Fixed Deposit Accounts offered by Standard Chartered Bank in the UAE
Standard Chartered Bank fixed deposit lets you maximise on your savings by offering you high returns on your account. The account can be accessed through a wide range of currencies. With the Standard Chartered Bank fixed deposit account, the investor can earn high returns with a minimal deposit amount. The account also provides overdraft facility that gives the customer access to their funds anytime and anywhere. One can choose from flexible tenure options of 1 to 12 months. Additionally, the investor can maximise their savings by reinvesting the principal amount or both the principal and profit amount at maturity.
Features and Benefits of Standard Chartered Bank Fixed Deposit Account
Listed below are the features and benefits of Standard Chartered Bank fixed deposit account.
- It is a term deposit account
- Offers a very high rate of interest
- Flexible tenure between 1 to 12 months
- The interest offered is confirmed for the tenure once the fixed deposit is booked
- Premature/early withdrawals- Interest payable will be paid at original fixed deposit rate
- The account is available in multiple currencies
- Provides an overdraft facility through which the customer can access their funds
- Minimum deposit as low as AED 25,000
- Provides online banking, phone banking, breeze mobile banking
- Easy processing
- Minimal documentation
- The account can be opened online
- If the interest rate payable is equal to or less than 0% after the 2% has been deducted, no interest will be paid on premature withdrawals
Standard Chartered Fixed Deposit Application Form
The form needed for account opening and modification with regards to fixed deposits is very simple in the case of Standard Chartered Bank. The form can be used for opening, modifying or early closure of a fixed deposit account. The form is divided into the following three sections, post the date boxes at the top right corner. The form is available in English and Arabic and customers can use any section they feel comfortable with.
Open a New Fixed Deposit
It is interesting to note that one needs to be an existing customer of Standard Chartered and needs to hold either a savings or a current account if he requires to open a fixed deposit account.
The first line will require the customer’s account number with the bank and the date on which the fixed deposit account should be opened.
The second line will need details of the amount of deposit that will be put into the fixed deposit and the currency that will be used for the same.
The third point will need the tenure of the intended deposit in months.
In case one is opting for renewal of an existing fixed deposit account, there are two choices in the fourth line. One could either renew both the principal and the interest, making the maturity amount as the new principal or one could just renew the principal and credit the interest earned into a separate bank account.
Unless it is specified by written instructions to the bank, the fixed deposit will be renewed for the period that was chosen earlier.
Maturity or Early Withdrawal
This section deals with the withdrawal of funds from the fixed deposit account post the closure of the account.
The first line will detail the fixed deposit number and the account name and then there are two options, one to withdraw the funds prematurely on a specified date and another which agrees to terminate the deposit on the maturity date.
Thereon, the second point details where the principal and interest will be credited to and one needs to fill in the bank account number in the space provided.
The third point will need to be filled if one needs to change the tenure of the deposit.
The fourth point will need to be answered if one needs to merge two fixed deposit accounts together.
The fifth point is for partial withdrawal wherein a specified sum of money from the fixed deposit will be credited to the account number specified and the remaining balance will be treated as the new principal for the fixed deposit for a specified tenure in months.
The only applicable charges that will be levied on a fixed deposit with Standard Chartered Bank will be in case a fixed deposit is terminated before its due maturity.
In case of a premature withdrawal, the interest payable will be at the rate mentioned in the contract at the time of initiation but will have a reduction of 2% per annum. If the interest becomes zero or negative post such reduction, only the principal amount will be returned.
The customer will have to provide two signatures and a bank official will also need to attest the authenticity of the signature by placing a stamp and a signature in the space provided.
For Bank Use
This is the third section of the form and details mentioned herein need not be bothered with by the customer as this is for the reference of the bank.
Other products offered by Standard Chartered Bank in the UAE are:
What is a fixed deposit account?
A fixed deposit is a financial saving instrument provided by banks. It helps you build up your wealth by depositing your idle money for a certain period of time. The bank pays interest on the money deposited for the same period of time. The interest paid mainly depends on the amount deposited in the account and the tenure for which it is deposited. Usually funds from fixed deposit are not meant to be withdrawn before the date of maturity but the account holder can withdraw the funds if needed. The bank charges a penalty fee if the fund is withdrawn before the date of maturity. Some banks allow the account holder to withdraw a part of the fund without any penalty charges.
In case of a minor, the account is usually handled by the parent or guardian until the minor comes of age or till the maturity of the account, whichever comes first. Several banks allow the account holder to take a loan against their fixed deposit. The account can be opened online or physically at one of the bank’s branches.
About Standard Chartered Bank
Standard Chartered Bank UAE was launched in 1958 in UAE. The bank has an extensive network in UAE with 11 branches, 5 electronic banking units, and 100 plus ATMs spread all across UAE. The bank offers financial services and products along with Islamic banking solutions especially for the UAE customers. Cards, deposit accounts, loans, insurance are some of the main financial products offered by the bank.