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Frequently Asked Questions
Q. Who qualifies as the Target Segment for FOREX?
The target segment includes manufacturers, traders and service providers engaged in international trade. An underlying transaction is required to support booking of a FOREX deal
Q. Which entities are eligible for FOREX Services?
- Self Employed individuals and professionals
- Sole Proprietors / Proprietorship firms
- Partnership Firms
- Pvt. Ltd. Companies (including closely held limited companies)
- Listed public limited companies with promoter holding greater than or equal to 51% holding are within target segment
Q. What are the types of facilities offered under FOREX?
Depending on the needs of the customers, facilities range from:
- Outward Trade Transactions (OTT)
- Inward Trade Transactions (ITT)
- Cash and Spot deals
- Forward contracts
- Derivative contracts
Q. What do I need to give as security?
It varies depending on the requirement and relationship with Standard Chartered Bank. Specific details would be provided by the sales officer.
Q. What are the minimum documents I need to submit?
You need to have an underlying document to support the FOREX transaction. Specific details would be provided by the sales officer.
Q. What is the margin charged on the various currencies?
The margin charged would vary from case to case based on the strength of financials, product offered and relationship with Standard Chartered Bank. Specific details would be provided by the sales officer.
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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.
