Standard Chartered is a British multinational financial and banking service institution headquartered in London, UK. It functions through a network of more than 1,200 branches and outlets which includes associates, joint ventures, and subsidiaries across more than 70 countries. It employs more than 87,000 people across the world. It is a ubiquitous bank with operations in corporate, consumer, institutional banking and treasury services. It offers a range of banking product and services to its customer from current accounts and savings accounts to various loans and financial products. It excels in providing a quick and convenient banking facility to its customers and building on the trust they have in the bank.
Standard Chartered Bank understands the banking needs of every individual and as such offers savings accounts with a diverse features and benefits. This is why people across the world and India prefer savings with Standard Chartered Bank. Standard Chartered Bank has an array of savings accounts catering to the needs of unique segments of society. The following types of Standard Chartered savings account are currently offered by the bank and each account type has a different feature and application. Let us have a look at each one of them in some details. The Standard Chartered Bank eligibility details are also provided for reference.
- 2-in-1 Savings Account – a Standard Chartered savings account with the dual feature of a Savings Account and a Fixed Deposit account. The features of the Standard Chartered saving account are as follows:
- The monthly average balance in the Standard Chartered savings accounts should be Rs. 50,000 or the combined monthly average balance of the savings account and fixed deposit should be Rs. 2.5 lakh.
- Standard Chartered Bank offers free personalized cheque book and account related information through Net Banking or Phone Banking.
- Standard Chartered Bank offers 25% discount on locker rentals on maintaining an average quarterly balance of Rs. 50,000.
- The account is linked to the deposit account earning higher interest. Moreover, on withdrawal from the account if there is a shortfall, the deposit account balance is used to meet the deficit.
- Standard Chartered minimum balance requirement for this deposit account is Rs. 10,000.
- 3-in-1 Savings Account – A Standard Chartered savings account with, demat and brokering services from Standard Chartered Securities with the following features:
- A Standard Chartered savings accounts which has a Savings Account, Demat Account and Trading Account all bundled in one.
- A minimum monthly average balance requirement of Rs. 5,000
- Standard Chartered Bank offers the facility of availing an Enhanced Linked Savings bank account with a minimum monthly average balance of Rs. 25,000
- The Enhanced Account offers the waiver of the annual fee of the Platinum or Shop Smart Debit Card and 25% discount in locker rentals.
- All the three accounts can be opened using a single form
- Basic Banking account – Standard Chartered Savings Accounts to cater to the basic and simple banking needs of individuals with the following features:
- There is no requirement of maintaining any minimum balance in this Standard Chartered savings account
- Access to any branch of the bank and ATMs throughout India which is both free and unlimited
- This savings account from Standard Chartered is beneficial as it offers 5 free financial or non-financial ATM transactions per month from non-bank ATMs
- This savings account with Standard Chartered offers ease of banking through Debit Card, Phone Banking, Online Banking, Extended Banking hours, locker facility and doorstep banking.
Any Indian Citizen can open the account.
- Aasaan Account – a Standard Chartered savings account to meet the simple banking needs of individuals with easy maintenance facility. The features of the account are as follows:
- There is no requirement of maintaining any minimum balance in these Standard Chartered savings accounts
- Saving account with Standard Chartered can help you to access to any branch of the bank and ATMs throughout India which is both free and unlimited
- 5 free financial or non-financial ATM transactions per month from non-bank ATMs
- Ease of banking through Debit Card, Phone Banking, Online Banking, Extended Banking hours, locker facility and doorstep banking.
Any Indian Citizen who is over 18 years of age can open the account.
- aXcessPlus Account – a Standard Chartered savings account to provide easy cash access through ATMs. The features and benefits of the account are as follows:
- Savings account with Standard Chartered will help you to access to any branch of the bank and ATMs throughout India which is both free and unlimited
- An International Debit Card which promises free cash withdrawal facility at any VISA ATM in India and cashless purchase facility. However, more than 5 transactions per month will attract charges if the minimum average quarterly balance of Rs. 25,000 is not maintained in the savings account
- Facilities of Phone Banking, Online Banking, Doorstep Banking, Extended Banking Hours and free multi-city cheque book if the minimum average quarterly balance is maintained
- 2 free Demand Drafts or Pay Orders drawn at the branch every month
- Employee Banking Account – an account designed to disburse salary payments to employees of any corporate maintain the account with the bank. The features of the account are as follows:
- A dedicated Relationship Manager and a service Manager to help with all financial and service related queries
- Preferential pricing on loans, credit cards and other banking products and services
- Free Demand drafts and Pay Orders payable at any branch of the bank
- Salary disbursed through web-upload online or through Single instruction Salary credit facilities for companies having a Corporate Account with the bank
- Simple account opening formality with minimal documentation
- Free cheque book, PIN and Online banking password available immediately after submitting the account opening form
- No requirement of a minimum balance
- International Debit card where the first year fee is waived with access to any VISA ATM in the world
- Free cash delivery and cheque drop box facility at company premises
- Free investment and insurance advisory service for all employees
- Facilities of Phone Banking, Online Banking, Doorstep Banking, Extended Banking Hours and free multi-city banking.
- eSaver Plus Savings Account : Standard Chartered savings accounts with unique feature and benefits:
- Deposits of less than Rs. 1 crore can be booked online. You can contact relationship manger of the bank or visit any of the Standard Chartered Bank branches near you for deposits greater than or equal to Rs. 1 crore.
