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Deposit Policy

PREAMBLE

This Charter, issued by Standard Chartered Bank, documents the overall standards of care and requirements established by the Bank in providing banking and deposit acceptance services to public. This document is based on the regulations existing at this time, and on the guidelines on deposits provided by the Indian Banks' Association.

This Charter is a public document aimed at ensuring there is transparency in the requirements and general practice relating to provision of these services and in the Bank's internal requirements in the provision of this service.

While adopting this policy, Standard Chartered Bank also reiterates its commitments to individual customers outlined in the Bankers' Fair Practice Code of Indian Banks' Association.

This Charter seeks to broadly answer the following questions that a customer may have:

Q. How do I open an account?
Q. What are the types of accounts that I can open?
Q. What are the mandates of operation on my account?
Q. How do I add or delete the names of joint account holders?
Q. What specific instructions can I give for a term deposit account?
Q. How do I open an account for an illiterate or blind person?
Q. Can I transfer my account?
Q. How do I nominate beneficiaries for my account?
Q. How do I know what the transactions on my account have been?
Q. How does the Bank pay interest to me?
Q. Why does the Bank deduct tax at source on interest paid to my account?
Q. What are the various fees and charges that the Bank levies on my account?
Q. How does the Bank use my personal information?
Q. What happens to the proceeds of the account in case of the death of an account holder?
Q. Where do I address my complaints or grievances?
Q. What other relevant information regarding my account should I know about?
Q. At which of your branches, can I exchange notes and coins?

For any further queries or clarifications that you may have, please do not hesitate to contact us at our Phonebanking numbers or write to us at Customer.care@in.standardchartered.com

Q. How do I open an account?

ACCOUNT OPENING:

The Bank will provide you with details of various types of accounts that you may open with the Bank.
You can have your choice on what type of account would best suit you, based on your needs and requirements
The Bank will, prior to opening an account, require documentation and information as prescribed by the "Know Your Customer" (KYC) guidelines issued by RBI and or such other norms or procedures adopted by the Bank prior to opening the account.
The due diligence process that the Bank would follow, will involve providing documentation verifying your identity, verifying your address, and information onyour occupation or business and source of funds. As part of the due diligence process the Bank may also require an introduction from a person acceptable to the Bank if they so deem necessary and will need your recent photographs.
The Bank is required by law to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or, where you do not possess such registration, declaration in Form No. 60 or 61 as specified under the Income Tax Rules.
In the event that the account opening process is likely to take longer than normal, the Bank will inform you of the revised timeline.
You can also call your branch or the executive for any queries that you may have and the branch / executive will revert on the query at the earliest.
The Bank will provide you with the account opening forms and other relevant material to enable you open the account. Bank personnel will advise you on the complete details of information that would be required by the Bank for the verification process.
The Bank reserves the right, at its sole discretion, to open any account and at such terms as the Bank may prescribe from time to time

Q. What are the types of accounts that I can open?

TYPES OF ACCOUNTS

The Broad categories under which your account would be opened are:

Savings Bank Accounts which can be opened for eligible person / persons and certain organisations / agencies (as advised by Reserve Bank of India (RBI) from time to time)
Current Accounts which can be opened by individuals / partnership firms / Private and Public Limited Companies / HUFs / Specified Associates / Societies / Trusts, etc.
Term Deposits Accounts which can be opened by individuals / partnership firms / Private and Public Limited Companies / HUFs/ Specified Associates / Societies / Trusts, etc.
Within the above-mentioned broad categories, Standard Chartered bank may introduce various products with specific features. The details of such products and features will be available with Bank officials.

Q. What are the mandates of operation on my account?

MANDATE OF OPERATION FOR A TRANSACTION ACCOUNT

Personal accounts opened by you can be opened in your own name (status: known as account in single name) or by you jointly with others (status: known as Joint Account).
A Joint Account opened by more than one individual may be operated by a single individual or jointly by more than one individual, based on the mandate provided. The mandate for operating the account can be modified with the consent of all account holders.
A minor account will be opened jointly with a guardian and only the guardian would be allowed to operate the account.
At the specific request of the depositor, the Bank may register mandate / power of attorney given by the customer authorising another person to operate the account on his behalf.
If you have a term deposit account, at the time of placing your deposit you can give instructions with regard to closure of deposit account or renewal of deposit for further period on the date of maturity.

Q. How do I add or delete the names of joint account holders?

ADDITION OR DELETION OF THE NAME/S OF JOINT ACCOUNT HOLDERS

The Bank may at the request of all the joint account holders allow addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow. They also allow an individual depositor to add the name of another person as a joint account holder.

Q. What specific instructions can I give for a term deposit account?

SPECIFIC INSTRUCTIONS ON TERM DEPOSIT ACCOUNTS

Premature Withdrawal of Term Deposits

The Bank may allow requests for withdrawal of term deposit before completion of the period of the deposit agreed upon at the time of placing the deposit.
The Bank may declare their penal interest rates policy for premature withdrawal of term deposit. The Bank will also make depositors aware of the applicable rate along with the deposit rate.

