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Q. What is the ITA offering?
ITA is a current account bundled with Trade & Foreign exchange services. This product has been specially created to cater to the banking requirements of International Traders (Importers / Exporters)
Q. Which entities are eligible for ITA offering?
- Sole Proprietors / Proprietorship firms
- Partnership Firms
- Public Limited & Pvt. Ltd. Companies (including closely held limited companies)
Q. What are the key features of ITA?
- Current account facilities for your business banking requirements
- Trade & Remittance services- special pricing on trade & remittance services for local & overseas transactions
- Foreign Exchange services:
- Access to our proprietary corporate internet banking platform – Straight2Bank to conduct payments, trade and foreign exchange transactions online
- Preferential pricing on foreign exchange transactions
- Access to a dedicated Relationship Manager
Q. What is the range of services offered under ITA?
Current account:
- Free Multi-city cheque book
- Free Demand Drafts drawn on our Branch locations
- Free Demand Drafts on Correspondent Bank locations upto Rs. 50 lakhs per month
- Free National Electronic Funds Transfer
- Real Time Gross Settlement Transfers
- Free cash deposit / withdrawal upto Rs. 10 lakhs pm
- Free monthly / weekly account statements
- Debit Card with aXcessPlus benefits
- Free Net Banking
- Doorstep Banking:
- Free Cash pick-up / delivery
- Free cheque pick-up, DD & Pdelivery
- Trade document pick-up at Rs. 100 per instance
- Foreign Exchange Services
- Preferential FX margins for over 100 currencies
- Free access to our proprietary corporate internet banking platform – Straight2Bank to conduct payments, trade and foreign exchange transactions online
- Trade Services
- Export services
- Import services
- Domestic Trade services
Q. What are the requirements of an ITA account?
- You need to maintain an Average Quarterly Balance (AQB) of Rs. 50,000 & above.
- You need to do a quarterly Trade transaction of Rs. 10 lakhs & above
Q. How can you open an ITA account?
You need to submit the following at the time of account opening:
- Account opening form
- Identity and Address Proof
- Other documents depending on the facilities sought for (eg. Trade, Internet Banking, Doorstep Banking etc)
- Specific documents would be told by the sales officer.
Q. What are the variants under ITA?
ITA variants are based on the Average Quarterly Balance (AQB) that the customer commits to maintain at the time of account opening:
- ITA Core: AQB above Rs. 50,000
- ITA 25: AQB above Rs. 2,50,000
- ITA 50: AQB above Rs. 5,00,000
AQB non-maintenance charges of Rs.1500
- Rs. 10,00,000 – 25,00,000: Standard Tariff
- Rs. 25,00,000 – 75,00,000: 10% discount to Standard tariff
- Greater than Rs. 75,00,000: 20% discount to Standard tariff
Q. How does one avail of special pricing for Trade & Remittance services?
- At the time of account opening, customer commits the AQB & Trade volume (in Rs.) for the quarter
- Based on this the pricing for Trade & Remittance service is agreed with the customer.
- However the pricing is liable to change (increase / decrease) every 4 months based on the actual AQB maintained & quarterly trade volumes routed.
Q What is Straight2Bank?
Straight2Bank (S2B) is Standard Chartered Bank's global web based platform (via internet) to conduct
- Payments
- Trade
- FX , transactions online.
It provides a fully integrated working capital platform with single access for all transaction and reporting needs.
Q. What are the types of facilities offered under Trade?
Depending on the needs of the customers, facilities ranging from
- Export services Documentary collection, LC advising, LC Transfer, Remittances
- Import Services like Letters of Credit, Documentary Collection, Remittances
- Bank Guarantees
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Note: The FAQs have been prepared for general information only and are subject to change. The ultimate aim of the FAQs is to extend the availability of the information about the product in simple and readable manner and should not be construed as a comprehensive feature of the product.
