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

There are two ways you can apply for the Saadiq XtraSaver Account. Go to the online application portal of the bank or visit the nearest branch to apply using the offline procedure. The online procedure is rather simple. There is a well-laid application form for the account and it will barely take a few minutes to complete it.

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. 

Laxita Gautam
Laxita Gautam63 Posts

Senior Content Writer | She functions on classic British fiction, Japanese manga, and strong americanos. Laxita is tailor-made to create engaging, interactive pieces that offer simplified insights into complex subjects.