Premature Renewal Of Term Deposit

In case you wish to renew the deposit by seeking premature closure of an existing term deposit account, the Bank may permit the renewal at the applicable rate on the date of renewal, provided the deposit is renewed for a period longer than the balance period of the original deposit.
While prematurely closing a deposit for the purpose of renewal, interest on the deposit for the period it has remained with the Bank may be paid at the rate applicable to the period for which the deposit remained with the Bank and not at the contracted rate.

Renewal Of Overdue Term Deposits

The bank may, if alternative or special instructions are not provided, automatically renew deposits on maturity for the same period as the previous deposit.
On renewal of a term deposit at the time of maturity, the deposit interest rate applicable for the period specified by the depositor would be applied.
If request for renewal is received after the date of maturity, such overdue deposits will be renewed with effect from the date of maturity at interest rate applicable as on the due date, provided such request is received within 14 days from the date of maturity.
In respect of overdue deposits renewed after 14 days from the date of maturity, interest for the overdue period will be paid at the rates decided by the Bank from time to time. .

Advances Against Deposits

The Bank may consider depositors' requests for loan / overdraft facility against term deposits, subject to execution of necessary security documents.

Q. How do I open an account for an illiterate or blind person?

ACCOUNT OF ILLITERATE / BLIND PERSON

The Bank may at its sole discretion, open deposit accounts, not being Current Accounts, in the name of an illiterate person. Subject to such terms and documents that the Bank may prescribe from time to time.
The account of such person may be opened provided he/she calls on the Bank personally along with a witness known to both the depositor and the Bank, and after due completion of KYC requirements.
No cheque book facility is provided for such Savings Bank Account therefore at the time of withdrawal/ repayment of deposit amount and/or interest, the account holder should affix his / her thumb impression or mark in the presence of the authorised Bank officer who would verify the identity of the person.
The Bank may explain the need for proper care and safe keeping of the statement given to the account holder. The Bank official may explain the terms and conditions governing the account to the illiterate / blind person prior to opening the account.

Q. Can I transfer my account?

TRANSFER OF ACCOUNT

The deposit accounts may be transferred to any other branch of the Bank at the request of the depositor. You can obtain the details and process for the same from any of the Bank's branches or service units.

Q. How do I nominate beneficiaries for my account?

NOMINATION FACILITY FOR ALL ACCOUNTS

Nomination facility is available on all deposit accounts opened by individuals. Nomination is also available to a sole proprietary company account.
Nomination can be made in favour of one individual only.
Nomination so made can be cancelled or changed by the account holder/s any time.
While making nomination, cancellation or change thereof, it is required to be witnessed by a third party.
Nomination can be modified by the consent of account holder/s. Nomination can be made in favour of a minor also.
The Bank recommends that all depositors should avail of a nomination facility. The nominee, in the event of death of the depositor/s, would receive the balance outstanding in the account as a trustee of legal heirs. The depositor will be informed of the advantages of the nomination facility while opening a deposit account.

Q. How do I know what the transactions on my account have been?

STATEMENT OF ACCOUNT

The Bank will provide a statement of account to Savings account as well as Current account customers at pre-decided intervals. These will be informed to the customer at the time of opening the account.
The statement of account will contain all the transactions that have been done on your account during that period
The statements given to you at the pre decided intervals would be free of cost to you. If you wish to receive statements in any other manner the same would be made available to you at a nominal charge. This will be communicated to you in advance.

Q. How does the Bank pay interest to me?

INTEREST PAYABLE BY THE BANK ON ACCOUNTS

Interest shall be paid on saving account at the rate specified by Reserve Bank of India from time to time.
No interest is payable on Current accounts as per Reserve Bank of India guidelines
Term deposit interest rates are decided by the Bank within the general guidelines issued by the Reserve Bank of India from time to time.
Interest on term deposits will be calculated at quarterly intervals and paid at the rate decided by the Bank depending upon the period of deposits.
In case of monthly deposit scheme, the interest shall be calculated for the quarter and paid monthly at discounted value.
The interest on term deposits is calculated by the Bank in accordance with the formulae and conventions advised by Indian Banks' Association.
The rate of interest on deposits will be prominently displayed in the branch premises.

Click here for more details

Q. Why does the Bank deduct tax at source on interest paid to my account?

TAX DEDUCTION AT SOURCE ON INTEREST PAID

The Bank is required to deduct taxes/cess at source, if the total interest paid / payable on all term deposits held by a person exceeds the amount specified under the Income Tax Act.
The Bank will issue a tax deduction certificate (TDS Certificate) for the amount of tax deducted.
The Bank may consider the depositors' request to exempt him from TDS if he submits declaration in the prescribed format at the beginning of every financial year. Taxes once recovered will be paid to Revenue authorities and therefore cannot be refunded. Such exemptions from TDS are subject to the provisions of the Income Tax Act. Rules and Regulations as applicable from time to time.

