Emirates Islamic Bank is one such bank offering exclusive Islamic banking products in the UAE, with the Emirates Islamic Bank zero balance accounts being among the most preferred savings accounts in the UAE.
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.
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:
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)|
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.
Following are the eligibility criteria for opening a Saadiq XtraSaver Account with Standard Chartered Bank:
The following set of documents is required at the time of opening a Standard Chartered Bank Saadiq XtraSaver Account:
For Residents of the UAE
For Non-Resident Individuals of UAE
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.
Answer: You can open the Standard Chartered Bank Saadiq XtraSaver Account in either AED or USD currency choice.
Answer: Only one account in each currency can be opened for every customer.
Answer: Yes, you can enjoy all the basic email alert services free of charge with your 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.
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.
Answer: Yes, the Standard Chartered Bank Saadiq XtraSaver Account provides the accountholders with an internationally accepted ATM card.
Answer: There is no minimum average balance required to maintain for Saadiq XtraSaver Account.
Answer: The profit earned for each Saadiq XtraSaver Account is paid on the last working day of each month.
Answer: There are two kinds of profit that a Saadiq XtraSaver accountholder can earn – Mudarabah and Hiba.