- Standard Chartered savings account interest rate is updated on a daily basis for this particular account. In case of no updates of current interest rate, you can revisit sometime later to check the updated rates and the Standard Chartered savings account charges.
- For term deposit with tenure below 1 quarter (3 months): Interest is calculated on the basis of actual number of days considering the year as of 365 days
- For term deposit with tenure greater than 1 quarter: Interest of the quarter is calculated considering each quarter as 90 days and 1 year as 360 days (90 days multiplied by 4 quarters)
- Interest for the last quarter is calculated taking into consideration actual number of days (365 days in a year)
- If you withdraw the amount before its maturity date, the term deposit will be subject to penalty of 1% interest rate payable for the entire tenure for which deposit has been held
- In the situation of death of the depositor, premature withdrawal of term deposit will be allowed subject to completion of documentary formalities as required by the bank and such withdrawal before maturity date would not be subjected to any punitive charges
- If NCR / FCNR term deposit is prematurely withdrawn then there will no interest payment without the completion of the minimum tenure of 1 year.
- Parivaar Account- a savings account with Standard Chartered Bank for the family where every member can maintain individual accounts in the group. The features of the account are as follows:
- Every member of the family can maintain an individual account with an aggregate balance in one account
- This Standard Chartered savings account can be accessed anytime, anywhere through ATMs, online banking and phone banking
- International Debit card which can be used in India and abroad
- A minimum average quarterly balance requirement of Rs. 25,000 across all savings accounts
- The spouse, parents, parents-in-law, siblings and children can be included in the account
- A maximum of 4 aXcessPlus Savings Account can be bundles together in the account with a maximum of 5 individuals
- By opening a Parivaar savings account, you can tap your family’s financial strength while maintaining your individual identity. This account can also be opened as a joint savings account with any individual related to you.
- Super Value Account – savings accounts with the following features:
- A monthly average balance requirement of Rs. 50,000
- A free International Debit Card with global access and cash withdrawal facility
- Free Foreign Inward Remittance Certificate, payable-at-par cheque book, account statements and direct debits
- Ease of banking through Debit Card, Phone Banking, Online Banking, Extended Banking hours and 24 hours 365 days branches.
- Free Investment Advisory services and complimentary banking services including credit cards, loan products and capital market services.
- Facility of transferring funds easily between banks
Documents required for opening savings accounts: For the ease of customers, the bank has provided a list of all documents that will be required at the time of opening a Standard Chartered savings account. Self-attested photocopies of the documents are mandatory and originals must be produced for bank verification. The original documents can be taken back while the certified copies are kept for bank records. The documentation for Standard Chartered savings account is simple and easy.
Proof of identity: Any one or two of the following as mandated by the bank
- PAN card or Form No. 61 / 60 (as suitable)
- Voter’s identity card
- Driving license
- Job card issued by National Rural Employment Guarantee Act( NREGA) duly signed by authorised officer of the state government
- Aadhaar card copy / letter issued by Unique Identification Authority of India (UIDAI) containing details of address, name and father’s name
- Letter from a recognized public servant or public authority verifying the identity and residence of the customer to the satisfaction of the bank
Proof of address: Any one or two of the following as mandated by the bank
- Electricity bill / telephone bill
- Bank account statement
- Letter from any recognised public authority
- Rent agreement indicating the address of the customer accordingly registered with state government or similar registration authority
- Ration card
- Letter issued from employer( satisfaction of the bank)
If you do not do proper research before opening savings accounts with the bank, you may end up earning a lower interest rate or paying more for certain banking services that you do not need. To minimise your losses and maximise your earning potential, here are a few things which you should consider before choosing a type of savings account that suits your needs.
- Savings accounts interest rate: Although most of the public and private sector bank offers 4% interest rate on savings bank account, there are a few banks which offer higher interest rate on the balance maintained by you in your savings accounts. You have to opt for a type of savings account that meets your needs and yet gives you a better interest rate. The requirement of Standard Chartered Bank savings account should depend on factors such as why you need the account, how you will deposit or access the funds, etc.
- Minimum balance to be maintained in the savings accounts: There are banks that offer certain types of savings bank accounts in which you have to maintain a high minimum balance. Most of these banks have accounts that need a lower figure, and there are other accounts that do not even ask for any minimum balance. If you fail to maintain the required balance in the account, the bank may charge penalty from you. Therefore, it is necessary to check what savings account suits your needs the best and make a decision accordingly.
- Debit card deals: Once you open a savings bank account, you also get a debit card with it to withdraw cash as and when required. Since most of the banks offer various deals on their debit cards to attract more customers, you must ensure your debit card does not have any higher fees for services you do not need before opting for the savings accounts. Consider the accounts which have sensible charges on the debit card and which will suit you best. An example would be taking an international debit card even though you do not travel abroad that frequently to justify the high fees on the card.
- Additional facilities: Banks provide numerous other facilities with their savings accounts such as mobile banking and net banking facility for the assistance of customer. Such amenities help you undertake bank transactions and other bank related work from the comfort of your office or home. Check for such additional facilities that are given with the savings bank account before opening one.
It is easy to apply for a Standard Chartered Bank Savings Account online through Paisabazaar.com. By logging into the website, you can input a few details to get the complete list of banks who offer savings account that suit your requirement. You can choose the savings bank account from Standard Chartered from the list and apply for the chosen bank account type electronically. If you application is accepted, a representative from Standard Chartered Bank will get in touch with you to complete any additional formalities that may required.