Q. What are the various fees and charges that the Bank levies on my account?

FEES AND CHARGES

For all products the Bank has a stipulated minimum balance to be maintained in the account.
The Bank also has a complete listing of charges that would be levied by the Bank for non-maintenance of balance
The Bank also has nominal charges for various special facilities and for various types of transactions.
All these charges will be provided in the form of a printed leaflet to the prospective customer while opening the account.

The Schedule of Charges for each type of account has been appended for further reference.


"Current Account Schedule of charges.pdf"	"Non Resident Account Schedule of charges.pdf"	"Saving Account Schedule of charges.pdf"

Q. How does the Bank use my personal information?

PERSONAL CUSTOMER INFORMATION

The Bank values the information provided by you at the time of opening the account.
The Bank will not use this information for cross selling of services or products by the Bank, their subsidiaries and affiliates without your knowledge.
If the Bank proposes to use such information, consent of the accountholder/s will be obtained.
The Bank will not disclose details / particulars of the customer's account to a third person or party without the express or implied consent from the customer.
However, there are some exceptions, viz. disclosure of information under compulsion of law, where there is a duty to public to disclose and where interest of the Bank requires disclosure.

Q. What happens to the proceeds of the account in case of the death of an account holder?

SETTLEMENT OF DUES IN DECEASED DEPOSIT ACCOUNT

If the depositor has registered a nomination with the Bank the balance outstanding in the account of the deceased depositor will be transferred to the account of / paid to the nominee after the Bank is satisfied about the identity of the nominee, etc.
The above procedure will be followed even in respect of a joint account where nomination is registered with the Bank.
In a joint deposit account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as "either or survivor, former / latter or survivor, anyone of survivors or survivor; etc", the payment will be made as per the mandate to avoid any delays that might be caused due to the delays in production of legal papers by the heirs of the deceased.
The joint account holders can give any of the following mandates for the disposal of balance in the above accounts.
* Either or Survivor: If the account is held by two individuals say, A & B, the final balance along with interest, if applicable, will be paid to survivor on death of anyone of the account holders.
* Anyone or Survivor/s: If the account is held by more than two individuals say, A, B and C, the final balance along with interest, if applicable, will be paid to the survivor on death of any two account holders.
In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the banks board. This is to ensure that the common depositors are not put hardship on account of delays in completing legal formalities

Interest payable on term deposit in deceased account
1. In the event of the death of the depositor before the date of maturity of the deposit and the amount of the deposit is claimed after the date of maturity, the Bank may pay interest at the contracted rate till the date of maturity. For the period for which the deposit remained with the Bank beyond the date of maturity; as per the Banks policy in this regard.
2. From the date of maturity to the date of payment, the Bank may pay simple interest at the applicable rate on the date of maturity, as per the Bank's policy in this regard.
3. However, in the case of death of the depositor after the date of maturity of the deposit, the Bank may pay interest at the savings deposit rate applicable on the date of maturity. This will be for the period from the date of maturity till the date of payment.

Q. Where do I address my complaints or grievances?

REDRESSAL OF COMPLAINTS AND GRIEVANCES

Depositors having any complaint / grievance in regard to the services rendered by the Bank have a right to approach the authority(ies) designated by the Bank for handling customer complaint / grievances.
All Bank officials at any of the contact points for the Bank are authorised to provide all required information regarding the procedure for lodging the complaint.

For more details click here to refer to the Grievance Redressal policy of the bank.

Q. What other relevant information regarding my account should I know about?

OTHER IMPORTANT INFORMATION

Insurance Cover for Deposits
Bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. The details of the insurance cover in force, will be made available to the depositor.

Stop Payment Facility
The Bank may accept stop payment instructions from the depositors in respect of cheques issued by them as per Bank's policy in this regard. Charges, as specified, will be recovered.

Dormant Accounts
Accounts which are not operated for a pre-defined period of time will be transferred to a separate dormant / inoperative account status in the interest of the depositor. The depositor will be informed of charges, if any, which the Bank will levy on dormant / inoperative accounts. The depositor can, after providing appropriate identity and address evidence and upon such other document as the Bank may prescribe to re-activate the account.

Safe Deposit Lockers
This facility is not offered through all Bank branches and wherever the facility is offered, allotment of the safe deposit vault will be subject to availability and compliance with other terms and conditions attached to the service. Safe deposit lockers may be hired by an individual (being not a minor) singly or jointly with another individual(s), HUFs, firms, limited companies, associates, societies, trusts etc. Nomination facility is available to individual(s) holding the lockers singly or jointly. In respect of lockers held in joint names, up to two nominees can be appointed. Joint locker holders can give mandate for access to the lockers in the event of death of one of the holders on the lines similar to those for deposit accounts. In the absence of nomination or mandate for disposal of contents of lockers, with a view to avoid hardship to common persons, the bank will release the contents of locker to the legal heirs against indemnity on the lines as applicable to deposit accounts

Q. At which of your branches, can I exchange notes and coins?

This facility is available at all our branches.