Standard Chartered is an international bank that provides different financial products to its customers. One of the simplest offerings of the bank is the Standard Chartered Zero Balance Account. It is also known as the Basic Banking account.
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The Basic Banking account is Standard Chartered’s zero balance account. It is a no-frills savings account that aims to cater to all the basic banking requirements of individuals. As a zero balance account, customers don’t have to maintain a specific minimum average balance.
Resident individuals, foreign nationals and Hindu Undivided Family (HUF) are eligible to open Standard Chartered Bank’s zero balance account.
Different banks have different document requirements to open a savings bank account.
Aadhaar card and PAN card are mandatory for Indian residents to open Standard Chartered’s zero balance account. Customers should also furnish either passport, PAN card, voter card or any government id for identification.
Here is the list of documents that can be submitted to show the current residence address:
One recent passport-sized photograph is also required.
Interest rate on the zero balance account is calculated on the daily available balance and the interest is paid on a quarterly basis.
|SAVINGS BANK BALANCE||INTEREST RATE (PER ANNUM)|
|Upto Rs. 50 lakh||3.0%|
|Above Rs. 50 lakh – < Rs. 150 cr||3.50%|
|>= Rs. 150 cr – < Rs. 300 cr||3.10% *|
|>= Rs 500 cr||0.50%|
*Reverse repo less than 25 bps
The bank account does not have a minimum balance requirement. As a result, customers do not have to pay any penalty for not keeping a minimum balance.
Unlimited ATM withdrawals:
Customers can withdraw cash from the bank ATMs and other bank ATMs for an unlimited number of times without paying any fees. Customers of other savings account have a few free ATM transactions with the home bank and other bank ATMs. The number of free transactions available is also based on the locations.
Free cheque book:
After opening the zero balance bank account, customers get free personalised cheque book that are payable at all bank branches.
Free debit card
A debit card is an easy way to transact and pay for goods and services. Customers can also withdraw cash from the ATM through the debit card. The debit card is free for customers.
Customers can visit any Standard Chartered branch in India with no additional charges.
Customers need to visit a bank branch to open the basic banking account as online account opening of Standard Chartered zero balance account is currently not available.
If you want the experience the ease of opening the bank account without visiting the bank branch, you can look at these digital accounts.
All zero balance accounts are not created equal. Click here to compare the different zero balance accounts to select the zero balance account of your choice.
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