banking principles offering great profit earning opportunities to the existing as well as new customers of Standard Chartered bank.

Features & Benefits of SCB Saadiq XtraSaver Account

The Saadiq XtraSaver Account from Standard Chartered Bank is a sharia-compliant variant of the SCB XtraSaver Account. It comes with some features and benefits similar to the conventional XtraSaver Account and some unique ones. Following is a complete of features and benefits for the SCB Saadiq XtraSaver Account: 

  • Approved and regularly supervised by an independent Sharia Law committee.
  • The minimum initial balance required to open the SCB Saadiq XtraSaver Account is AED 3000.
  • There is no minimum monthly average balance bar to maintain for SCB Saadiq XtraSaver Account. 
  • Available currency options for the SCB Saadiq XtraSaver Account include AED and USD.
  • Up to 0.6% profit rate on deposits of the account.
  • The profit of the SCB Saadiq XtraSaver Account is calculated on a monthly average balance and is paid out at the end of each month. 
  • The AED Saadiq XtraSaver Account comes with an exclusive debit card that is accepted internationally and can be used to perform several transactions including ATM withdrawals.
  • The Saadiq XtraSaver Account allows a total of 3 debit transactions in one month for every customer. 

Profit (Interest) Rate Offered by Saadiq XtraSaver Account

The interest or profit rates offered by Standard Chartered Bank on Saadiq XtraSaver Account are decided as per the sequence of the month after opening the account and the number of transactions that a user has made. Following is the complete description of the profit rates:

When debit transactions ≤ 3 consecutively
Month 1 0.25% per annum (AED) 0.25% per annum (USD)
Month 2 0.25% per annum (AED) 0.25% per annum (USD)
Month 3 and onwards 0.60% per annum (AED) 0.60% per annum (USD)
When debit transactions ≥ 3 (in any given month)
Month 1 0.05% per annum (AED) 0.05% per annum (USD)

Fee & Charges on SCB Saadiq XtraSaver Account

The Saadiq XtraSaver Account does not come with any additional or hidden fee charges. Since there is no requirement to maintain a minimum balance, the customers are not charged a fee for having a low balance in the account on any given day. There is no monthly service charge or fall-below fee applicable on Saadiq XtraSaver Account either. However, you will need to have an initial amount of AED 3000 to open the Saadiq XtraSaver Account. This amount has been in the form of funds that have been brought from outside of Standard Chartered bank. 

Eligibility Criteria for SCB Saadiq XtraSaver Account

Following are the eligibility criteria for opening a Saadiq XtraSaver Account with Standard Chartered Bank:

  • Any UAE national, resident and non-resident can open the Saadiq XtraSaver Account.
  • The applicant needs to be 18 of age or older to open the account. 
  • The applicants must be able to produce all required documents (original and copy) at the time of account opening.

Documents Required to Open an SCB Saadiq XtraSaver Account

The following set of documents is required at the time of opening a Standard Chartered Bank Saadiq XtraSaver Account:

For Residents of the UAE

  • Original and a copy of their passport
  • A copy of the Visa page as proof of residency 
  • Original and copy of Emirates ID of the applicant 

For Non-Resident Individuals of UAE

  • Original and Copy of the Passport
  • Statement from their original bank 
  • Utility Bills or any other form of address proof

How to Apply for SCB Saadiq XtraSaver Account

You can apply for a Standard Chartered Bank Saadiq XtraSaver Account using any of the methods discussed below -

Via Policybazaar.ae

You can easily apply for a Standard Chartered Saadiq XtraSaver Account via 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 right from where you are now without having to wait in queues for hours. 

To open this bank account using Policybazaar UAE, fill in the lead form on policybazaar.ae for bank accounts with all the required details. After this, you will be directed to our quotes page where you can go through the features and other details of the Saadiq XtraSaver Account and click on the ‘Apply’ tab to have your application forwarded to the bank.

Online Banking 

To open a Saadiq XtraSaver Bank Account online, visit the website of Standard Chartered UAE, head to the bank account page, and click on the ‘Apply Now’ tab. You will be directed to a new web page where you can fill out the online application form with accurate details and upload all the mandatory documents to substantiate the details provided in the form. Once done, submit the application form.

Bank Branch

Another way to open a Saadiq XtraSaver account is by visiting the nearest Standard Chartered Bank branch. Make sure you carry all the documents that are mandatory during the application process. Upon reaching the bank, get an application form and fill it out correctly. Attach all the necessary documents to confirm your identity and submit the form.

How to Close Your Standard Chartered Saadiq XtraSaver Account?

If you plan on closing your Standard Chartered Saadiq XtraSaver Account, you can connect with the bank’s customer care service executive on 600 5222 88 (24-hour helpline number). On the other hand, if you are abroad and want to close your Saadiq XtraSaver Bank Account, simply dial +971 600 5222 88. 

You can even visit your nearest bank branch and contact the relationship manager for the closure of your account. 

Take a look at the following Saadiq XtraSaver Account FAQs to know more about the account. 

FAQs 

Q1: What is the range of currencies in which I can open a Saadiq XtraSaver Account?

Answer: You can open the Standard Chartered Bank Saadiq XtraSaver Account in either AED or USD currency choice. 

Q2: How many Saadiq XtraSaver Account I can open under my name?

Answer: Only one account in each currency can be opened for every customer. 

Q3: Is email alert service available with Saadiq XtraSaver Account? 

Answer: Yes, you can enjoy all the basic email alert services free of charge with your Saadiq XtraSaver Account.

Q4: What is the Average Balance as per the Saadiq XtraSaver Account?

Answer: The average balance is the sum that is used in the calculation of profit earned for each month. It can be obtained by dividing the sum of the closing balance of each day in a month by the number of days in that month.

Q5: How many debit transactions can I make from my Saadiq XtraSaver Account?

Answer: A maximum of 3 debit transactions can be made from the Saadiq XtraSaver Account. You are allowed to make more than 3 debit transactions on your account but doing that will lower the profit earning rate for the concerned month to 0.05% p.a.

Q6: Does my Saadiq XtraSaver Account come with an ATM card?

Answer: Yes, the Standard Chartered Bank Saadiq XtraSaver Account provides the accountholders with an internationally accepted ATM card. 

Q7: What is the minimum average balance required for Saadiq XtraSaver Account?

Answer: There is no minimum average balance required to maintain for Saadiq XtraSaver Account.

Q8: When will the profit earned on my deposit be paid?

Answer: The profit earned for each Saadiq XtraSaver Account is paid on the last working day of each month. 

Q9: How many kinds of profits can I earn on my Saadiq XtraSaver Account?

Answer: There are two kinds of profit that a Saadiq XtraSaver accountholder can earn – Mudarabah and Hiba. 

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